Hemscott makes Ultraframe Share of the Week

In its last week's Bulletin, the financial analysis specialists Hemscott made Ultraframe its 'Share of the Week' following its impresive (and trend-bucking) performance. Hemscott said the following: 'If house prices really are beginning to wobble it may seem a bit perverse to make Ultraframe our share of the week. Common sense suggests that people will be much less interested in expensive home improvements if the value of their property no longer appears to be chalking up double-digit growth.

'But the company refutes the claim that the two go exactly hand-in-hand. It also points out that, with only 15% of the 12m privately-owned homes in Britain sporting a conservatory, there's plenty of growth potential.

'Against this background the company managed to record a rise in operating profits of 31% in the year to September, while clean earnings jumped a creditable 18%. This from a modest 5% increase in sales.

'America has also come significantly on to the company's radar screen, after the puchase of US business Four Seasons last July. Sales stemming from the US have jumped from 12% to 40% of the total in these latest figures and the opportunities in America are enormous, reckons management. There are fewer conservatories in the States than here, despite there being 10 times as many privately-owned homes.

'After rebounding strongly from a disappointing 2001, the shares have failed to maintain their momentum from earlier in the year, slipping back from a year high of 368p. Yet trading on just 10 times the 25p a share of earnings analysts have pencilled in for this year, the rating remains modest. There is also an attractive and reliable-looking income on offer from the 4.6% yield. Good value'.

Links: More Hemscott Ultraframe comments here

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