The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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It seems like an encouraging RNS. My only reservation is that there are 'no new technical issues' but it the RNS is silent on whether the existing technical issues have been resolved,
Agree with you rivaldo. Things look to have turned now. Great start to a new year, and outlook looks really good. May add a few today. ATB
I'm above all extremely pleased to hear that "No new technical problems have arisen in recent months".
Last year's sales were £8.3m, only just short of expectations. Q4 sales alone were £3m, up from £2m in Q3, and the installation of capacity to meet the huge order books is on track for £23m sales this year.
It's also good to hear that:
"The Company expects to announce further new contract awards in H1 2024"
And that SCE's customers "have agreed their schedules for 2024 which match our assessments of production capability and capacity".
Https://masterinvestor.co.uk/equities/small-cap-catch-up-steel-myths-and-brakes/?mc_cid=54dfd4d609&mc_eid=340be254f4
And finally. Lightweight tip article.
Didn't MI also tip this recently at 23p ish just before the rns from hell?
Praise for SCE's brakes on this Porsche discussion forum:
Https://rennlist.com/forums/992-gt3-and-gt2rs-forum/1385862-surface-transforms-brakes.html#post19189641
And here:
Https://rennlist.com/forums/992-gt3-and-gt2rs-forum/1378379-pccb-or-steel-for-rs-track-use.html
LOL check the shareprice. It was a sell OBVIOUSLY!
I think that's the point fevertreeman, somebody in his position arguably does have a number of choices, unlike your average PI. He certainly didn't need to increase his % holding.
What choice did he have, given Bundred and Johnson took a sledge hammer to the share price. Extraordinarily neither has seen fit to apologise, and Bundred should just leave before he does any more damage as his credibility is shot to pieces and he is a laughing stock
So...as of today ...there are now 352,072,638 shares ...this site hasn't updated that yet
Encouraging that somebody of Richard Sneller's conviction and track record has increased his holding from 14.1% to 15.3%. There are worse people to follow, that's for sure.
An Off market negotiated trade of Placing shares by the looks of it ..only a "sell" because of the time reported , and the price out of line with the reported time
Well...they have to get it all right ...those follow on contracts are critical ..would be suicidal to end up losing any of those .... no room for error from now on !! ..
" The Company has also made significant changes to Operations Management, including but not limited to, the appointment of a new Chief Operating Officer, Stephen Easton. "
...significant changes .... ..well ..onwards and forwards then....
Pokerchips, those someones, somewhere are the COO and the CFO. These are the two critical roles over the next 12 months.
Fevertreeman, whilst I'm not a huge fan of Bundred, I actually think him going would send the wrong message at this time and dent confidence at a fragile time. Get things stabilised (which, as I say, is mainly contingent on the COO and CFO) and on a clear growth path, then I'd like to see somebody else come in.
Interesting that the Hardman note of 23/11 states that 'one fact to bear in mind is that in October we had initially hoped revenue would be running at an annualised rate of four times the 2022 revenue for the year. The outcome was 2.5 times. We understand this figure – current for November – has reached three times'.
I would infer from this that whilst October sales have already been confirmed at £1m, November sales were (at the time the note was written) on course for more like £1.25m. If true, this would be an encouraging trajectory towards the £1.5m average monthly sales required as a minimum in H1 2024.
Well with all that new cash...someone somewhere needs to be keeping a firm watch on schedules and targets ...Phase 2 has to happen on time and on budget ...and the expected cash flow has to come in right to fund the remainder of Phase 3 ...
Enjoy Christmas and then eyes down and focus relentlessly on detail and cost control
Bundred and Johnson remain in place which absolutely does not give me any comfort given the recent disasters....Bundred simply has to go: the longer the two of them remain joined at the hip, the more likely it is that investors will give this a wide berth beyond those of us stuck at much higher levels
You said it! And one non executive director refused to take any!
Considering the Open Offer was way oversubscribed.....it now looks even more disappointing that the main man ..the CEO...only took £15k worth of shares in the Placing ....
That would be very welcome Superda. As I said yesterday, for me the first trading update of 2024 is vital (I believe we're due one in January). That needs to demonstrate that the £1m sales in October continued into November and December at a minimum. Latest Hardman note forecasts £23m sales in 2024 (£9m H1; £14m H2), so run rate for the first six months of 2024 is £1.5m sales per month. If production ramp-up goes smoothly (big if) and £1.5m per month is achieved in the first half of the year with confidence to move to £2m+ per month, then this should definitely climb again, because most other parts of the jigsaw are coming into place, the most important parts of which are the order book and pipeline themselves (all very well having the production capacity unless you have the customers!). Broader market sentiment notwithstanding, I see little reason why the market cap wouldn't climb back to the £80m-£100m range - it was there before with a significantly weaker order book - which would represent a share price of 30p-36p at today's values. At this point, I'd settle for that this time next year.
Https://www.thebusinessdesk.com/northwest/news/2125501-surface-transforms-concludes-13m-loan-deal-to-boost-production-capacity
Rerate soon ! SP back to 20s !
GLA !
Your post nails why there needs to be boardroom change and soon before Johnson et al burn through all this new discounted funding sorting out yet more issues. Precious little faith in Johnson's CEO capabilities to drive this business to consistent performance and profitability over the long term. Lets hope there is some proper strategic discussions about the management's competence taking place around the board. Johnson and Bundred cannot afford yet another operational disappointment
Next tick in the box - Bundred has to go and be replaced in the new year. We cant have the 2 Board members most responsible for this shambles still in situ. Johnson's time must come (but not yet), but we do need Bundred to go, and be replaced by an expereinced international plc chairman.
More news ! Rerate soon !
GLA !
https://www.business-live.co.uk/manufacturing/supercar-brake-firm-surface-transforms-28268852.amp
Supercar brake disc manufacturer Surface Transforms raises £24.2m in new funds and predicts profitability in 2024.
https://lbndaily.co.uk/brake-disc-maker-will-be-profitable-in-2024/