Taking Stock

No lift for crane operator

Tutt Bryant's decent quarterly result and upbeat outlook has not saved its stock from selling pressure. Shares in the crane rental and construction equipment distribution company fell 12 per cent last week despite the company saying it was not affected by the economic slowdown and posting a net profit of $87 million for the three months ended June 30 - a 17 per cent rise over the same period last year. Tutt Bryant flagged its strong performance at its annual general meeting earlier this month and said it expected further growth for 2009. Tutt Bryant is trading on a forecast grossed-up yield of more than 8 per cent and a price-earnings multiple of six times, which compares favourably with the eight times multiple of the industrial sector. Tutt Bryant's three biggest shareholders control 78 per cent of the group.