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This article would be more helpful .
https://ascoworld.com/news/financial-results-2022
Extracts
"ASCO has reported a 52 percent increase in turnover in a strong year for the Aberdeen-headquartered business, which saw it win new clients, grow its range of services and sectoral support, and expand into new geographies.
Accounts lodged for the year ending 31 December 2022 show that the company, a leading global provider of logistics and materials management services, saw group sales rise to £637.9 million, up from £419.4 million the previous year."
I'll bring this when departing from his last employer:
"It has been an honour to lead Asco during the past five years. I am grateful to all of my colleagues who have worked tirelessly through challenging times such as the pandemic to deliver positive growth.”
..
"Asco employs about 1,500 people in operations spanning more than 60 locations around the world. The firm is owned by a consortium of investors, trading as Zander Topco. Its last published accounts show turnover for the 2021 calendar year came in at £419 million, up £72m, or nearly 21%, from about £347m in the previous 12 months."
..to the party .
https://www.pressandjournal.co.uk/fp/business/5987020/exclusive-aberdeen-firm-asco-announces-change-at-the-top/
Sounds hopeful.
I streamed the analysts meeting at 9.30 this morning. It was Richard Tyson's last presentation; I thought he looked tired. He was presenting oh-so positive results to which he had given the lead and would not be around when further progress is made in the second half. Was It tiredness or regret? Anyway the growth story is intact and my only concern (negative cash flow) has reached an inflection point and turned positive. I have upped my eps earnings for the year but the company said nothing about its forecast relative to the market. The shares would probably have gone up if they had felt able to say they would be at the upper end of market expectations.
Hopefully, Mr.Picky, you will be rewarded following the release of new information today.
Reads well to me, but the market has a habit of wanting more from time to time. My holding is deep underwater with plenty of opportunity for me to have averaged down which I have resisted. Perhaps this news will reverse the southbound trend, which, if it does, I might be induced to increase my holding to align it with my original invested percentage, (2%) within my portfolio.
Thanks Alas, I did see the appointment of Peter France but I don't know how good he is. I never followed Rotork so I don't know if he did a good job there or not. He is 55 now and been out of Rotork for six years and, again, I don't know how to read that. Does anyone know Mr France's track record?
Mr.Picky, news yesterday of appointment.
I see two reasons why the shares have been languishing. First, no news yet on the appointment of a new CEO so we don't know who will be leading the company. Institutions like to have a view on who is at the helm. Secondly, their half year figures (to end June) are due out on August 3. At the AGM they confirmed the guidance of £41.5m - £46.0m ptp this year, any hint that they may not make it or that there borrowing have gone up will crash the share price. An upward revision to the years profit would send the shares northwards. The shares, at under 160p, are cheap in my view but why take the risk of buying now when you could be nimble on the morning of their interim announcement. (Unless you want make a biggish investment, in which case you need to build up before Aug 3 which is what I have done.)
Seems to have a lot of potential upside to me. I awaiting a dividend from elsewhere which I hope to use here if the price stays low.
Institutional investor increasing holding.
Always a good sign for minority investors where shares are lightly dealt
There’s talk of the business being taken over in house too. Hope that doesn’t screw up our share save plan!
OXIG received a takeover bid from SXS just over a year ago and now some are saying the bid could be revived. It seems very tenuous speculation now that Tyson is to join OXIG unless there's something under wraps for now..
I was with Stadium(SDM) before TTG bagged it. A big price drop before TTG made their offer spoilt my profits. Who would go after TTG now?
I agree. But the plans for this year are already set and Richard Tyson will be around until a replacement is found (or 12 months). Oxford Instruments is bigger that TT (x3) but I would have thought Richard could have moved on to an even bigger stage, Spectris for example. I expect he will be as disappointed as many shareholder that his good work has not resulted in a better share price performance. Time for TT to be taken over IMHO.
Our loss, Oxford's gain.
Nd
Well "AllAtSea". . . . TT is sailing well today (Pun intended!)
Took the opportunity of current upheavals to dump some UK retail at a small loss and increase my stake here by 25% . It ought to be a bargain but time will tell.
Analysts Presentation.
I've known the current management since they came in and I have not seen them so confident. (Quote from CEO "Best shape ever, more to come") CFO confident that leverage will be down progressively during the year because of some margin improvement and much higher cash conversion. They have made some prudent non-cash impairment costs totalled £23.1 million (2021: £nil) being an impairment in respect of the IoT Technology Products business including £5.4 million of assets associated with the Virolens project. This was taken from the Power and Connectivity Division so profits would have been better. (Always best to fix the roof while the sun shines!) No big acquisitions in their sights, CEO made it clear that they wanted to concentrate on getting the gearing down this year.
I read the analysts as being happy with the responses to their questions.
This share must be 10% undervalued, perhaps more. Much bigger volume on the "buy" side so far this morning.
Nice and steady.
Excellent RNS and results.
Ahead of expectation.
Two out of the three divisions performing well and a statement that the third division picked up in the second half of last year and is continuing to improve. The analysts will have to up their forecast for this year and next which will put the prospective p/e down to single figures based on the closing price last night (198p). Cash conversion has been hard in this inflationary environment and the need to support growth. Borrowings are up but the ratios just about acceptable to this investor. Will comment again if the 9.00 presentation has anything worth commenting on. DYOR
Good figures.
Got this one tucked away for the long term.
Yes, an encouraging prelim. statement. Particularly please to see that their borrowing is within their target range. Let's see if borrowings are actually down at the year end as they said at the last AGM. Although Spectris is not in the precisely the same business they are a similar genre. Their year end results, out today, were excellent and the SP up 7% this morning, if TTG do the same on their results (8th March) I will be happy.
Given 20% organic growth this year and continued momentum, analysts look well behind for 2023, they are only forecasting 5% growth
Appears positive trading update
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=ttg.L
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=ttg.L
Just in case people missed the broker's view :-
"HSBC raises TT Electronics price target to 240 (230) pence - 'buy'
The market can have my stock at the previous price !