Bottom Line: McAlpine plays safe
Friday 03 June 1994
The two-for-nine call accompanied a return to the black, although interim profits of pounds 900,000 from sales of pounds 317m confirm the elusive nature of decent margins and McAlpine's ability to sour one division's achievement with another's slip-up.
Profits from minerals and homes bounced from a loss of pounds 254,000 to return pounds 3.54m, but were spoilt by construction and the US, both in the red.
But there is a price for everything, and at a 21 per cent discount to the existing equity, which fell 18p to 241p yesterday, McAlpine has been realistic. At the issue price of 205p the new shares are available at 13.7 times this year's expected earnings and just 10 times those forecast for 1995.
At 38 per cent less than the shares traded in February, that is good value and the discounted rights should be taken up. But the rest of the sector has also fallen a long way; many pure housebuilders, without the risk of contracting or the distraction of the US, are available for not much more.
- 1 Russell Brand says he will 'probably' give up acting to focus on his revolution
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 David Beckham's Haig Club whisky is exactly what’s wrong with the Highlands
- 4 Queen's first tweet: Reply telling Her Majesty to 'f*** off' broadcast on BBC News
- 5 #AskNigelFarage: Twitter starts hilarious Q&A for Ukip leader
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Tony Blair 'says Ed Miliband will lose 2015 general election'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Putin: The US is to blame for almost all the world's major conflicts
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...