Avon Rubber 02/02/2012
A trading update from gas masks to dairy products specialist Avon Rubber (AVON) has confirmed it is on track to meet current year expectations, but it is likely to be second half loaded.
Kensington
NO RECOMMENDATIONSub-prime mortgage lender Kensington has extended its distribution capacity by buying smaller rival The Mortgage Lender. The £15m deal, satisfied in cash / loan notes, seems to make sense as TML operates in the same field as Kensingon - that is, lending to customers who would otherwise find it difficult or impossible to arrange a mortgage. In the last financial year TML made a profit of £1.3m on revenue of £6.7m. Kensington says the acquisition will be earnings-enhancing for the first full year. Kensington shares picked up 4.5p to 196p, and still look attractive. Teather & Greenwood analysts rate the shares a 'Strong Buy'.
Market cap: £112.6m
PE Forecast: 5.7
Share price: 196p
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