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on this share. Whilst they are clearly not pinning their future on digging out and distributing coal I suspect the future of coal (at least for power generation) will be with us for at least 10 years. Problem is that no nuclear power stations will be ready before 2026 and no gas powered stations are being financed because everyone is skeptical of being able to make any money given current govt policy. In short I see an upside on profits from coal given current abysmally low expectations. Hopefully, they can realise profits on their other operations too
Been in 5 years or so. They saw most of recent events coming but clearly the speed of events and depth of fall in coal price could not have been predicted and is an enormous challenge-hence fall in share price. Their disposal of tanker division was timely, giving them firepower to adapt. The purchase of opencast operation was done in a smartly structured way to avoid exposure to reparation of land whilst maximising ownership of massive land bank for potential building/solar. They are a bunch of resilient,clued up guys who have shown they can adapt to whatever fate throws at them but undoubtedly governmental dithering on power doesn't help forward planning-as always time will tell.
Presumably you have been invested for sometime. What is your take on Jollyspeculators opinions?
I didn't count ,but possibly 30- probably affected by appalling weather (A1 was closed through flooding) and fairly remote,albeit impressive, location. This ensured that Management clearly appreciated those who made the effort and were very accessible.
Interesting. How many investors turned up?
Those of us at AGM yesterday half expected to hear tales of woe. In contrast it became clear that they have covered their positions in the declining steel and coal markets astutely. They have positioned themselves with greatly reduced borrowings and massive land assets which they seek to utilise in an intelligent and opportunistic way , and despite Governmental dithering on power see interesting possibilities ahead.
see an earlier post (several months ago ..before recent counter trend bear relief bounce to £4+)...and look at their balance sheet ...don't see much cont earnings support here as they desperately transition the business model away from one of the worst of sectors in the uk (all imv ofc) ...management is long term, but clearly did not call the depth of this perhaps death spiral in the markets they "know"...why o why were they buying coal assets when the global market was pretty clearly dire????...so why shd investors give them much benefit of doubt? (pls check all of this...hsp is not at all core to my world...just watching the car crash ...amazed, and delighted...hopeful that king coal might be dying...hurrah for the World...but we need other stuff for gaia future to be comfortable for humans and all the other critters..but that would take endless boring posts to spell out and be dreadfully controversial) ...perhaps interesting if mcap less than current assets minus all liabilities (net net) or even lower net net net (when you haircut the current assets to reflect realisable value) ...only a balance sheet play atm...until they clearly demonstrate traction in their transition
I sincerly hope not. Where s that figure plucked from?
Ouch! 'Bet they wish they hadn't offered that £6.4m Dividend now...Due Payment date = 23/10/15
as weak is...wot an update ...perhaps sub £2 as net net punt??
Hargreaves Services Plc. Hidden Asset valuation http://frenzel-herzing.com/hargreaves-services-plc-hidden-asset-valuation/
What has impressed me over the years since Hargreaves floated is the resiliance of the Board. They have been dealt shockingly difficult cards on numerous occasions but always found a way to maximise the positives in any given situation. Credit is due to all concerned..
...'Seems they are confident enough to shell out £6.4m on the proposed 20p Dividend! Maybe I should have bought back in at 280p... ...Hindsight, don't ya just love it! LoL
Affirmation of v good results in an horrific environment. Board has done a lot to address declining markets in E&C and addressing challenges to grow the other 2 divs. Plus a good divi........what is there not to dislike?
why people re-post what is anyway a rehash of what appeared in the prelims. It adds nothing...
· The Group has delivered a strong performance in very challenging markets o Continuing Underlying Operating Profit of £42.8m o Excellent cash generation and our Simplification Programme have resulted in Net Debt of only £1.0m at the end of the year · Underlying trading for the year was broadly in line with management's expectations · Group Simplification Programme is now substantially complete, leading to the disposal of Imperial Tankers and the closure of our Monckton coke operation · Markets remain challenging with a further fall in the coal price since the interim results and a number of potential coal fired power station closures announced · Final dividend significantly increased to 20.0 pence per share from 16.7 pence per share reflecting the previously announced decision to move to a higher payout ratio and the strong cash generation despite the difficult trading conditions · Strengthened balance sheet and strategic options under active review Commenting on the results, Chairman Tim Ross said: "The last two years have presented the coal industry with extremely challenging market conditions. The Board has worked hard to ensure controllable risks are managed and to minimise the impact of risks beyond our control. We were clearly right to initiate the Simplification Programme last year. With a significant restructuring exercise largely behind us, we can concentrate on our strategic options to deliver future shareholder value." (1) Continuing Operating Profit is stated before simplification costs of £9,130,000 (2) Continuing Underlying Operating Profit is stated excluding the simplification costs, the impact of the Biomass conversion project settlement, the amortisation of acquired intangibles and impairment of goodwill, impairment of non-current assets, and including share of profit in associates and joint ventures before tax (3) Continuing Underlying Profit before Tax and Continuing Underlying Diluted EPS are stated excluding the simplification costs, the impact of the Biomass conversion project settlement, the amortisation and impairment of acquired intangibles, impairment of non-current assets and gain on disposal of subsidiaries (4) Net debt comprises cash and cash equivalents, bank overdrafts and other interest bearing loans and borrowings http://ir1.euroinvestor.com/asp/ir/Hargreaves/NewsRead.aspx?storyid=13202758&ishtml=1
Hargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, announces that it will report results for the year ended 31 May 2015 on Tuesday 11 August 2015.
From 2nd of July update... "Although we continue to see downward pressure on our profits, the Group has a secure and strong balance sheet position"
11th of August...
Perhaps Jmb may be in £2-£2.50 area (around about magic net net level...where mcap is roughly current assets less all liabilities so balance sheet support starts to really come into play in my experience) ...if not, & plenty of companies have (and continue to) trade(d) well below this magic level, hsp would offer terrific value sub £2 imv
Ummm..looks like that was the right decision to Gareth..Eeek! LoL
'Just not getting a warm feeling here so 'decided to Gareth ( Bale) yesterday at c.12% down...may come back in laters... GLA & Best Regards...
I think it's a good time to start accumulating stock, this company engages in multiple sectors and should recover nicely, still plenty of cash so divi should remain....
but if the World is lucky, coal is doomed lol
V Interesting and I would assume that Schroders and BNY Mellon are more insightful investors than Octopus who will be more aware of their responsibilities as they are mainly investing for their AIM clients.....and more so now with ISA changes on holding AIM stocks. I think this is a bullish position.