Renowned sharetipper Michael Walters looks at M&S

By This Is Money
Updated: 00:00 BST, 11 July 1999

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There is 血 on the little, woolly cardies and 砕く 燃やすs on the chinos for chaps. If we are to believe the fashion pages, it is dangerous out there, dodg ing between the racks in 示すs & 誘発するs, as 戦う／戦い 激怒（する）s over whether the High Street's 全世界の／万国共通の uncle can 埋め立てる any 信用性 in the 着せる／賦与するing market.

Marry the 現在の 危機 with 示すs' 耐えるing 評判 for screwing the 利ざやs of 供給者s to the 床に打ち倒す and you might think that we have つまずくd into an 投資 no-go area. At Lambert Howarth, though, they would like to tell you something 完全に different.

Managing director Robert Garfit and the boys on the board have been roaming the country, making 贈呈s to 私的な （弁護士の）依頼人 仲買人s. They （人命などを）奪う，主張する there is a 広大な／多数の／重要な 未来 in 供給（する）ing 示すs & 誘発するs - at least with footwear and 連合した 半端物s and ends.

In many ways, it is a sorry story. At the heart of it is the grim news that it is too 堅い trying to make money 製造業の footwear in this country.

転換ing 生産／産物 overseas （疑いを）晴らすs the way for a 大規模な leap in profitability. When Lambert 報告（する）／憶測d that pre-税金 利益（をあげる）s for 1998 were 負かす／撃墜する from £4.58m to £4.07m, the 人物／姿／数字 was struck after

£3.7m of exceptional 告発（する），告訴（する）／料金s for の近くにing factories in Lancashire and Northamptonshire.

Though it carries on 供給（する）ing 示すs from the 小島 of Man, 90% of sales are now 輸入するd. Lambert is developing sources in Sri Lanka, Spain, Italy, India and Vietnam. It is a familiar story.

競争相手 示すs footwear 供給者 Peter 黒人／ボイコット told 株主s this year how it was enjoying life 'unencumbered by the 抑制 of outdated and uncompetitive UK factories'.

It might be a 遺産／遺物 from the dreadful old days of British Shoe, but 示すs, it seems, is not 大いに encumbered by serious 競争 in footwear. It 階級s as one of the most profitable parts of the 商売／仕事, and 示すs is now the second-largest shoe 販売人 in the UK.

With just over 7% of the market, it wants more and is 追加するing selling space and putting shoes in the mail order 目録. Lambert reckons to be the biggest 供給者 of footwear to 示すs and has 設立するd an 排除的 agre ement to 配達する what it 収容する／認めるs is the 'highlyprofitable' Footglove 範囲. Most of the shoes are for women, but there should be Footglove for men by autumn.

Garfit wants to broaden his 範囲 of 製品s, かもしれない by 取得／買収, with a strong 強調 on selling more shoes outside 示すs.

明らかに, canvas shoes and slippers had a hard time last year, but buying overseas should 取り組む that problem. Safety footwear turned from losses to 利益（をあげる）s after a switch from UK 製造業の to shipping stuff in from Italy and India.

Lambert also 供給（する）s homeware - crockery, vases and so on. That also had a 堅い time last year and is 存在 改造するd. After buying importers of Portuguese and Italian ceramics and glassware, the idea is to 追加する yet more sources of 供給（する）.

Tableware is coming in from Sri Lanka and there could be kitchenware from Thailand. Once again, Lambert is 井戸／弁護士席 positioned as a 供給者 to 示すs and should 利益 as the 蓄える／店 巨大（な） tries to re-設立する homeware sales.

All of this is 始める，決める against a solid and はっきりと-改善するing 財政上の background. 追加する 支援する the costs of dis-continued 商売／仕事s, which will not be repeated, and operating 利益（をあげる）s last year jumped from £5.4m to £7.2m, with 収入s before exceptionals up from 33.2p to 36.8p.

In February, 最高の，を越す 仲買人 Cazenove & Co （機の）カム 船内に as 財政上の 助言者, a heavyweight 任命 to a 比較して modest company, but one that せねばならない 示す a serious 意向 to get bigger.

After a 改造（する） that 含むs 設立するing a 献身的な 分割 to 供給（する） 示すs, Garfit 約束s he will raise 利ざやs, broaden the 範囲, become more 競争の激しい and 向こうずね his shoes each morning!

All the 権利 noises are supported by a healthy balance sheet, with no gearing and strong cash flow. The market is looking for 利益（をあげる）s this year の近くに to £9m (収入s of 43.6p) and more than £10m (49.7p) for next year.

The 株 have come up from 141p to 311p already this year, but look 始める，決める for その上の ste ady 進歩. They sell on a 見込みのある seven-times 現在の 収入s, 落ちるing to six for next year.

That is いっそう少なく than half the 率ing for 競争相手 Peter 黒人／ボイコット, which is bigger and better spread, but which 仲買人s do not 推定する／予想する to grow so quickly. The historic 産する／生じる is just over 4%, but last year's （株主への）配当 was raised from 8.5p to 12.5p and should move その上の ahead.

Buy for solid, medium-称する，呼ぶ／期間／用語 growth, with a stop-loss at 245p.