Companies: GED    MSLH    SHI    WGB   

T&G’s respected team of analysts prolifically marshalled the City beat during an exceptionally busy results season. Among its picks were two from the construction space, a recovering textiles play and one from the oil & gas sector.

David Taylor issued a bullish missive on landscape products group Marshalls in the wake of complex half-time figures, pointing out the group is weathering well the slowdown in consumer spend on hard landscaping. He thinks the cash-generative and financially robust business has ‘an overriding commitment to shareholder value’. Also getting the thumbs up was SIG, the mid-250 European market leader in insulation distribution. Taylor believes its model – organic growth augmented by bolt-on acquisitions – has bags of scope and the cash-generative concern has the balance sheet firepower to fund growth.

Elsewhere, Peter Hitchens initiated coverage on Latin America-focused petroleum exploration and production play Global Energy Development with a buy stance. He says the AIM-quoted company is ‘set to see a dramatic increase in activity over the remainder of 2005 and 2006’. Although the shares have dramatically outperformed the FTSE All Share this past year, on the back of oil and gas price strength, Hitchens sees a large discount to asset value, and has a short-term target of 320p. For 2005, investors might expect pre-tax profits of £9.2 million off a top-line £24 million.

Finally, Stephen Thomas lauded restructured Walker Greenbank’s return to operating profits. The AIM-quoted wallpaper, textiles, and furnishings outfit delivered interim figures slightly ahead of forecasts, its premium brands are enjoying sales growth and Thomas reiterated his buy from a ‘continued recovery’ viewpoint.