Results!?!3 Sep 2014 13:47
Not a great set of numbers, IMO, and this is reflected in the recent share price reduction.....the CEO seems pleased with his work in the UK and who wouldn't be but in the Middle East the majority of the businesses there are either flat, or declining, in activity, or pricing, or both (see the presentation on their web site) - it's Saudi that's propping up the growth and if that country suffers from any ISIS-led insurrection, then that could spell trouble for 40% of his income. I wonder also whether Lavendon are getting paid in Saudi - a country where being paid is notoriously difficult?!?