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Tanfield sees 2011 as a transition year Date: Tuesday 05 Apr 2011 LONDON (ShareCast) - Tanfield Group, the leading manufacturer of aerial work platforms, lost altitude after it promised nothing more than moving closer to break even in 2011. Its turnover in 2010 rose 0.9% to £43.5m, while its operating margin improved to 29%, from 26% previously. Despite the above, it suffered an operating loss before impairments of £15.8m, a slight improvement on 2009’s loss of £16.02m. Its net cash position worsened at the end of last year to £3.6m, versus £5.4m at the end of 2009. By the end of the first quarter of 2011, however, it had improved to £4.8m. Not surprisingly, given the loss making nature of the business, the company preferred to focus on the improved outlook for this year. The company has seen a strong rise in orders for its main division in the first three months of 2011, but management has indicated that, “it is too early to say whether the current levels will be sustained as it is likely that some of the recent orders contain some short term replenishment of inventory at dealers”. The firm also explained that, “the prolonged recession has severely impacted our supply chain's capabilities to react and ramp up production and this will restrict the pace of our growth during 2011”. “As the market for aerial lifts is now beginning to return to growth, we expect that 2011 will be a transitional year, where we move closer to a break-even position. With a healthy cash balance and no debt, I believe Tanfield is on the right path to recovery and a secure future,” said company chairman, Jon Pither. Shares fell as low as 35.75p in the morning session on the day of the results, giving back a good part of the year’s gains so far. Of note, Digital Look technical analysts point out support at the 35 pence area. ab
Financially we're in a good position to tyake advantage of the upturn ..... "Since the year end the business has received installments of consideration from its sale of the Smith Electric Vehicles division to its associate. The cash allows the business to trade without exposure to financial covenants from banks or other institutions. In the event of a sustained recovery, causing growth that requires increased working capital, asset based borrowing capacity should be available to support the growth".
With regard to Snorkel I think this paragraph sums things up ...... Cautious optimism "Snorkel's order intake substantially increased in the first quarter of 2011, indicating that a recovery may be underway, albeit from very low levels. It is too early to say whether the current levels will be sustained as it is likely that some of the recent orders contain some short term replenishment of inventory at dealers".
*results do not include sales from the Zero Emission Vehicles division, which was sold at the end of 2010 to our associate company Smith Electric Vehicles US, and is therefore treated as a discontinued operation. Jon Pither, Chairman of Tanfield, said: "As the market for aerial lifts is now beginning to return to growth, we expect that 2011 will be a transitional year, where we move closer to a break-even position. With a healthy cash balance and no debt, I believe Tanfield is on the right path to recovery and a secure future."
Preliminary Results for the year ending 31 December 2010 Tanfield Group Plc, the leading manufacturer of aerial work platforms, announces its preliminary results for the year ending 31 December 2010. Summary* · Turnover of £43.5m (2009: £43.1m) · Operating loss before impairments of £15.8m (2009: £16.0m) · Net cash at 31 December of £3.6m (2009: £5.4m) · Net cash at 01 April of £4.8m · Return to growth in 2011
http://eetimes.eu/en/battery-r-d-seeks-to-amp-up-electric-vehicles.html?cmp_id=7&news_id=222906675
http://www.businessweek.com/ap/financialnews/D9MBJ8A00.htm President Barack Obama says shifting the U.S. away from imported oil and toward cleaner forms of energy will add momentum to a trend that has led to 1.8 million new jobs in the past 13 months. Obama used his weekly radio and Internet address Saturday to promote his ideas for bringing down gasoline prices by decreasing U.S. dependence on foreign oil. A blueprint he outlined in a speech this past week calls for increasing domestic oil exploration and production, making cars and trucks more energy efficient and building vehicles that run on alternative fuels or electricity. Noting that the U.S. doesn't have enough oil reserves to meet its needs, he set a goal of reducing imports by one-third by 2025. "By doing so, we're going to make our economy less vulnerable to wild swings in oil prices," Obama said. "We're going to use cleaner sources of energy that don't imperil our climate. And we're going to spark new products and businesses all over the country by tapping America's greatest renewable resource: our ingenuity." The address was Obama's third in recent days on the issue. On Wednesday, the president plans a trip Wednesday to Philadelphia, where an arm of the Spanish company Gamesa makes giant turbines that generate electricity from wind. Obama will hold a town-hall discussion with workers about building a clean energy economy. Oil prices have climbed because of growing demand in China and the instability in some oil-producing countries in the Middle East. That, in turn, has pushed U.S. gasoline prices to new highs. The national average for a gallon of gas hit $3.619 on Friday, the highest price ever for this time of year, according to AAA and other sources. Prices have climbed 23.2 cents in the past month and more than 81 cents in the past year. Obama said sparking new products and businesses during a transition from imported oil will help create jobs. The government reported Friday that 230,000 private sector jobs were created in March, bringing the number of jobs created in the past 13 months to 1.8 million. The national unemployment rate also dipped to a two-year low of 8.8 percent last month. "That's a good sign," Obama said in the address. He recorded it during a visit Friday to a UPS shipping facility in suburban Maryland, where he examined all-electric and hybrid vehicles used by AT&T, Verizon, PepsiCo and other companies. "But we have to keep up the momentum, and transitioning to a clean energy economy will help us do that," he said. House Speaker John Boehner, R-Ohio, focused his party's weekly message on steps he said the government must take to encourage small businesses to create jobs. Among those steps are continuing to cut spending, blocking tax increases, reducing the bureaucracy and eliminating regulations. Boehner once owned a small plastics and packaging business in Ohio.
still having problems with parts supply for vehicles, waiting around for days on end to build. no pay rise for skilled workforce but money must be coming in as we seem to have sold??? all of the engines we have taken from the transits when they come on the lines so where has that money gone??, rumours are rife but can't say!!!! platform side doing very well though
Whilst TAN have a 32.2% stake in SEV I think SEV are now operating as a totally separate entity and all connection with the TAN management will have been effectively severed. Bryan Hansel has an excellent record of bringing new products to market and seems to be a shrewd PR guy. IMHO hiving off SEV means that the TAN management can concentrate their efforts on Snorkel without the distractions of SEV.
A nice gradual increase in the SP this week. I wonder how much can be attributed to the increased fortunes of Snorkel and how much to SEV?
http://www.lcvpp.org.uk/information/programme-objectives . . The Smith EV is now being tested at MIRA- this will be easy as we know they are used successfully both here and in New York. Does anyone know what was mentioned in the lecture at Loughborough on the 29th ? If SEV has done well and we have no reason to presume otherwise as it has built the bulk of the vehicles then it could be in line for large chunk of the £30m phase 2 funding.
SEV suppliers seeing the benefits of their success. http://www.stockmarketwire.com/display/?id=4115452§ionId=standardNews
Nice to see a few days of blue on TAN again. The results should be out in the next couple of weeks and that will be something to look forward to. I wonder if they will report on how SEV US is doing, especially the UK side of the pond?
Not directly related to TAN, but shows that Evida is looking to expand into the European EV market. http://www.mynewsdesk.com/uk/view/pressrelease/evida-com-evida-opens-uk-headquarters-at-coventry-university-technology-park-607311
largest ! thats a lot of vans
That pretty much confirms the demand, now what we're missing are the factories....
Thanks to totally banjo on Advfn for the article below
http://blogs.edmunds.com/greencaradvisor/2011/03/doing-delivery-rounds-in-an-electric-smith-newton.html I particuarly like this bit: "With approximately 22,000 vans on the road, the company has the seventh largest private fleet of delivery trucks in the U.S. "We told Smith we weren't interested in this as a one-off," he explains. With anywhere from 200-300 trucks due for replacement each year, Frito-Lay will continue to buy "a large portion" of replacements from Smith Electric, according to O'Connell. By this summer, Frito-Lay will have 176 Newton vans in service throughout North America".
Based on the last raising, the holding in SEV was valued at around £36m. People just want to take the profit and as tony says you get a retrace on every company. It falls a bit, people get nervous and then a load sell out. The market always swings widely especially on AIM shares.
East' I think the retrace just reflects AIMs shares in general. All my other shares and those on my watch list spike on good news then steadily fall back. IMHO there is still little investor appetite for AIM’s shares with most investors still being very risk averse. Currently most investors will only buy on solid news released in an RNS. Rumour or emails from the board members currently don’t count for anything. On the plus side if you’ve done your research and confident in the company’s future then there are some fantastic bargains to pick up of which IMHO TAN is one.
I hope this re-trace is going to end soon, may when results come out, or something. I'm starting to feel a little nervous.
Charging stations are an issue. A bus company we are familiar with got funding to sell about 13 electric buses, but so far only diesel ones have been sent out because the council couldn't agree on where to put the charging station. As a result a fairly lucrative deal fell down on the basis of charging stations for now and although it should be in the pipework there has been no progress on this for a year. Charging stations are a key issue.
Tata Building electric cars in Coventry http://www.bbc.co.uk/news/uk-england-coventry-warwickshire-12850454 As more EV's come onto the roads the greater the demand and therefore opportunities for the private sector to develop charging stations / battery exchanges.