Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Markets are a bit crazy at the moment with relatively large swings in share price. Wood still has a way to go to gain back market confidence and although results recently and some pretty good contract awards I suspect the 2023 full year results will be watched closely as their revenue etc. is back end loaded.
As for another suitor - absolutely no idea. Still an attractive target at this level but Apollo saga still in potential buyers mind I suspect.
All just my opinion of course
"Wood has been selected as a preferred bidder on Scottish and Southern Electricity Network (SSEN) Transmission’s Accelerated Strategic Transmission Investment (ASTI) framework. This investment will support the upgrade of the onshore power transmission infrastructure to support future energy demand."
Thanks - the debt is in line with their projection at mid year.
It's a long long time since Wood posted numbers with no surprise and above expectations. Fundamentally I think they are through the worst of the transition away from oil and gas and skeletons have been cleared out from legacy contracts etc. Market is crazy at the moment and may of course see things differently but I think the results are strong and will help stabilise the share price if nothing else
MaryBr190
All good headline stuff but personally I would like to see some awards which contain stated scope and value. The last few awards have been headliners for sure but they are all "framework" or "MoU" awards which may or may not add significant revenue.
Just my thoughts really - not trying to downplay these strategic awards merely saying we should not anticipate great financial contributions from them in the short/medium term
There's no value on the Shell piece as it's a Framework Agreement. Essentially a call off which of course means value could be little or a lot depending on work Shell releases under it.
Coaster
I think the negativity is bred out of the past with this one. Too many surprises which granted were under different management but the current BOD needs to prove itself especially to all the long term holders who have been burned in the past.
Just my opinion of course but on the back of me being a born pessimist!!
Indeed - I believe they also stated cash flow positive by end 2023 in their market update last week. They may still be considering selling some more of the business. Overall however I quite liked the art update - lot more positive tone and they believe their strategy is moving them in the right direction but a ways to go yet
Pretty much as they said it would be and no surprises which is a big step forward. Strategy seems to be working and now planning cash positive in Q2 which is good. Don't think it will add much to the upside but should keep it steady.
Regardless of FIL buying and the fact the director sell is probably tax related there is still a lot of selling on this one. Being the pessimist I am I think their update next month will be lack lustre. They gave a heads up the year is back end loaded and there have been no significant news on awards etc. I reckon we are down below 120p before long. its trying hard to hold the 130p level but if there is still significant selling at that level so IMHO its not going to hold there
Not a lot of investors heading there advise going by the sells we are seeing over the last few days! The SP is bound around the 139p mark.
Really need some news from Wood for this to move in either direction but I think that's unlikely before there mid year update next month
HappyInvestor100
I totally agree with your view here. I have adjusted my portfolio though. this debacle and I've very little left in this pot. It's tanking downwards and any turnaround in the share price is a long long way off as far as I can tell.
I too am worried about skeletons in the cupboard and dirt would appear the market is of that view also with some increasing in shorts.
Lost a sizeable amount on this one but that's the game we all decide to play. Win some lose some.
Good luck with your investing.
MaryBR
I find the comment "It is likely this was scupperred as the Board were unwanted by Apollo" interesting. On what basis can this be true? If the deal had gone through Apollo would be able to change BOD would they not? Surely constitution/competence of the existing BOD can't be a reason for not going ahead?
We may not ever know the true reason behind Apollo pulling out but it will be interesting to see the reaction from major shareholders in the coming days/weeks and months.
At least all the RNS's will stop and we can get on with business :)
I for one am happy this is out of the way now and the BOD can concentrate on what they should be doing and deliver the promised shareholder value.
The lingering question however is why Apollo decided to walk away. Did they see something in the DD which spooked them or could they not align the price with large investor expectations? Given Wood's past record on "skeletons in the cupboard" I hope its not the former!!