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Shares in mining services company Bradken are up 5% following the release of their FY14 results

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Shares in mining services company Bradken are up 5% following the release of their FY14 results. The story remains about cost out with significant reductions in overheads and specifically staff numbers. Commentary from management remains cautious with MD Brian Hodges saying, it remains unclear when the mining capital cycle will improve, but we are not solely relying on it to do so. On the bright side investors will note that the Company was able to contain costs and lift gross margins despite pricing pressure. Steve Johnson, CIO of Forager Funds, is one of the few fund managers selectively taking positions in the mining services sector. After some sharp rallies in names such as Boom Logistics Johnson says the market appears to focusing on companies ability to generate cash rather than delivering accounting profits. With Bradken still generating strong free cashflow investors have rewarded the result. (VIEW LINK)


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