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A detailed and transparent interim statement from the company. The acquisition has been validated with over half a million of revenues generated in the 30 days since the acquisition in December 2019. That is an excellent start.
The fact that the assets have been revalued to over $11MM with a purchase price of £5.25MM is hugely important from a balance sheet perspective. When JW does refinance the debt facility, this asset valuation coupled with greater cashflows will most certainly attract a much better deal.
A total comprehensive income of £3MM - never seen it on an Infa PnL before!
Given the future outlook and the focus to really work this multi-purpose fabrication facility across 5 sectors is an excellent strategy. I think the strategy really creates a natural hedge against one or two sectors going down while the other sectors keep revenues propped up.
I love the narrative and the future potential. This has all the makings of a large mcap company.
Lol, yes it's a bit of a read first thing when bleery eyed. In essence, understandably, covid is putting delays to things. I think it's very prudent cash management re the costain loan (waiting for BP to say something in that respect lol). Key question, have the revenues paid for running costs of h&w to date?
12.67% drop is a bit disappointing, but with short term high cost debt and limited revenue, is this really a 'as we were' set of results? H&W on schedule to break even within 12months assuming further contracts are forthcoming- if nothing else however, is good that they have successfully completed their initial work. Has still got to be a strategically good move with no shortage of off-shore work. I just wonder if Covid will have any impact on globalisation at all, and a drop off in international shipping? I'm not sure myself. At least the sun was out for a short time this morning!
Cheers,
TheEast
It's got lots of words in. I've read some of the words. Not sure if I've learnt anything new.
I'll try again after coffee.
Sigh. :[
Southsea, Portsmouth, My mate put me on to this a few months back, ha has a big holding in his pension fund think his av. is around .6 he has been following and buyindgfor a couple years, i hold 3m
I am LTH of various size, and from Ellon/Aberdeenshire too, the Ythan runs past my land.
Just checked in & see lots of great posts. I've got a very small 330,000 shares. LTH and have recently been undecided about increasing my holding. Averaging 0.5p I'm back in Aberdeenshire, was Bristol. Family background in shipping so H&W purchase has really been exciting (& worrying). The decommissioning opportunities are something to watch.
From Kent. Been here since I was 13. Born in Lancashire - near Wigan and moved around with my parents. Noticed Infa on LSE about 18 months ago, and after doing some research I started investing bit by bit. Got 3.5mn shares in my ISA at .007 average, and 8mn in my SIPP at .006 average. So, things are looking up, and, as we all do, I'm hoping this rally continues - together with an RNS in the near future? Best wishes all and stay safe. I did meet a few of you at the AGM not so long ago,
Sunny Warwickshire.. brought in at 10p initially circa 2010 based on a tip from a mate when I decided it was about time I started investing .. was looking for a little high risk action. A bit like Si have managed to average down to around 0.007 .. still taking a battering but in for a slightly longer haul than originally anticipated.. does genuinely feel like it’s all coming together .. despite a global pandemic !
It's not a competition Will, so don't worry. You're on the list regardless. ;)
And I hope we get past your .8 in short time.
GL, Si. :)
North Devon/Cornwall boader myself, but only twenty years, so not considered a local. :)
Recommendation from another poster on iii in January 2012 and bought £400's worth @ 14p on a punt. (2900 shares)
Only 78m shares in issue back then. lol
Been averaging down, and back up sometimes, ever since.
Currently .006 average. And a hell of lot more shares than I would ever of imagined owning back then.
Wow everyone has got a lot more invested than my lowly numbers, I currently have 385,357 managed to average down to .8. Wish I kept a bit more money aside when I was looking at the price last week, sadly couldn't justify it.
Si Derman's info is very interesting in compiling a list of what percentage us folk in here are holding. (Thanks SD for doing this).
I'm now curious are most of here from N Ireland or what geographic diversity there is here ? Obviously this has nothing to do with the share price but I'm wondering how most of us came to be Infa investors.
Was it local knowledge that got some investing, a broker recommendation, etc ?
As for me, I'm in N Ireland (Tyrone). I started researching Infa after I seen an anti Infa type post on Facebook about salt mines supposedly going to be destroying the Irish Sea. This made me aware of the company for potential investing (and I now believe the Irish Sea concern isn't an issue with the tests done towards the ML).
Any other stories from how we all came to be here as investors ?
I assumed he was talking about potential income if, like you say, they actually get the contracts in.
There's a brief transcript of the interview in LSE's media section.
https://www.lse.co.uk/media/harland-and-wolff-owner-infrastrata-deliver-upbeat-operational-update.html
“Going forwards”, said Wood, “the Harland & Wolff facility with two large dry docks gives us the capability to work across six different markets. We hope to be running at 80% capacity generating turnover of £400M revenues.”
These are the areas that they mentioned they were targeting for H&W in the final results.
Internal Projects
Typical projects in this sector will range in value from £100-300m with a duration of 2-4 years.
Ship Repair
Contracts can vary in value from £150,000 - £5m with a duration of between 7-14 days in dock or alongside the quay.
Ship Conversion
Contract values can vary from £10m - £70m with a normal duration of 14-30+ days.
Offshore infrastructure / assets
Contracts can vary in value from £1m - £70m+ with project ranging from 14 days to 120 days for more complex projects.
Steel Fabrication
The contract value in this sector is varied and can be from £0.1m up to £200m+.
Recycling / Decommissioning £????
He does explain briefly in the video Where the numbers come from and what the basis for the pipeline calculation are. Well worth listening again. Missed a few things the first time. At the end of the day contracts need to be signed and I am sure that will come given the quality of the facilities and new management in place.
To add to this thread, from the Final results RNS (Wed, 8th Jan 2020)
Recycling / Decommissioning
The facility is one of a limited number in the UK that has a recycling licence into which disused and damaged structures and vessels can be brought and decommissioned in an environmentally friendly manner. General markets include offshore structures, production and defence vessels and subsea structures.
So obviously they have it marked out as a possible income stream.
You're on the the list now, BTB. :)
Currently the 25 on the list, from this board, own 253.3m shares between them.
Representing 6.6% of the share issue of the company.
Add in the ii's, Tr1's, Bod etc.. I've have 68% accounted for. So far.
Si.:)
I had a quick listen again. 1.8bn unweighted pipeline, 821m weighted pipeline over 5 years.
He mentioned in the video that the weighted project prospects / pipeline was 800m. I can’t remember the gross value nor the number of year he referred to.. Have a look at the video again and it will be clear. He did not explain the details. I might have another look tonight. Even if you half that 800m and apply a reasonable margin then the 1.5m cash is on the very very low side to support this market cap..
Was it the Mcap by the this time next year? :)
Jabido. Don't be too hard on BP. As a supposed shareholder, he's a little sensitive to such criticisms even though 99% of his posts are negative! It seems he feels bound to keep JW in check and the company on the straight and narrow, unlike the 99% of posters here who look positively to a handsome return on their INFA investment.
Jabido,
Er, really???
I’ll be showing off when we hit 2p!
You ain’t seen nothing yet!
BTB
BP I really struggle to read your posts without coming to the conclusion that you are just a deramper! Costain have been paid off with the EU money, the money owed to h&w is due to be cleared tomorrow with no raise having been required (it's a bit late if one was required). What other debt are you on about?
No one likes a show offBTB...:-)