Graystone: pick up on a comeback

Article Abstract:

Graystone is a UK distributor and engineering firm which was previously known as Ptarmigan. The company was involved in a wide range of activities with low sales levels, an has grown since 1992 through acquisitions. The acquisitions have some logic and infill acquisitions have been made. Cost savings can be made form integrating acquisitions. The company looks set for earnings growth and further rights issues are not expected, so Graystone shares appear attractive for investors.

Wholesale Trade, Graystone Corp.

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Acquisitive Scotswood

Article Abstract:

Scotswood is a UK engineering firm which was set up from Biscay Investments by Andrew Fitton, who backed two engineering firms into Biscay. Fitton is seeking to develop Scotswood as a holding company for some five engineering firms. Scotswood already has two subsidiaries. These are Braithwaite Automatics, a precision engineer, and RCM which produces components for air conditioning. A third company is likely to be added, and Fitton is aiming for one deal annually after that.

Scotswood

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Examining the nuts and bolts

Article Abstract:

Engineering shares have been falling as the market contemplates the the effect on the industry in the UK if BMW closed Rover Longbridge. IMI, the fluid power division, would be affected, and that may be reflected in its share price, with its dividend yield at 7.5% for 1998. Ascot's return on equity is low. Earnings at Spirax, a steam technology specialist, are set to fall in 1998, so recovery in 1999 and 2000 is not assured.

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