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Trading statement - PBT to be above expectations.....so likely to be around 2.3p EPS. Good news is a recovery of �0.7m cash under a settlement. Bad news is that �1m of revenues have been deferred to this year, so that's merely a timing issue and will benefit this year's PBT. In particular the visibility of revenues for this year bodes well: "the Group continues to trade profitably and enters 2018 with an order book of �18 million. Over �12 million of this is scheduled for delivery in the coming year and the Board remains confident of the Group's future prospects."
update on trading following the end of its financial year on 31 December 2017. The Group's profit before tax for the year ended 31 December 2017 is expected to be above market expectations due to the positive net effect of exceptional items arising in the year. The Group expects to report 2017 revenues to be up year on year to �15.6 million. However, some delays in programmes to develop additional software functionality for eyeTrain systems has resulted in approximately �1 million of revenues being deferred into 2018. These relate to scheduled deliveries of both software and equipment and accordingly profit before tax from trading operations will be lower than previously expected. Set against this, the 2017 results include two exceptional items. First, the Group has received and accepted an offer to settle a historic matter, unrelated to the current trading activities of the Group, which arose over ten years ago. Under the settlement the Group will receive a total of �702,000 in cash comprising an amount of �362,000 plus compensatory interest of �340,000. The Board considers this to be a very satisfactory outcome. The terms of the settlement preclude the Group from providing further details. The second exceptional item is also unrelated to the current trading activities of the Group. The Board has decided that any future activities that the Group may undertake in the US will not be conducted through its present US subsidiary which has been dormant for several years. In accordance with International Accounting Standards, the �211,000 deficit on the Group's currency translation reserve will be reclassified from equity to income and shown as an expense. The reclassification has no impact on the Group's net assets or cash. Raschid Abdullah, Chairman of Petards Group plc said: "It was pleasing that in December we completed both the full conversion of the Group's �1,480,000 outstanding loan notes into Petards ordinary shares and have subsequently received the settlement of �702,000. As a result, the Group's balance sheet has been substantially strengthened with the removal of the loan note liability that was due for redemption in September 2018 and its cash resources have been increased this week following receipt of the �702,000. While it is disappointing that delays in the development programmes for new eyeTrain products has deferred some revenues into 2018, the Group continues to trade profitably and enters 2018 with an order book of �18 million. Over �12 million of this is scheduled for delivery in the coming year and the Board remains confident of the Group's future prospects."
Happy new year to everyone here. Given the outlook in September's interims I'm hopeful that 2017's - and 2018's - results will be good: "The results for the first half of the year and a strong order book that includes almost �8 million of revenues scheduled for delivery in the second half of 2017 and nearly �11 million for 2018 providing good support for the current year and a foundation for 2018. "That growth in product development and projects has been financed from its own resources without recourse to shareholders or debt demonstrates the strength of the Group. "Against this backdrop and on-going customer discussions for new projects, the Board continues to be confident about the Group's future prospects."
RNS - Saudi-based finance house picks up another 8% of the available shares: that's a huge purchase... I can't see them investing that sort of money unless they assess it has 'settled' at its current SP. Onwards and upwards :)
ah, wondered what Downing would be doing with their shares, they've ridden this one up from around 15/lower very well, suspect they've been selling down slowly from the highs
Just announced - yet another substantial contract win for Bombardier for their Aventra carriages, which as I noted earlier PEG have regularly supplied: Https://globenewswire.com/news-release/2017/12/14/1261937/0/en/Bombardier-Wins-Rolling-Stock-and-Maintenance-Contracts-for-c2c-Franchise-in-the-UK.html "Bombardier Wins Rolling Stock and Maintenance Contracts for c2c Franchise in the UK December 14, 2017 07:16 ET | Source: Bombardier Transportation - Fleet of 60 AVENTRA vehicles to add capacity and improve journeys for commuters into London - Additional contract will see Bombardier maintenance service teams ensure more reliable service BERLIN, GERMANY--(Marketwired - Dec 14, 2017) - Note to editors: To view the photo associated with this press release, please visit the following link: BOMBARDIER AVENTRA trains for UK's c2c rail franchise network Rail technology leader Bombardier Transportation has signed a contract with Porterbrook and c2c, to supply 60 new BOMBARDIER AVENTRA vehicles for use on the United Kingdom's c2c rail franchise, together with an eight-year maintenance and support services contract. The overall value of the rolling stock and maintenance contracts are valued at approximately 105 million GBP (120 million euro, $140 million US). The maintenance contract will run from the introduction of the trains until November 2029. etc"
Great to see Thomas Charlton buying here on his own account, going above 3% with 1.16m shares: Https://www.investegate.co.uk/petards-group-plc--peg-/rns/holding-s--in-company/201712081557578728Y/ Here's his biography - former board member at Merrill Lynch and at Mercury: Http://www.4-traders.com/business-leaders/Thomas-Charlton-05JWKZ-E/biography/ "Mr. Thomas W. Charlton is on the Board of Directors at Feedback Plc and Panvista Technologies Ltd. Mr. Charlton was previously employed as Executive Chairman by Pinnacle Staffing Group Plc and a Managing Director by Merrill Lynch Investment Managers. He also served on the board at Mercury Asset Management Group Plc."
And the P/E is just 7.05.
Just announced a few minutes ago - Bombardier have won another huge contract to "to supply 333 new rail cars, along with a contract for maintenance work, with a U.K. rail company" - these will be new Aventra trains: Http://business.financialpost.com/pmn/business-pmn/bombardier-signs-deal-to-sell-aventra-trains-in-united-kingdom Petards have regularly RNS'd contract wins for Bombardier's Aventra trains. There's every reason to believe that this new contract will provide another big bonus for PEG. WH Ireland still forecast 2.1p (fully diluted) EPS for the year about to end, and 2.3p EPS for next year.
waiting for 15p because it seems that is where it will settle, my view.
Anyone here in SPE? Management thinking of paying a dividend for the first time? Tempted before an update in January 2018.
Not like everyone else.
Should have topped up but didn’t as like everyone else wasn’t sure how far it would drop. Still holding.
Buying coming in now and common sense returning.
Bargain time here imo - crazy sell prices being taken yesterday. The dilution from the exercise of the convertibles has been known about for some years, and is already accounted for. WH Ireland forecast 2.1p fully diluted EPS this year and 2.3p EPS next year. To emphasise, that's FULLY DILUTED. No convertible holder is likely to be selling at these prices, or anything like them. A P/E of 7.8 is just far too low considering the growth prospects.
Dibs, Could you explain this in layman's terms. 13% drop in share price !!!
Oh I guess this explains the recent soggy SP performance. This had been high on my watchlist for 2018 possible investment but I think I will continue to keep my powder dry! If my maths are correct this loan note conversion is equivalent to a whopping 50% dilution!! AND the conversion price is only 8p. Oh dear. Not good.
What can I say, O golden boot? Mea culpa. I had topped up ACSO in September, but not in the account where my main holding is, it was only meant to be temporary (although generally I'm buy and hold). Took the lovely 20% gain and topped up PEG, which was becoming too small to be meaningful - having cleverly bought in May. I like investment trusts for my normal investments, and one of the main reasons is that without inflows of cash they have to sell to buy. I'm in the same position!
so more than doubled my free carry position to measly 4k holding ...still wary of high capitalised dev spend and consequently high EV/fcf multiples, but the future growth prospects (and speculative excitement from news) makes trading these fun
Bouncing nicely today after a 100,000 buy at 21.9p. OT : Qd22, how could you :o)) ACSO has dropped a bit now, but it has great institutional support and will bounce back soon I suspect.
That's reassuring, since I topped up yesterday. I had to slice ACSO to do it, so was wondering a bit..... :)
From the rather successful Chelverton Growth Trust's results yesterday - having top-sliced PEG at the peak (which may be largely the reason for the share price fall from the top given PEG's tiny �8.5m m/cap), they've been buying back again more recently. They now have 10.3% of their portfolio in PEG: Https://www.investegate.co.uk/chelverton-grwth-tst--cgw-/rns/final-results/201711081645339671V/ "The holding in Petards plc was reduced as the share price moved up very sharply and then towards the end of the year the holding was modestly added to at much lower prices despite very positive interim results. Petards plc supplies sophisticated products to the rail industry and is building a very large order book to be delivered over the next two to three years."
From the FT - five firms have just been shortlisted for a huge �2.75 billion HS2 contract. PEG already work with four of the five, and even the fifith - Patentes Talgo - recently announced UK localisation plans to build a production facility here.....with a localised supply chain: "Thursday 2 November 2017 HS2 names Bombardier and Alstom among five shortlisted firms vying for �2.75bn trains contract HS2 has named its shortlist of firms in the race to win a �2.75bn contract to deliver trains reaching up to 225mph for the railway linking the capital, Birmingham, Manchester and Leeds. The bidders vying for the contract are Alstom Transport, Bombardier Transportation, Hitachi Rail Europe, Patentes Talgo S.L.U and Siemens, and they will now be invited to tender for the contracts which cover the design, build and maintenance of at least 54 trains, in spring 2018." Https://www.talgo.com/en/communication/notice/talgo-unveils-localization-plan-for-the-uk-scouts-plant-locations-in-northe/ "17 Oct 2017 Talgo unveils localisation plan for the UK, scouts plant locations in Northern England The company has already visited potential places around Leeds and Liverpool Spanish train manufacturer Talgo is set to gain a foothold in the United Kingdom rail market and has devised a detailed long-term industrial plan which includes the construction of a plant in the UK and the creation a fully localized supply chain. etc"
Hopefully, this will be the catalyst towards a steady price rise. Need a contract to jump start this.
Chelverton Trust are buying and have gone above 5%, with 1.925m shares: Https://www.investegate.co.uk/petards-group-plc--peg-/rns/holding-s--in-company/201711020700053246V/