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Blue, always a pleasure to have your company ...you are one of the most discerning posters on LSE imv; like a good critic ...I hope I am a Jolly good chef lol
I am viewing from afar but I'm guessing it needs a bit of a kick up the b*m, style wise? Are they still paying divi's? I've been following (not stalking! lol) your excellent threads...I feel a bit of a fraud, because you do all the work and cheapskates like myself turn up and benefit for free ....but it is very much appreciated and I am truly grateful...so a BIG THANK YOU to you, dear Jolly :-) Ps; I very much like TSTL, 'got in yesterday ;-0 Best regards, as ever, Blue
yes...good perspective...boring struggling company in tough competitive markets imv...but cheap and decently managed with ceo aligned ...5 year sp chart suggests waiting until 9-10p...but history may be bunk!
...not sure how dynamic the company is? 'Web site, contact opportunities (FB/Twitter) etc, IMO are poor. What say you oh Jolly one?
back in @12.05 ...not (yet) cheap as chips imv ...markets weakish, management ok and aligned ...but NAV support v strong...so 2.25-2.5/3 on Jolly M score ...and cash profitability great (even EV/EBIT is not too high...and discrepency is depreciation I guess which relates back to v high NAV v MCAP!!) ...so cash generation of c£1.6m versus MCAP of £5-6m ...(only 3X!!) ..is superb imv ..aaoo/dyor
..cheap on nav, but not on EV/EBIT imv.. ...and prospects are not that rosy: "Current trading and future prospects Trading conditions remain challenging in the UK and in many of the international markets that we serve. UK consumers remain cautious about spending reflecting tight disposable incomes and although there may be some reporting of tentative signs of increasing confidence, this has yet to work through into carpets sales. Demand from the private construction sector remains weak, with little speculative development outside of London, and public sector construction activity remains well below pre-financial crisis levels. As yet we see no reliable signs of any significant upturn in market conditions, and we continue to focus on self-help initiatives." ...aaoo/dyor
missing another, lads lol?
hmmmmm
lol
just over 2*Operating cash flows before movements in working capital (if u think cash and pen deficit roughly cancel each other) ...go figure
Current trading and future prospects Whilst we can foresee little change in the trading environment in the near future, we are well placed to make further progress in the second half of our financial year based on the ongoing development of our product offer, the continuing strengthening of our trading network, particularly overseas, and ongoing cost reduction programmes. Whereas we are encouraged by the prospects for the business, and the improvement in the cash position, we feel it is right to maintain a prudent approach. As a result the board has decided that any dividend payment should be judged in the light of the financial performance for the year as a whole, and consequently we will not be making a dividend payment at the interim stage.
The operating profit before exceptional items was £404,000 (2011: £156,000). The operating profit after charging exceptional operating costs of £45,000 (2011: £17,000) was £359,000 (2011: £139,000). After charging pension related finance costs of £89,000 (2011: income £16,000) and incorporating the appropriate tax charge the net profit for the period was £176,000 (2011: £114,000). Basic adjusted earnings per share were 0.45p (2011: 0.28p) and basic earnings per share were 0.38p (2011: 0.25p). Operating profit benefited from improved sales margins and cost reduction. The increase in pension related finance costs arose from the reassessment of the pension deficit as disclosed in the last annual report. Operating cash flows before movements in working capital were £929,000 (2011: £716,000). Working capital reduced by £1,317,000 (2011: increase £580,000) due to tight control of inventory. Expenditure on onerous leases was negligible (2011: outflow £645,000) and contributions to the defined benefit pension scheme reduced to £217,000 (2011: £300,000) in line with the agreement reached with the scheme trustees following the last triennial valuation as at 1st July 2011. Capital expenditure of £134,000 (2011: £566,000) was focussed on essential replacements and productivity improvements.
Airea plc has delivered an increase in profitability and a healthy improvement in its cash position during the first six months of the current financial year, despite the challenging market conditions that persisted in all of its major markets. In addition, good progress continues to be made in strengthening our strategic position with a number of successful product launches completed in the period.
deficit - is this really a net net? DYOR/not investment advice
Specialist flooring company Airea has again faced challenging market conditions in the first six months of the current financial year. Revenue for the period was £13.9m (2010:£15.1m), operating profit was £139,000 (2010: £349,000) and profit after tax was £114,000 (2010: £94,000). Basic earnings per share were 0.25p (2010: 0.20p). Operating profit came under pressure as raw material inflation worked through into margin; an improvement in pension related finance costs led to an increase in profit after tax and growth in earnings per share
do directors manage to purchase @ 11p? options?
Floor covering group Airea (AIEA) posted narrowed interim pre-tax profits, hit by "depressed" market conditions, and said the business continues to face a volatile trading environment with a mix of erratic demand and raw material inflation. For the half-year ended 31st December 2010, the group reported a pre-tax profit of 189 million pounds, down from 515 million pounds in the comparable period a year earlier, on revenue 9.6% lower at 15.1 million pounds. Going forward, the firm added that the trading environment remained challenging especially in the residential sector