Shares in waste management group Shanks – a play on the UK, Dutch and Belgian economies – were among the worst hit during the market crash, dropping about 80 per cent in six months. In spite of a 140 per cent rally since March, they are worth less than a third of their 2007 highs. The company, which earlier this year launched a rights issue to pay down nearly a quarter of its net debt, has suffered from the decline in manufacturing. Interim results this week – underlying first-half profits fell by more than 40 per cent – did little to change concerns over the short-
term outlook. But bulls argue that regulatory changes leave Shanks well placed to benefit from any recovery in the longer term.