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Lavendon - “Self-help†savings could increase

April 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • LVD
  • Price:
  • 182p
The shares have risen after Lavendon, which rents out powered access platforms, unveiled final results at the top end of expectations, fully justifying our main write-up last month.For the year to 31 December revenues rose 4% to £234.6m, while pretax profit increased 26% to £27.6m. Eps gained 28% to 12.8p. If anything, Lavendon's high depreciation charge on its equipment under-states the true picture with EBITDA (underlying cash flow) increasing 5% to a whopping £75.6m. That meant net borrowings fell £10m to £97.3m (with net debt/EBITDA reduced from 1.49 to 1.28 times) in spite of  investment on new equipment increasing from £16.9m to £47.9m. Most of its markets progressed nice ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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