Wednesday, May 21, 2008
Motor trade share price update
Sector is struggling but some companies put in good performance
Vertu Motors, Pendragon and Accident Exchange have boosted their share prices to bolster a flagging motor trade sector, according to a new report.
In its latest Stock Watch, Houlihan Lokey, financial analyst for the motor trade, said there was a cloud over the motor retail and servicing sector, but these firms did well in April through trading, buy-back plans and private investor support.
While Accident Exchange profited from former non-executive chairman Lord Young of Graffham investing around £300,000 in the group’s shares, Vertu Motors was boosted with the management decision to buy back 10 per cent of the company’s shares and Lloyds TSB’s move for additional shares in the group – building its stake from 3.08 per cent to 4.66 per cent.
Vertu also released prelims for the period ending 29 February, which look positive at 51p of net assets per share (after adjusting for goodwill) and strong cash generation.
DATED: 21.05.08
FEED: MT
Vertu Motors, Pendragon and Accident Exchange have boosted their share prices to bolster a flagging motor trade sector, according to a new report.
In its latest Stock Watch, Houlihan Lokey, financial analyst for the motor trade, said there was a cloud over the motor retail and servicing sector, but these firms did well in April through trading, buy-back plans and private investor support.
While Accident Exchange profited from former non-executive chairman Lord Young of Graffham investing around £300,000 in the group’s shares, Vertu Motors was boosted with the management decision to buy back 10 per cent of the company’s shares and Lloyds TSB’s move for additional shares in the group – building its stake from 3.08 per cent to 4.66 per cent.
Vertu also released prelims for the period ending 29 February, which look positive at 51p of net assets per share (after adjusting for goodwill) and strong cash generation.
DATED: 21.05.08
FEED: MT
