African conglomerate Lonrho is up following the appointment of a chief executive for its agribusiness division.
Ben Ward brings extensive experience in global supply chains and dealing with multinational retail customers and will be running the division's day-to-day operations.
Agribusiness accounts for around 70% of Lonrho's revenues and is of crucial importance to the profitability of this FTSE smallcap constituent.
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Analyst Michal Campbell from broker Daniel Stewart has put out a 'Buy' note on the company, saying: "The stock trades on 6.7 times our forecast for earnings before interest tax, depreciation and amortisation for the full year 2013, which we view as an attractive entry multiple into a business that should not only deliver around 80 per cent profit growth 2013/12 but we expect should start generating operating cash and importantly free cash flow in the near future."
CM
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