Updates

Lavendon - Sharp fall in net debt

October 2009

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.

We believe that Lavendon, which rents out powered access equipment such as scissor lifts to the construction industry, is now over the worst of its pain and could become a star performer after it produced creditable interims in what remains a difficult European market. For the six months to 30 June revenues fell by 7% to Â£114m, while pretax profit reduced from Â£14.2m to Â£5.3m. However, the big plus is that thanks to a conservative depreciation policy on its fleet, it generated strong cash flow of Â£31m and with capital expenditure slashed from Â£40m to just Â£5m, overall net debt fell by Â£32m to Â£273m. The group continues to comply with its banking covenants with the important debt to EBITDA ratio improving from 3.13 times to ...

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Lavendon - Shares cheap on EV/EBITDA of just 5.1 (November 2014)

Lavendon (September 2014)

Lavendon - Rental Revenues increase (June 2014)

Lavendon - Powered access group sees pick up in UKâ€ˆmarket (April 2014)

Lavendon (March 2014)

Lavendon - Middle East to be leading contributor (October 2013)

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Lavendon Group - "Self-help" programme driving surge in eps growth (March 2013)

Lavendon - Improvement in operating margins (January 2009)

Lavendon (October 2008)

Lavendon (August 2008)

Lavendon - Ninth eps upgrade in little (April 2008)

Lavendon - Forecasts raised again (February 2008)

Lavendon (January 2008)

Lavendon - Huge eps upgrades (October 2007)

Lavendon - Profits upgraded sharply (August 2007)

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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