Investec says keep shares in Shanks after in-line H1

6th Nov 2014 12:29

Broker Investec is advising investors to keep hold of shares in Shanks after the waste group revealed tough first half results but managed to avoid any nasty surprises. Shanks said its Benelux business had a difficult six months and reported lower profits and revenues, but reported an in-line performance from its other businesses.Investec said Shanks had already warned the market about problems in its Belgian and Dutch businesses and the results were as expected.It added: "The long-term structural investment case remains, with management actions being taken to address the short-term issues, but evidence of a definite uptick in solid waste Benelux is needed before we change our view. Hold."Shares rose 1.25p or 1.36% to 93.25p at 12:42 in London.