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Lincat
| Date | Reports available | Download |
|---|---|---|
| Aug 27 2008 |
Solid interims Lincat produced a solid set of results at the interim stage, despite an increasingly uncertain economic environment. The group continues to demonstrate the benefits of its ongoing efforts to maintain high margins through innovation and flexibility in the manufacturing process. The slowdown in the UK in particular will inevitably have some impact on the commercial catering sector, but Lincat has been relatively resilient in previous downturns. A relatively flat first half is likely to be repeated and we therefore believe it prudent to trim our full-year estimates. Despite this, the current valuation gives little credit to the the company’s historic stability, its ability to generate cash and the exit prices in recent sector corporate activity. Research type: Review - Interim results |
Log in to download 8 page note available |
| Aug 14 2008 |
Interim results Interim results for the six months to June were broadly in line with our expectations. Overall turnover was slightly ahead, with price increases and solid overseas sales compensating for some signs of weakness in the UK economy. Gross margins were improved through some production efficiencies and the benefits of a better contract for steel purchases. Operating profits were squeezed as a result of the combined impact of general inflationary pressure on operating costs and the biennial impact of the Hotelympia exhibition in February. Cash flow was, as expected, strong, bringing net debt down by £3m. Research type: Flash note - Interim results |
Log in to download 1 page note available |
| May 23 2008 |
Strengthening balance sheet The results for the period to December 2007 showed a return to profit growth after a flat year in 2006. Figures were particularly strong at IMC, demonstrating the margin potential of positive operational management. The period also saw the company carry out a substantial share buyback, pushing the group to a period end debt of £9m. This was balanced against the ability to generate solid operating cash flow and the recent sale of the old IMC site. Research type: Update - Property disposal |
Log in to download 2 page note available |
| Apr 02 2008 |
Simmering nicely Lincat is a solid company with a long track record of innovative and high margin manufacturing, supplying the growing market for commercial catering equipment. It has recently demonstrated its ability to focus on productive perfomance by the positive step change in margins at one of its major subsidiaries. It has also emphasised its commitment to shareholder returns by its recent substantial share buyback. The outlook is now uncertain at the macro level, but Lincat has weathered storms before and the current valuation gives little credit for these qualities. Research type: Outlook - Initiation of coverage |
Log in to download 12 page note available |
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