Took my first long term investment position for many a month with a purchase of hve a small cap that has always performed for me in the past.

Looking very cheap (what isnt) with a forward P/E of just over 2 going into 2009.

Reported sound results with solid debt control yesterday.....

18.11.08 :+2.5, (36.5) reports a 14 percent rise in orders in the ten month period to the end of October, which prompts Investec to hold its estimates. Havelock, the educational and retail interiors and point of sale group says despite a worsening climate, the business continues to perform well. Guy Hewett of Investec Securities says as a result he is keeping his forecasts, which are of a normalised pretax profit of 8 million pounds and a fully-diluted continuing EPS of 14.6 pence for the year to Dec 31, 2008

Chart and secondary TA indicators all positive, double bottom glares out at you on the chart........



Brokers positive with BUY recommendations..

Havelock Europa PLC

FORECASTS
2008 2009

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Investec Securities
18-11-08 BUY 7.97 14.62 4.95 8.30 15.15 5.35
Speirs & Jeffrey Ltd
01-10-08 BUY 7.90 14.80 5.00 8.60 16.00 5.40

Just tucking it away in the bottom drawer and expecting a SP of at least double when the Cow turns.

dyor

RNS Number : 3693I
Havelock Europa PLC
18 November 2008




Tuesday 18 November 2008







HAVELOCK EUROPA PLC




Interim Management Statement







Havelock, the Educational and Retail Interiors and Point of Sale Group, announces its Interim Management Statement relating to the period from 1 July 2008 to 17 November 2008.




Despite a worsening economic climate, the business is performing well. In the ten month period to the end of October, orders received were 117.4 million (2007: 102.6 million), a 14% increase. Revenue for the same period was ahead of last year by 16% at 108.6 million (2007: 93.4 million). All three divisions continue to grow in line with the Board's expectations.




Net debt at 17 November 2008 is showing a normal seasonal increase over the level at 30 June 2008, due to the build up of working capital to support work in hand at this peak time of the year. The Group continues to operate comfortably within its available banking facilities. In the period it has renewed a 10 million one-year working capital facility which forms part of its total facilities of 38 million.




In the current climate of economic uncertainty, the spread of Havelock's activities is proving beneficial and the Group is on track for another successful year.







Notes for Editors:




For the year to 31 December 2007, Havelock reported revenue of 125.0 million, pre-tax profit of 6.7 million and fully diluted earnings per share of 12.0p.







Enquiries:




Havelock Europa PLC 01383-820 044

I thought there was some activity going off here and had forgotten these were traded on Plus market. Some nice litle buys this afternoon...

http://www.plusmarketsgroup.com/details.shtml?ISIN=GB0004149356/GBP/PLUS-exn

Havelock Europa BUY Michael Derbyshire NED 15,000 AT 38.50
BUY Roland van Bommel NED 90,000 38.50
BUY Malcolm Gourlay CH 140,000 AT 38.5P

Looks a great little recovery play if they can get educational side of business back on the right path. Shop fitting side looks like it may be recovering. Interesting at this price.

This share was soooo oversold as a result of dumping by Standard Life. Last week's RNS was just the flick of the switch needed to get it moving north again. Make no mistake, HVE is a long way from recovery, but it is going to survive, whereas it was priced to go bust.
The news on the forthcoming work from Lloyds Bank hasn't hit the headlines yet and should provide a further boost once announced to the market.



Eight fit-out firms have secured a place on Lloyds TSBs hotly-contested new 360 million, two-year construction framework. CN can reveal ISG Cathedral, Styles & Wood, Wates Retail and Havelock have been awarded the four national places on the banks new framework, which will cover four regions in the UK and Ireland and be worth 180m per year.