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Very encouraging AGM statement - trading is strong, with "continued sales growth and strong levels of orders in the year to date".
There's "confidence in achieving a successful full year result in 2019", and margins, working capital and profits are all in line with forecast improvements for the year.
In addition, a much-needed review of governance is currently being worked on, which should address concerns about properties etc:
Https://www.investegate.co.uk/premier-technical--ptsg-/rns/agm-statement/201906170700053822C/
..... are you concerned about the ENSCO835 shenanigans ?
Unsafe cladding is back in the news this morning - hopefully this will accelerate the removal process:
Https://www.bbc.co.uk/news/uk-england-48609595
"Grenfell Tower: Hundreds of buildings still have 'unsafe' cladding
More than 200 high-rise buildings in England with cladding similar to that used on Grenfell Tower have yet to begin work to remove it.
Out of 328 buildings that still have aluminium composite material (ACM) cladding, 221 are awaiting work to start.
etc"
.... many thanks for your illuminating explanation of events.
I have followed this stock since the tragedy of Grenfell & despair at the slow progress being made, as mentioned in the House yesterday.
The company appears to be in a prime position to be part of the rectification of historical mistakes.
Mondays AGM will, no doubt, focus on the bright future ahead......given the company stays independent !!
and buying coming in at above 100p now and at 102p.
Omerta, the ridiculous dip was due to an overblown report from a shorter about historic cash flows (which have been fast improving for the last year), property transactions with directors (which are relics of pre-PLC days and should have been stopped, but are completely immaterial and from what I understand will be stopped), and manipulation of trading of acquisitions pre and post-acquisition (where the shorter's figures barely supported such an accusation anyway). Once selling started stop losses were hit etc etc....that's the way markets work.
The shorters closed out a while ago, so they have obviously already had their pound of flesh. Institutional shareholders have almost all stayed in place - it's mainly panicking PIs who've been scared out of a relatively illiquid stock. The AGM statement in a few days will presumably reflect the recent bullish trading statement. IMO there's no reason why the share price shouldn't return to 160p-200p pronto assuming no surprises.
..... Dip.... !!
... rivaldo, as a student of PTSG would you briefly explain why this stock took such a tip between Jan/May of this year....
Many thanks
Just what I was going to say banker2 !!
5p spread tells a story ..... a tap was turned off on Friday...
Hard to buy...must be short of stock
look forward to updating shareholders on the group's continued progress at the time of its AGM on 17 June 2019."
With 13.6p EPS forecast this year, PTSG at 91p remain on a P/E of only 6.7.
Which is crazy - far too low.
An American fund manager finished a large sell order on Friday ........which may well have helped
Trading during the first quarter of the current year has been strong, and the recent acquisitions of Guardian and Trinity are performing ahead of management expectations.
Sales remain robust as contract renewal rates remain high and a number of significant three to five year contracts and framework agreements have been signed across all disciplines with new and existing customers since the beginning of the financial year. Notable sales wins include a fire solutions contract for London Underground, fixed wire testing for BMW and replacement fall arrest equipment for Morrisons.
Looking good - moving up 2.5p on just 60k shares traded, so perhaps not much stock around.
Completely oversold imho. This has the potential to double from here in quick time getting back towards previous levels as the markets realise that doubts were totally overdone and that the core business is trading extremely well.
PTSG have just reported their successful winning of a tender for substantial works on one of the most iconic buildings in the country - the Blackpool Tower.
The winning of the contract has also been supplemented by continuing maintenance works for up to the next four years:
Https://www.ptsg.co.uk/news/building-access-specialists/ptsg-towers-above-competition-to-win-prestigious-contract-in-blackpool/
"PTSG towers above competition to win prestigious contract in Blackpool
Premier Technical Services Group PLC (PTSG) has completed the first phase of a major project for Blackpool Council, providing a series of vital repairs to Blackpool Tower.
Following an open tender process towards the end of 2018, specialists from PTSG Building Access Specialists Ltd (from the Group’s Edinburgh office) began working on the contract in January 2019. There were two main elements to the repair work. The first was the replacement and renewal of structural steelwork at the base of the tower.
There were two main considerations that PTSG had to keep in mind at all times:
All work was safety-critical due to the age of the tower.
As Blackpool Tower is a Grade I listed building, all work performed had to be approved by the heritage committee prior to being undertaken. Any parts of the structure that were renewed had to be replaced with like-for-like materials.
This was the first time some of the tower’s steel had been renewed or replaced, and crucial sections had corroded over its 125-year life span. Towards the end of Phase I, PTSG’s team was on site 24-hours a day for a full week to ensure crucial deadlines were being met and that the works were carried out uninterrupted, due to the significance to the overall structural integrity of the tower.
PTSG Building Access Specialists Ltd is now in the early stages of Phase II of the contract with Blackpool Council, which is to provide ongoing maintenance work for up to four years, with the contract being renewed after each one-year period."
As regards the above, today's Sunday Times reports that £1.2 billion will be the cost of fixing the UK's cladding problem re 70,000 flats:
Https://www.thetimes.co.uk/edition/news/owners-1-2bn-bill-to-fix-fire-risk-cladding-k3wc6kh0m
"For the first time, figures are available showing how many homes have “rainscreen” cladding. The construction intelligence firm Glenigan lists 1,138 private developments containing 75,485 flats — and that is only those built in the past six years. It is estimated that nearly 90% — or about 70,000 flats — are encased in flammable insulation or cladding."
"It would cost about £350m to replace the cladding expected to fail tests in the private blocks in the Glenigan data and a further £800m in buildings of any height. The data also includes 15,185 flats in council or housing association ownership."
Good to see the share price tick up on one small buy this morning. Perhaps an overhang has finally been cleared if stock is tighter now.
Regarding my previous post re the necessity for cladding repairs on 272 different high-rise buildings, the amount of potential work is phenomenal - for example, per this report, work on just 5 tower blocks will cost £90m:
Http://www.constructionmanagermagazine.com/news/cladding-replacement-costs-balloon-london-blocks/
"Now council documents show that Wates’ initial tender to replace the cladding and curtain wall and all associated works to the five tower blocks on the estate totals £89.7m. The work is expected to take 124 weeks."
8 out of 10 high-rise buildings are still covered in dangerous cladding which has to be removed per reports today:
Https://www.independent.co.uk/news/uk/politics/grenfell-tower-fire-material-high-rise-buildings-flat-block-a8946276.html
"The homes are in 272 different buildings, of which 164 are privately owned and 108 are social housing"
Continuing to climb - and volumes are extremely healthy at around 970,000 shares already. Perhaps an overhang has indeed been cleared.
and a 0.9p divi on 27.0619..a lot to like ;-)
Yup, looks like the fund has finished selling off a few stocks and sp can run freely back up to previous much higher levels and as stated by BOD trading is strong and 2019 started very well ..a lot to like :-)
''2019 had started well as we continued to deliver against our strategy to seek sector dominance in the markets we serve, which are underpinned by compliance demand. That position is unchanged, trading continues to be strong and the Board remains both confident and enthusiastic about the Group's prospects and performance.''
Yup, looks like the fund has finished selling off a few stocks and sp can run freely back up to previous much levels and as stated by BOD trading is strong and 2019 started very well ..a lot to like :-)
on decent demand and a series of buys. Very undervalued imo - lots of upside back to previous highs.
News today of plenty of continuing wins for the Electrical Services division - the locations are about as prestigious as you can get:
Https://www.ptsg.co.uk/news/electrical-services/ptsg-busy-with-lightning-protection-contracts-in-the-south/
"PTSG busy with lightning protection contracts in the south
Premier Technical Services Group PLC (PTSG) Electrical Services division has enjoyed a busy period of work recently with a number of new contracts and ongoing work for some well-known and highly prestigious buildings.
The Group’s lightning protection office in Witham, Essex, is pleased to announce new contracts for the installation of new lightning protection systems for clients including Acclaim, Ardmore, Briggs Living, Countryside and Dornan. Its engineers are also currently engaged in contracts to install lightning protection systems for the following buildings and clients:
Luton Dart (Crownhouse)
Battersea Power Station Phase 2 (Mace)
Peninsular Hotel (Sir Robert McAlpine)
Felnex Site (Barratts)
Nestle Avenue (Barratts)
60 London Wall (Skanska)
80 Fenchurch Street (Skanska)
PTSG is the UK market leader and member of the Association of Technical Lightning & Access Specialists (ATLAS)."