Gardner to raise buying potential

Aerospace engineer L Gardner is on the acquisition trail and could look to shareholders for funds this year for big deals. Speaking after unveiling a 60% rise in half-year profits from £2.8m to £4.58m, chief executive Roger Newton said the company spent £12m on deals last year and could spend more than that in 1999. […]

Aerospace engineer L Gardner is on the acquisition trail and could look to shareholders for funds this year for big deals.

Speaking after unveiling a 60% rise in half-year profits from £2.8m to £4.58m, chief executive Roger Newton said the company spent £12m on deals last year and could spend more than that in 1999.

Gearing stood just over 51% at the end of February and is expected to fall in the second half. `We continue to assess acquisition opportunities,’ he said.

L Gardner, which floated three years ago, has a market capitalisation of £73m.

Newton said he was confident of surviving pressure from customers which want to deal with fewer suppliers. The company’s clients include Henlys, Rolls-Royce and British Aerospace.