Shares: Taking Stock

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The Independent Online
SERVOMEX, making industrial instruments, continued its recovery after recent results turned out less bad than expected. The shares, up 20p to 322.5p yesterday, touched a new low of 244p just a few weeks ago. House broker Charterhouse Tilney has reshuffled the shareholder base and is planning to issue a buy note today forecasting profits of pounds 3.8m for the current year and pounds 4.7m in 1999, which puts the shares on a forward p/e ratio of ten. The broker points out that recent deals have occurred at much higher valuations.

OVER on AIM, tiny fund manager Farlake added 10p to 265p. The shares hit a peak of 475p in 1996 before crashing to a low of 140p earlier this year. Schweco Nominees, whose beneficial owner is Derwent, thought to be linked to property entrepreneur David Rowland, has added 100,000 shares to its holding, giving it a 19.16 per cent stake.