Member Info for insomniax

Moving to Main Market would be strange - from memory they only moved to AIM from the the Main market a year or so back (while still in the guise of HSS) and they are substantially smaller in market cap than when they were on the Main market. They cited the cost of maintaining a main market listing as one of the reasons for dropping down to AIM

One market analyst summed it up as follows today "Until the funding position is known at ProService the shares are not really investible"

This weather should help all the rental companies with aircon/cooling products - its one of the seasonal products (alongside heating) that they "blame" when they miss their numbers but never refer to it helps them hit or beat their numbers!

Announcement suggests HSS Ireland was £3.8m of EBITA (if you back calc the 6.9x multiple and proceeds). Last trading statement said Group EBITA for the same period was c£10m. So leaves a business doing £6.2m EBITA. Using same valuation of 6.9x EBITA would suggest total remaining company worth £42.8m enterprise value (i.e. debt plus shares)

10.87m trade today! Something is going on

Anyone think HSS and Speedy should be merged? Both Manchester based and they seem to fight over same contracts such as Amey. Speedy has spent all that money on kit to mobilise the Amey contract, HSS is sitting on all that kit from having lost the Amey contract and I assume will now drop prices on other clients to chase market share and get the kit used. Meanwhile I assume Amey charged less than HSS to win the Amey contract - feels like they are both just driving down sector ROI and hence shareholder value (and the potential to pay dividends)?

The bit I find disappointing is the following extract from the Remuneration Committee part of their annual report and remember Steve Ashmore has been CEO for over six years:

"The Chief Executive Officer is expected to build up and maintain a shareholding in the Company

equivalent in value to at least 200% of annual salary, and other Executive Directors are expected to build

up and maintain a shareholding in the Company equivalent in value to at least 125% of annual salary.

Since joining the Group in May 2017, Steve Ashmore has built his shareholding in the Company to 31%

of annual salary. ..."

So he fails to do what is "expected" of him by the Remuneration Committee yet is still rewarded with CASH bonuses

Surely ISG was customer of either Speedy or HSS - no statement from either. Given this is the "biggest failure in the sector since Carillion" you might have expected one of them to quantify their exposure?

Just checked their website - it says they have three brands (HSS Hire, HSS Training and HSS Proservice) sitting inside two divisions (HSS Operations and HSS Proservice) . Steve Ashmore also appears to be listed as GROUP CEO - so I think this means it is indeed a divisional/brand role

Not sure what I am missing here - EBITDA margin flat at 6.5% - showing no uplift for greater scale - so on £200m of full year revenue they would do £13m which means this would be on 30x EBITDA! There is no operating profit (in fact higher losses reported), no earnings, no dividend and negative cashflow - and every time they win a customer the massive investment in display stands holds back cashflow. Surely the outlook is already fully in the price and there is no room for error (hopefully not another THG!). What is the bull case?