Better days on the ocean wave
Sam Newington, chairman, said he had hoped for an even better rise and Fairline is certainly a way off the 48 per cent return on capital it achieved in the good old days of the late 1980s. But the high rollers are at least starting to spend again on autopilots, bow-thrusters and all the other must-haves down in Port Grimaud.
Arguably of greater interest to investors, however, is the increasingly likely prospect that Mr Newington, unable to persuade any of his children to take over the business, will cave in to Graham Beck, the South African investor who bought 29.9 per cent of the company a year ago to add to his ownership of Marine Projects, Fairline's main UK rival.
With net assets of about pounds 12m, compared with Fairline's market value of pounds 14m at yesterday's 405p, up 5p, the shares would appear to have little downside.
With the benefit of sterling's devaluation making Fairline's boats seem ever cheaper for the company's largely German customers, the shares, albeit tightly held, look good value.
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 4 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 5 Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...