A ANGUS
Since coming to the market five years ago, Angus has enjoyed great respect, considerably more than its peers in construction and building materials. This has been well deserved, with its initial profits now four times as great. However, the comany's recent warning that such growth is unlikely to be maintained has caused a levelling off in its share price. Investors apparently want to see evidence that the current expansion into North America is paying off and paying for the large workforce, before pushing Angus shares any higher.
自從在五年前進(jìn)入市場以來簸淀，Angus公司一直備受尊重农猬，遠(yuǎn)遠(yuǎn)超過建筑和建材行業(yè)的同行氢烘。這是理所當(dāng)然的兆旬，因?yàn)樗默F(xiàn)在的利潤是最初時候的4倍寓涨。然而嚷那，公司最近的警告稱啡彬，這樣的增長不太可能維持下去，這個警告已經(jīng)導(dǎo)致其股票價格趨于平穩(wěn)德谅。顯然爹橱，在推動Angus股價進(jìn)一步上漲之前，投資者想要見到近期在北美市場的擴(kuò)張正在獲得回報窄做，并為龐大的勞動力市場買單的證據(jù)愧驱。
**B. Johnson's **
Steven Green, chairman of the ailing furniture manufacturer Johnson's, has produced his long-awaited turnaround plan for the company, comprising aggressive cost savings targets and some optimistic-looking profit forecasts. Further reducing the cost of raw materials by 15% is perhaps over-ambitious, given the resistance to the 5% cut the company imposed last year. Remaining savings should be more easily achievable through improving manufacturing efficiency, including job cuts and plant closures. Should Johnson's miss those targets, including returning to an operating prfit as early as next year, Green's job could rapidly be in danger.
境況不佳的家具制造商Johnson董事長Steven Green,為公司制定了期待已久的扭虧計(jì)劃慰技，其中包括雄心勃勃的成本節(jié)約目標(biāo)和看上去樂觀的利潤預(yù)測∽檠猓考慮到該公司去年實(shí)行5%消減遭到了抵制吻商，進(jìn)一步降低15%的原材料成本可能過于雄心勃勃。通過提高制造業(yè)效率（包括裁員和關(guān)閉工廠）糟红，剩余的節(jié)約應(yīng)該更容易實(shí)現(xiàn)艾帐。如果Johnson's公司未能實(shí)現(xiàn)這些目標(biāo)，包括最早在明年恢復(fù)營業(yè)利潤盆偿，Green的工作可能會很快陷入困境柒爸。
C. Hora Products
Four years ago, the shares of Hora Products, the watches and handbags distributor and retailer, stood at 405p. At that time, Hora revealed profits up by a third to 22 m, but warned that growth was unlikely to continue at such a pace. The shares immediately dropped 11% and kept on falling, until they hit a trough of 64p. Last year Hora decided to concentrate on its volume divisions, which include the Lagoon and Horato watch brands, and disopsed of all its luxury marques, a strategy that will be watched with interest by its rivals.
