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John Swan & Sons
- BY: Andrew Hore |
- POSTED: 27/01/2012 |
- COMMENTS: Add yours
Livestock auctioneer John Swan & Sons is trading at a 60% discount to its net asset value.
John Swan had net assets of £5.61m at the end of October 2011, although that includes a pension fund surplus of £617,000. At 362.5p a share, John Swan is valued at £2.22m. That is almost covered by the £2.11m valuation of fixed assets in the balance sheet. Many properties are in the books at historic valuations. There are plans to develop some of the surplus land but the market still needs to recover.
Revenues grew from £949,000 to £1.07m in the six months to October 2011. A loss of £82,000 was turned into a profit of £1.440.
Net debt was £280,000 at the end of October 2011.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf
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