PYX Resources: Achieving volume and diversification milestones. Watch the video here.
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The final dividend will therefore be paid on 21 December 2012 to shareholders on the register at 23 November 2012.
Happened to Thorntons, got totally thrashed in Feb 12, down to 9p. Soon recovered to over 34p 4 wks later.
dont forget its got a good yield on the divi, so anyone buying in today at these prices with xdivi in Nov - its got to be a steal. The year low to date was 70, this will creep back up and may well go well into the 80's pre Divi... All IMHO of course Regards & GLTA + of course DYOR
Good day profit. Could possibly settle at -15%, as opposed to current -35%
I agree it looks that way, 60P soon
Seems like an over reaction. Figures should be better after crimbo, plus debt figure less than same period last year. Dead cat bounce on its way.
Cheers and GL....
Who knows. One I wouldn't get involved in.
Are you saying this will follow the same way as jjb & gmg.........?
Posters will invest in here soon.
No money made this year.
Outlook " As is the case every year, consumer confidence in the pre-Christmas period will be an important factor in determining the overall result for the financial year. " We have a strong product pipeline, focussing on merchandise at mass market price points. Our broader distribution base, achieved as a result of our London 2012 activity is already enabling us to gain wider distribution than we have achieved previously. We also continue to innovate in new technologies which we expect will further broaden the reach and appeal of our product ranges. " In conclusion, whilst we continue to operate in a challenging environment, we are confident that the Group continues to have opportunities to grow and we look forward to maximising these in the future.''
Financial position " There have been no significant changes in the financial position of the Group as at 30 June 2012 since the publication of the Report and Accounts in respect of the financial year ended 31 March 2012. " The Group continues to have access to secured banking facilities of £16.75 million in the UK maturing between 2014 and 2015. Net debt at 30 June 2012 was £8.1 million (30 June 2011 £9.3 million).
CONT " We have continued to make further progress to broaden the scale of our supply base. This is an ongoing dynamic and we are working closely with our suppliers to align our business requirements with their capabilities. We now have over ten suppliers across our product ranges. One of our still significant China based sources has informed us recently of plans to rationalise its manufacturing facilities. Whilst this may result in some disruption to shipments in the short term, we believe that it will result in more reliable supplies when completed. We will work closely with this supplier to manage this process. " The London 2012 Games are about to commence and we have extensive plans in place to maximise our sales of London 2012 products over the coming weeks. The majority of our London 2012 products, such as our Great British Classics die cast vehicles, will continue to have commercial appeal after the Games. " Regarding the search for my successor, outlined previously in the Annual Report Statement, I am pleased to report that the process is well advanced and is being managed professionally. We have attracted the interest of a number of extremely high-quality potential candidates and hope to advance to a short-list over the summer months. A further update will be included in the interim IMS."
Speaking today at the Annual General Meeting of Hornby Plc ("Hornby" or the "Group"), the international models and collectibles group, the Chairman Neil Johnson, will provide the following trading update and first interim management statement, relating to the period since 23 April 2012. Business performance " The Group's overall business performance for the period under review has been favourable compared to the corresponding period last year. We continue to operate against a challenging economic background. Consumer confidence remains fragile and our retail partners are managing inventories closely. However, our wide brand and product portfolio spans a number of product categories and geographical markets. This gives the group a broad trading base and continues to reduce our reliance on individual product sectors and markets. " Our businesses in the UK, mainland Europe and the USA have made a satisfactory start to the new financial year. However, the wider retail environment remains weak and we are remaining cautious about the performance for the remainder of the year. Our European businesses are continuing to make positive progress and we have been encouraged by improvements in their market share.
http://www.investegate.co.uk/Article.aspx?id=201207260700095290I
A whole raft of big 'delayed' buys from 07/06/2012 - well over £1M
WH Ireland reiterated its "buy" recommendation for Hornby (HRN) with a 135p target price. The broker noted that despite difficult UK trading, the toy company achieved modest adjusted pre-tax profit growth of 2.3% to 4.5 million pounds in the year ended 31st March 2012, boosted by sales of Olympic themed products. WH Ireland added that revenues in mainland Europe rose 21% as supply chains were restored. However, the broker noted that if the Olympic merchandise does not sell as well as expected over the games, it could lead to high levels of obsolete stock by the half year
"There is no doubt that there will continue to be pressure on consumer confidence for some time to come. However, we continue to innovate and to seek new commercial opportunities in order to counter the effects of the macro-economic climate in which we are operating," Martin said.
After more than a decade in the chair, company Chairman Neil Johnson is to step down from the board no later than the time of next year's annual general meeting. There are also to be changes to the group's dividend policy, with the board recommending that half of retained earnings should be paid out in the form of dividends. What this means for the financial year just ended is a full year dividend of 3.7p, down from 5.0p the year before.
Net debt at the end of the period was £6.3m, up from £6.1m at the end of March 2011. "We are pleased that sales of our London 2012 merchandise are gathering momentum. We expect this unique licence opportunity to contribute positively to profits in the short term and, through the increased distribution that we gain as a result of our involvement with London 2012, to provide an ongoing legacy benefit in substantially increasing our presence in mass market retail outlets," said Frank Martin, Chief Executive of Hornby.
Gross profit margin improved to 48.3% from 46.2% the year before, while the underlying profit before tax margin held steady at 7.0%. The increase in gross profit margin was primarily a result of changes in the product mix of sales in favour of higher margin model railway products. Overheads increased year on year, due largely to the effect of variable selling costs increasing in Hornby's UK concessions and European subsidiaries as a result of higher levels of sales, and with incremental promotional activity associated with the London 2012 Games.
Sales in the UK were down 4% at £45.5m from £47.3m the year before, despite sales of model train sets holding up. Sales of Scalextric went into reverse while Airfix sales were slightly below the previous year. Sales via Hornby's European subsidiaries in total were 21% above the previous year at £16.2m (2011: £13.4m). US sales rose in dollar terms to $4.4m from $4.2m but were unchanged in sterling terms at £2.7m.
Pre-tax profit before amortisation of intangibles and net of foreign exchange adjustments on inter-company loans was £4.5m, up £4.4m the previous year. Broker WH Ireland had pencilled in a figure of £4.8m for pre-tax profits. Statutory profit before tax dipped to £4.0m from £4.1m the year before, while turnover for the year was up 1.7% to £64.4m from £63.4m the year before. WH Ireland had hoped for sales of £68m.
Hornby. best known for its model train sets and Scalextric racing kits, has cut its dividend after a tough year, and is now also looking for a new Chairman. The company, which said earlier this year after a profit warning that underlying profit before tax for the year to March 31st would not be less than £4.5m just about kept that promise.