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Hi WalkingBoss.
Interesting comments made there with which i totally agree, unfortunately this is an industry where those at the top of major uk companies have very little or no experience of the front line and just continually look at the ever decreasing bottom line! This is a cash hungry industry and you need to continually invest to even standstill let alone move forward. what do you know about Boels? and are you in the industry?
There will be very little to cheer about, trust me. This is not an attempt to attack but simply hard truthful facts of the current turmoil this company is unfortunately basking in. The recent aggressive acuquisitions,the purchasing of goodwill or be it order books. Those company staff now leaving in their droves and the specialist divisions now falling under one umbrella, those being lifting and survey. This just before year end results, so the divisions that were ahead of budget now bail out or bring to a level those that were not. Once again no growth, figures manipulated from constant and ruthless cost cutting and the lost identities of divisions that are specialist and command excellent hire rates. The turnover of Regional Directors, General Managers and Depot Staff on all levels is unhealthy to say the least. While the competition continues to grow, Champion Hire for one, the informative article recently in the Construction News stating that they are making more profit now with five depots than with nine just before the recession. This by purely doing the basics, with a simple computer system, not by trying to reinvent the wheel, not by those at the top knowing nothing about what is needed and listening to those on the front line with years of experience, not by moving assets around and around in a bizarre and truly mind boggling way! If this was a company with any value and one that people wanted to invest in for the future, it would of happened a very long time ago. Personally I don’t think the CEO will see 2020 and a SP of 50 pence plus reflects that. The information is out there, the people are out there to talk to and the facts don’t lie, they are screaming at you!!! There’s another company who are on the horizon and they mean business, Boels.
Looking forward to a well overdue bounce in the sp when results are announced in a few weeks.
Recent acquisitions should have begun to feed into the improved profitability and looking to a good hike in the dividend as a result.
SP needs a boost after slumping back to levels seen a long time ago despite large investments by big institutions.
Come on Speedy give us something to cheer about. (For once)
Looking forward to a well overdue bounce in the sp when results are announced in a few weeks.
Recent acquisitions should have begun to feed into the improved profitability and looking to a good home in the dividend as a result.
SP needs a boost after slumping back to levels seen a long time ago despite large investments by big institutions.
Come on Speedy give us something to cheer about. (For once)
Your long time experience with Speedy souinds a little bit like "Once bitten, twice shy". It seems to me you still do to some extent have a certain affection and admiration for the company. For one thing, it is still in existence, though a different shape, perhaps, from the time you had any direct involvment. In recent posts, I and others, have expressed our views about Speedy and though we might seem critical of certain aspects, are largely supportive of their seemingly slow but steady progress. I do feel that many engineering and manufacturing companies are in a cleft stick with regard to Brexit and its possibel outcomes, and therefore are currently keeping a close watch on talks about the situation, and in my view, are being very canny with regard to spending what cash they have. It seems companies feel they are in a worse position than individuals regarding New Style Economics which may be forced on the nation. The individuals in their masses simply placed a cross on a voting slip and committed the nation to suffering a situation far worse than many people forecast. ----- Yours, Max.
Not to be confused with skewered yes being shrewd comes from experience and having been associated with this company since 1984 as an employee of a sister company in the Allen group when Speedy had three depots.
I was on first name terms with directors and managers because we intermingled our customer base.
I have over the years in the early 2000s made money on the stock trading in and out .but that was when the movement could be three or for pence per day on sp of 40. Their rapid expansion sent the sp soaring and my interest waned as I looked at other renewable stock such as lloyds after the crash .I have not ventured near for a long time and will likely not but I have got a passing interest due to my history of the group they sprung from.
"this is a very heavily debt laden company"
you seem shrewd
Can’t agree re debt level. Last time I looked debt was in the region of one times EBITDA, and tangible asset cover is high - which means they’re holding onto shareholder value rather than returning it. Management talk enthusiastically about return finally exceeding WACC, but they could really help this by increasing proportion of cheaper debt finance. I’m also concerned that as they’re not growing top line as effectively as competitors, they’re supporting profit growth through sweating assets and driving efficiencies rather than through sustainable growth.
Their inability to find quality growth (one minor acquisition a year is not v impressive) concerns me - you can’t continue to cut costs to drive profit growth in the long term. It feels like it’s just a matter of time before there’s a stall, and I’m calling it now unless I can see some real progress.
Peabop
There is no compelling investment case, this is a very heavily debt laden company that will take a long long time to get its head above the parapet,most of its debt was attained during Corcoran's tenure as Ceo when he did not know what the hell was going on and expanded at a rate of knots he left behind a carcase that the money lenders love to exploit and they will for a very long time to come.
Mr Shearer is the Chairman of the BOD, as you know. Mr Russel Down is the Chief Executive Officer (CEO)
The Chairman is often looked upon as the person to lead the BOD in their deliberations, The CEO is the person the BOD look to to carry out their decisions. I think that is a better set up than having an Executive Chairman. The Chairman can ask the CEO for up to date reports, if he wishes, so that he/she can make arrangements for BOD meetings, urgently, if necessary. That does not mean stabbing the CEO in the back, but does mean the BOD can support the CEO in his endeavours in furthering the progress of the company. The Chairman would not hold the reins, but would watch how the reins were used. ----- Yours, Max.
Apologies should have been clearer-day to day operating reins.
RNS of 19 July 2018 has the details you seek. ----- Yours, Max.
Time for a change? Maybe David Shearer should get the reins?
I’m getting bored... when is something impressive going to happen? I don’t mean transformative acquisition, just a decent set of results that actually show growth in core top line, and management actions focused on growth rather than evermore cost-cutting and efficiency.
Look at the SP from one, two, or three years ago, and there’s little sign of movement (albeit a bit roller-coaster in between:
26 Feb 18: 53p
26 Feb 17: 50p
20 Jul 14: 54p
In the mean time:
HSS 28 Feb 18: 26p
Vp 28 Feb 18: 858p
AHT 26 Feb 17: 1649p
Can someone articulate why Speedy have got such a large debt facility and such low gearing and are using so much shareholder funding to deliver no share price growth?
Where’s my compelling investment case...?
I used to religiously book down closing prices until I realised I was making work for myself. I now try to book down weekend results and I feel I can almost forecast most results each week, I do daily scans to keep n eye on movers, but more so to read the sensible comments on most boards. [Must admit, NANO is very techy at times] ----- Yours, Max.
Brexit will soon be here !! Mr Rum has showb us a fair amont of buying by Investor Companies. When you read some posts they use a lot of initials. PI for us private investors and II for investment firms. If then IIs are buying at this point close to Brer then perhaps they feel these shares will be alright. I agree nothing is certain but this share seems to be capable of surviving, even if it does drop. It claims, and I believe it, that it is the safest firm in this tool hire business. They own British Lloyds Testing which can certify that the gear firms are going to hire are safe to use, and will offer training in the use of the gear if desired. There is a lot more info on Trading Updates, may seem TOO much !! ----- Yours, Max.
A massive political event like Brexit has left investors transfixed with fear. I prefer to focus on the large institutional buying that's been taking place in the last fortnight - Polar Capital & Merian Global Investors who have hoovered up more than 10.5 million shares between them. More massive buying going on yesterday and then again this afternoon a purchase of 2 million shares.. My hunch is that they are still accumulating and expecting another RNS in a day or two.
Thanks max! In idiot terms then, is it likely to drop shortly after brexit until everybody figures out how it will effect us? This is my first year of owning shares and I don’t need the money until next year.. I wondering whether to risk it in the hope they rise slowly or take it out in case they drop!
Brexit has probably had a profound effect on our shares. We bought two firms who supplied lifting gear to building sites, I imagined the lifts replacing the system of hod-carriers. However, there seems to have been a bit of a pause in the housebuilding programmes which may be due to Brexit deterring potential buyers from overseas, particularly in London and surrounds. The recent purchase of Geason may bring some government finance for training purposes. We have some depots in Ireland and I don't know how these might be affected, must wait and see. ----- Yours, Max.
Any views on how Brexit may affect our shares in Speedy?
Since your early Jan note, the company has acquired Geasons, a firm based in Glasgow which speciailises in training of personnel in the construction and engineering industries. It seems to have been an equitable transaction and the directors of Geasons will continue in offering their services as before, AND across the company overall. At the moment this expanded offering includes Ireland and and the Middle East. ------ Yours, Max.
Whats with all the small buys {:-))))
Speedy already has high level training services on offer, particularly, i would have thought with regard to Lloyds British Testing services and the recently acquired companies offering lifting equipment on building sites. Now that Geasons have joined us with a large number of people following training programmes, I am intrigued as to how the combined training services will look shortly, but I am sure the Kilpatrick Family companies will integrate very well with the poeple at Speedy Hire to offer a first class service which will benefit the company and its employees and trainees [if I may call them all such] and subsequently the industries they serve and the country as a whole. ----- Yours, Max.
And all our pals from St Helens which includes the famous town of Newton Le Willows, home of Speedy Hire and its Dominions. Hope some of our newcomers from Glasgow will read these messages from people who wish to be the best and stay the best in the field of looking after the industries of the UK. If your travelling up or down the M6, drop off at JCT 23 on to the East Lancs (A580), East towards Manchester, West towards Liverpool, and find plenty of places for lunch or tea. Next turn off , South, will let you go into Newton Le Willows and find refreshments in the town centre, to see you on your way. ---- Yours, for a Happy Christmas, Max.
Merry xmas and a happy new year to all speedy holders :-))