(LEE) Lees Foods

Lees feeds Scottish sweet tooth
28/09/2011 Ben Jaglom
http://www.growthcompany.co.uk/news/1657898/lees-feeds-scottish-sweet-tooth.thtml


Scottish confectioner Lees Foods (LEE) has reported a six per cent increase in sales amidst a sturdy Scottish market.

The AIM-quoted group reported sales of £10.2 million (2010: £9.6 million) with adjusted pre-tax profits falling from £564,000 to £505,000 for the six months to June. Net cash increased from £500,000 to £1.1 million.

Lees' chief executive Clive Miquel enthused that the group had shown 'good growth over the period' noting that its Waverley Bakery had 'achieved new listings which would have resulted in this business being well ahead of last year' had it noted been for the 'very poor weather in May and June' which, in particular he blamed for affecting ice cream cone and wafer sales.

The fall in profits was attributed to the increase in raw material costs with Miquel opining that there was a 'natural time lag' in the process of mitigating these increases. Looking forward he noted its 'biggest challenge' was the rising price of sugar.

Analysts at house broker Shore Capital are forecasting pre-tax profits of £1.03 million (EPS: 31.7p) for the year to December 2011.

Recommended by Growth Company Investor last July in a feature on the picks of the food sector, at 144p the shares have increased 34.4 per cent since, currently trading at 193.5p. Having performed impressively over the last year the shares could come under pressure with rising commodity prices, and the strain on consumers growing. Hold.

Tags: AIM market, Scottish baker, Scottish food industry, Snowballs

Sector: Food Producers

Companies: Lees Foods

July 28, 2011 - Equity Research Merchant Securities
http://bit.ly/pgUTvx

Lees feels sweeth tooth
28/07/2011 Ben Jaglom
http://www.growthcompany.co.uk/news/1644073/lees-feels-sweeth-tooth.thtml


Scottish baker Lees Foods (LEE), the company behind the macaroon bar, has increased sales 6 per cent to £10.22 million issued in the first half of 2011.

In an upbeat trading statement, the AIM-quoted group insists demand for its range of products 'continues to be particularly strong', adding that its Lees of Scotland division, which makes a range of snacks including meringues, teacakes and 'snowballs' (a chocolate-coated coconut treat) achieved 'record sales for the first half of the year.'

The company also notes that commodity prices 'remain high' and stresses it has been 'successful' in taking steps to mitigate the effects of these increases. This January, Lees warned that the rising price of coconut could effect its profits, declaring that there had been a 'time lag' that meant pre-tax profits for the first six months of the year would be lower than last year, though the company now says it is still 'confident' of achieving full-year forecasts.

Analysts at house broker Shore Capital are forecasting pre-tax profits of £900,000 (for earnings of 27p a share) for the year to December 2011. For 2012 profits of £1.03 million and earnings of 31.3p a share are pencilled in.

Growth Company Investor recommended shares in Lees last July at 144p and they subsequently rose to 215p in January. at which point we advised taking profits,. They have since fallen to 184p. While sales are growing, rising commodity prices could well impact margins.

We think the shares are fairly valued. Hold.

Tags: Food producers on AIM, Lees Foods, Scottish companies on AIM

Sector: Food Producers

Companies: Lees Foods

http://www.stockopedia.co.uk/events/mello-central-inland-winkworth-robinson-michelmersh-brick-56989/

Mello Central: Inland, Winkworth, Robinson, Michelmersh Brick
Tuesday, May 31 2011 by carmensfella

Well Mello Central number two to be exact and it is this Thursday at 5pm at the same location as the first...The FinnCap HQ at 60 New Broad Street, London EC2M 1JJ. There will be very few changes to the popular format although each presentation will be given slightly longer this time. So here is the confirmed line up and the theme is land and property with a hidden assets twist...( Note..this may not be the exact order on the night)

Inland (LON:INL) 19.5p

Inland specialises in buying brownfield land and enhancing its value by obtaining planning permission, before selling consented land on to developers. The group’s current portfolio, located in London and the South East, consists of 1,600 residential plots, 75% of which are consented, and 256,000 sq ft of commercial space, of which over 60% is consented. Even accepting the discounts to NAV implicit in current housebuilding sector valuations, the shares looks undervalued on an NAV basis...trading at a significant discount to a projected underlying NAV of 33p per share (when attributing upside from land sales at Drayton Garden Village, one of Inland’s core projects accounting for 50% of consented plots). The Inland management team recently attended our Monday Mello evening in Beckenham and the discussion after that presentation can be found here...

http://boards.fool.co.uk/first-up-at-1830-we-heard-from-spru...

M Winkworth Llc (LON:WINK) 88p

Many of you attending will have heard of the franchised estate agency operator focused on Central London, the Home Counties and the South East. Winkworth’s numbers held up well during the recession thanks to its low central cost base and the low capital cost of expanding its model. Earlier this month, the company released results for the year to December 2010, showing a 9.5% uptick in sales to £3.7m and pre-tax profit up by 28% to £1.1m. At the same time Winkworths announced the acquisition of a four-office franchise in Bournemouth for £455,000, after having raised £1.0m in a placing in March to take advantage of a number of identified acquisition opportunities. The results can be seen here...

http://www.investegate.co.uk/Article.aspx?id=201105050700109...

There will then be a ten minute break for everyone to refuel their glasses and also to meet Guy Thomas the author of 'Free Capital' who will be coming into town to provide another short talk on the book and signing copies for those of you who have heard all about it but not yet bought one. I can advise that it is still in the Amazon top 100 and is selling in record numbers for a first time author in its category. Signed copies will be £10 on the day at the Mello Central event.

After the break and the next two presentations....

Robinson (LON:RBN) 84p

Robinson, whose origins date back some 165 years, manufactures and sells injection moulded plastic and rigid paperboard packaging to the food, drink, confectionery, cosmetic and toiletries sectors, counting many of the largest players in the FMCG market among its customers. The company had £24.8m of revenue and made £1.7m of pre-tax profit on its continuing operations for the year to December 2010, having closed its loss-making North American business in December as part of a restructuring. It also has a substantial property portfolio with significant development potential, counting £12.4m of property, plant and equipment on the balance sheet as at 31 December 2010. When was it last valued and how much is actually used for the operational business are bound to be two of the questions ? Here is my write up on Robinsons from just two months ago...

http://boards.fool.co.uk/ooh-mrs-robinson-rbn-12217563.aspx

Plus the excellent non partisan view of their AGM by Myrtle1000

http://boards.fool.co.uk/robinson-p