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"Our strategy of bringing forward investment in the United States has been well timed and will support our global growth objectives. The acquisition of SRI has given Synergy a real presence and management depth, opening up a number of new business development opportunities." The company completed the acquisition of SRI in July of this year and said the integration and turnaround of the business is going well and is ahead of plan. The firm said good cost control help to lift group operating margins by 0.6%. It saw a solid first half with strong revenue growth in Asia & Africa and the Americas offsetting weaker growth in Europe & Middle East and UK & Ireland. Consensus estimates for the full year ending March 31st 2013 are for pre-tax profits of £47.18m on revenues of £386.31m.
Synergy Health is on track to meet expectations for the full year after a strong half year which saw both revenue and profits rise. This was the upbeat message from the provider of sterilisation services to hospitals as it presented its interim results and the figures appear to support this. Revenues for the six months ending September 30th were up 10.5% at £171.6m (2011: £155.3m), with pre-tax profits up 9.8% at £18.2m (2011: £16.6m). Operating cashflow was up 18.9% at £43.3m (2011: £26.4m) and its interim dividend has increased 15.8% to 7.9p from 6.82p the same period the previous year. Net debt increased by £6.8m to £180.3m, taking into account the partial funding of the SRI Surgical Express acquisition, payment of deferred consideration of £10.5m to the vendors of BeamOne, and net capital expenditure of £23.6m for new facilities in Costa Rica and France (2011: £27.6m). Richard Steeves, Chief Executive of Synergy Health, said: "Despite the ongoing economic challenges, particularly in Europe, I am very pleased with the resilience of the group, and the progress that it continues to make.
Richard Steeves, Chief Executive of Synergy Health, said: "Despite the ongoing economic challenges, particularly in Europe, I am very pleased with the resilience of the Group, and the progress that it continues to make." "Our strategy of bringing forward investment in the United States has been well timed and will support our global growth objectives. The acquisition of SRI has given Synergy a real presence and management depth, opening up a number of new business development opportunities."
Outlook · Although the economic environment in Europe & Middle East and UK & Ireland remains a challenge, we are increasing our investment in business development and strengthening the senior team · The Americas and Asia & Africa continue to show solid growth and we expect to see further developments over the coming 18 months that will increase the importance of these two regions · The Group is progressing in line with the Board's expectations for the full year
Operational Highlights · A solid first half with strong revenue growth in Asia & Africa and the Americas offsetting weaker growth in Europe & Middle East and UK & Ireland · UK & Ireland affected by a number of one-off events, including the Olympics · Good cost control has helped to lift Group operating margins by 0.6% · The integration of both the Swiss gamma and X-ray facilities and the small hospital sterilisation business in New York, has progressed well · In July 2012 the Group completed the acquisition of SRI for £25.5 million · The integration and turnaround of SRI is going well and is ahead of plan · The United States hospital sterilisation bid pipeline looks promising, with bids in progress for revenue in excess of $60 million per annum
Financial Highlights · Strong reported revenue growth up 10.5% to £171.6 million · Underlying revenue growth, excluding currency effects, up 14.2% · Adjusted operating profit* up 15.2% to £26.6 million · Adjusted EBITDA up 11.2% to £46.5 million · Interim dividend up 15.8%, reflecting growth in underlying earlings · Net debt increased to £180.3 million from £173.5 million at 1 April 2012, reflecting the payment of deferred contingent consideration for BeamOne LLC ('BeamOne'), the acquisition of SRI/Surgical Express, Inc ('SRI') and capital investments in new facilities in Costa Rica and France
Dr Richard Steeves, the Chief Executive Officer of Synergy Health, a provider of outsourced sterilisation services, bought himself a round of shares on the same day the firm admitted headline growth in the first quarter had been held back by currency translation with the devaluation of the euro. The deal was announced after trading hours on Thursday. Steeves, who founded the business in 1991, gave a show of support for the company with the purchase of 18,627 shares at 908p each, leaving him with a total of just over 1.8m shares, equal to 3.15% of the issued share capital.
08 June 2012 Singer Capital Markets upgrades Synergy Health from Fair Value to Buy and raises its target price from 887p to 939p. 12 June 2012 Investec reiterates its Buy recommendation for Synergy Health with a target price of 980p. Morgan Stanley retains its Overweight rating for Synergy Health with a target price of 1085p. 06 July 2012 Jefferies International retains its Buy rating for Synergy Health with a target price of 1150p. Sources: http://www.stockmarketwire.com/article/4384849/FLASH-Singer-Capital-Markets-upgrades-Synergy-Health-from-fair-value-to-buy-target-price-raised-from-887p-to-939p.html http://sharedealing.nandp.co.uk/quote/?epic=SYR P.S. Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
Singer Capital upgraded its recommendation for Synergy Health (SYR) from "fair value" to "buy", with an increased target price of 939p, from 887p. The healthcare company's acquisition of US hospital sterilisation group SRI Surgical Express led the broker to raise its revenue forecasts for the year ending 31st April 2013, to 377.9 million pounds from 313.2 million pounds. Singer also pointed out that on a prospective earning multiple of 13.5 times the shares trade at a discount to peers with a weaker geographic spread
Investec has reiterated its buy recommendation and 980p target price for healthcare services outsourcer Synergy Health, saying that the shares look oversold and continue to look attractive. "Synergy continues to deliver against the strategic objectives set out four years ago, with today’s results showing strong revenue growth and margin expansion," Investec said in a research note on Thursday morning. "The shares offer good value in our view and the news that the CEO will be reinvesting in the business as part of today’s placing should act as a catalyst," the broker said.
I've researched this company and apart from pretty slow growth almost all of which looks like it is aquired, generally dropping share price the most exciting action seems to be a single Eastern Director (why just the one?), relatively silent market publicity but good financial controls. So I guess a pretty solid company as long as you don't want anything to happen. Why would you be a shareholder?
Shore Capital retained its "buy" stance on Synergy Health (SYR) with a 848p target price. The healthcare provider bought Leoni Studer Hard, which the broker noted is the only provider of gamma and x-ray irradiation services to the Swiss medical and packaging industries. Shore pointed out similarities in the two companies' business structures which it believes will lead to improved margins and increased operating leverage following the merger. The broker added that Synergy Health does not currently have exposure to x-ray technology and so the acquisition will diversify its product range. The shares slid 7p to 843p.
Richard Steeves, Chief Executive of Synergy Health, said: "This acquisition further strengthens our position in Europe giving us access to the well developed, high value added medical device sterilisation and pharmaceutical market in Switzerland. Furthermore, we will have access to the intellectual property required to exploit the benefits of X-ray technology and particularly polymer modification, enabling us to expand the service offering to our healthcare customers."
Acquisition of Gamma and X-ray Irradiation Facility in Switzerland Monday 19th March 2012 - Access to Swiss medical device and pharmaceutical sterilisation market - Expansion of European irradiation sterilisation presence - Access to X-ray technology and intellectual property Synergy Health (LSE: SYR), a leading global provider of outsourced sterilisation services to the medical device market and healthcare sector, announces the acquisition of Leoni Studer Hard AG from Leoni Group for a cash consideration of EUR 47.6 million (approx. £39.7 million), which will be funded out of existing debt facilities. Leoni Suder Hard AG operates a gamma and X-ray facility in Däniken, Switzerland, providing irradiation sterilisation services to the medical device, pharmaceutical and packaging industries. The business is the only provider of these services in Switzerland. In the year ended 31 December 2011, Leoni Studer Hard AG recorded revenues of CHF 10.4 million (approx. £7.2 million), EBIT of CHF 3.7 million (approx. £2.6 million) and had gross assets of CHF 35.7 million (approx. £24.6 million). Sales through the X-ray facility are growing strongly and the cash consideration equates to a 7.7x EBITDA multiple. The acquisition provides Synergy with access to the Swiss sterilisation market and expands its geographic presence in Europe, supported by our Allershausen and Radeberg facilities in Germany and Marseille and Marcoule (scheduled to open in October 2012) facilities in France. Synergy will also gain access to X-ray technology and specifically the intellectual property required to exploit the benefits of this new application in sterilisation and polymer modification. The X-ray technology also offers significant potential to expand our irradiation sterilisation services in territories where gamma irradiation is limited by licensing concerns or where it offers a more cost effective solution. The acquisition is expected to be earnings enhancing in the first full year of ownership.
http://www.investegate.co.uk/Article.aspx?id=201203191346026229Z
Shore Capital initiated coverage of Synergy Health (SYR) with a "buy" recommendation. The group's medical device and hospital sterilisation business should benefit from increased regulations says the broker, particularly in the UK. Additionally, Shore views international expansion into emerging markets as a logical step for future growth. The broker views it as a defensive stock with good revenue visibility, noting that management is looking to further diversify its income. Shares in Synergy declined 18p to 866p
Rogs - believe me I think we are all hurting just now! - there wont be many that are not ( if they are honest!)
Synergy Health (SYR) remains "fair value" for Singer Capital, with a target price of 887p. The broker believes that the healthcare outsourcer has maintained its underlying growth rate of between 8% and 9%. Singer notes that revenues grew 8.7% to 76.6 million pounds in the quarter ended July 2011, but that net debt also increased from 112.3 million pounds to 148 million pounds, following the acquisition of medical device manufacturer Sinagama II Technologies. Shares in Synergy inched down 1p to 868.5p.
Hi, Thanks, I will have a look into those. I am trying to stay on the sidelines at the moment as I am seriously down and hurting but may jump back in soon.
Rogs - sorry just noticed your post today - not sure if there is a less risky these days but if you mean shares that are not penny shares then RR. - AVN - COV - BLVN - POG - RB. - PZC - CUP are a few - just recently exited PTEC - CHTR and kicking myself for getting out way too early on HAIK - and to level it up Im hammered in HAWK and IFL but please research thoroughly but at the moment even researching to the hilt can mean nothing.GL
Net Debt and Refinancing of Existing Banking Facilities Net debt increased from £112.3 million at 3 April 2011 to £148.0 million reflecting the debt funded acquisitions of BeamOne and Sterilgamma. We are pleased to announce that we have signed a new 5-year unsecured Multi-currency Revolving Facilities Agreement ("the Agreement"), which replaces the Company's previous facility, due to mature in January 2012. The Agreement has been entered into with a group of 7 banks and comprises a Sterling denominated multi-currency facility of £105 million and a Euro denominated multi-currency facility of €130 million.
Trading Update Overall trading has been in line with the Board's expectations for the first quarter and is on track for the full year. Reported revenues increased by 8.7% to £76.6 million compared to the same period last year (Q1 2010/11: £70.4 million) whilst adjusted operating margins improved 40 basis points. Underlying revenues, excluding currency effects and prior year non-core business were £77.0 million, 14.5% above last year's underlying revenues (Q1 2010/11 £67.3 million). The organic underlying revenue growth rate was 7.3% excluding the recently acquired subsidiaries, BeamOne LLC ("BeamOne") and Gamma Service Produktbestrahlung GmbH ("Gamma Service").
http://www.investegate.co.uk/Article.aspx?id=201107270706531484L