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yes I'll be tempted sub 5p plus a little more confidence in recovery, but understand I may not get lucky!
Tks, January - were you the series of 20-30k chunks of sells over the past few days, then?
for now missing our witty repartee already....
1p loss here is seriously harmful to wealth... I need more visibility on turnaround - where's the evidence that investing on hope is systematically successful?
Interim Management Statement Superglass Holdings PLC, the UK's leading independent manufacturer of glass mineral fibre insulation products will hold its Annual General Meeting at 11.00am today at which the following statement will be made by John Colley, Chairman of Superglass. This comprises the Group's Interim Management Statement for the period from 1 September 2012 to 14 January 2013. "The first phase of Project Phoenix, our transformational capital investment programme, remains on budget and on track for completion during the first half of this year with one of the newly installed production lines now changed over and running at full capacity, and the second line scheduled to be upgraded in the Spring. As previously reported estimated annualised cost savings from Project Phoenix have increased from our original expectations of £3.6m to a total of up to £5.0m. The increase in savings is predominantly due to the installation of new fiberising technology which, as well as improving our cost base, is enabling us to meet the increasing demands of the marketplace in terms of competitive pricing, product quality and specification. The savings from Project Phoenix have started to filter through. Whilst these will be meaningful in the current financial year, the implementation of Project Phoenix was always planned to incur significant one off costs as a result of 6 weeks production downtime on each line to complete the technology upgrades. The first full year of savings is expected in 2013/2014. We continue to identify, implement and where possible accelerate further cost reductions. Market conditions in the UK are extremely challenging and remain difficult to predict, as reported in the preliminary results announced on 22 November 2012. Since that announcement sales volumes have been steady. However, a stronger than anticipated demand for volume commodity products has had a negative impact on our average sales price and overall market conditions are also impacting prices. Input cost pressures persist with energy costs continuing to rise during the period. Superglass manages its working capital effectively and, despite the challenging market conditions, our net debt position continues to be better than management expectations. We remain cautious about the Green Deal channel and continue to work on broadening our routes to market. There remains a lack of clarity on the transitional arrangements from CERT, which ceased on 31 December 2012 to the Green Deal which comes into full effect on 28 January 2013. As a result, volumes in this channel are likely to reduce with a potentially slow start-up of the successor Green Deal scheme. We welcome the Department of Energy & Climate Change's (DECC) Green Deal communications campaign run in conjunction with the January launch. The aim of the campaign is to engage and educate the consumer about the scheme and the benefits of insulation solutions as t
without good rns?
A little upward movement ahead of the AGM. Maybe the upturn in the building trade, some clarity on insulation schemes and a positive statement on production difficulty resolution will help us patient investors.
but Bob will do
Thanks, DD some sp momentum today - so best of luck for your investment (assuming you have one!) atb Jolly
Outlook Looking forward, there are as yet no signs of any sustained improvement in the market and there continues to be great uncertainty over the transition from CERT to Green Deal when the former expires at the end of 2012. The UK Government's own economic assessment suggests that the volume of insulation sales under Green Deal will be lower in 2013 than in 2012 under CERT which must be contrary to the desired outcome.
Oh, DD, another thought: EBITDAE is especially weak when analysing a capital intensive business imo: no return on the £17m of fixed assets is an enormous hole to fill! Or another way of looking at it might be that the market is discounting these assets by only 20% (-£3m) which hardly seems that hefty/unkind given they are generating almost no return atm All imo - DYOR/Not Investment Advice, of course!! atb Jolly
= premature EBITDAE is the weakest expression of cashflow (& on this measure, just breakeven); it takes no account of (need for) return on fixed assets (nor any account for the CAPEX needed to continue to invest in them) For me, profit is E(AE) and operating profit is EBITAE atb Jolly
previous [ˈpriːvɪəs] adj 2. (postpositive) Informal taking place or done too soon; premature
In profit? Barely op cashflow positive before interest, tax, exceptionals, ne c'est pas? Yes, all rests on recovery - and I hope this recovers......BUT you are slightly previous
Intangibles are more than £10m so TNW is only £6m (or roughly equivalent to 12p) TNW is better metric imo
Agreed, SMann: good first post & recommended - these boards need balance January, best of luck; would be nice for this company to flourish...
Rampers take leave. January - if you think prospects are so good then buy more. For what it's worth don't see upside in this until construction picks up, which is a long way off. Also Green Deal isn't structured to entice homeowners and is looking to be as unsuccessful as the CERT programme if not more so given a cash constrained govt. Note all this is personal opinion.
The Government's new Green Deal home insulation/energy scheme has been launched with a whisper this week and to be accelerated after January 1. see http://www.greendealscheme.co.uk/ Must be the awaited boost to companies like Superglass. Evidently universal, not means tested. Perhaps the Scottish scheme is more often a no cost?
Added at the full ask so poss tick up on further buying imo
I dont know all the finer details about superglass but do they make loft insulation because I get a knock on the door every week enquiring if loft has been insulated and done for free with a free grant from the govnt in which case would suggest demand for their products of course if thats what they manufacture thoughts anyone bought in last thing today GLTA
Some chucky buys today...could be stake-building?
Rising fast. Top of the leader board by the close? What is the news, and what will the SP hit by end week?
Don't forget last week 6 million purchase (12% of share issue) so is news due?
7p !!
Todays' multibagger???