Member Info for jange

five weeks mate......not long i suppose.....

Night mate take care...........

Ill be digging something very special for you lol.........

Your in trouble langster..........

Ok mate of to cyprus soon recharge the batteries ready for the upturn lol........

I dig......................

Worth a look here my only concern is the pension deficet they have.......

You said we'd keep it between you and me,i won't trust you again lol.....

Norcros has demonstrated its ability to navigate through half a decade of tough trading and is now poised to embark upon a significant growth plan achieved through organic growth and acquisitions, such as Vado, that will complement its existing range of products. That potential isn't currently reflected in the lowly valuation, and the forecast dividend yield at 3.2 per cent isn't to be sniffed at either

It is not only the core business that benefits from improved property market sentiment. Planning consent has been obtained on a surplus property in Highgate Park, Tunstall, and a conditional sale contract has been signed with supermarket chain Morrisons. Norcros should be able to book a £2.6m profit on the deal by the end of August. There is still plenty to do, however, not least because the rotten weather so far this year and destocking by some clients has left the UK market weaker than expected in 2013. And with the pressing effects of higher energy bills, a cost reduction programme could involve 75 jobs being lost, which management reckons will result in a £1.5m exceptional charge. Profits in the year to March were also dented by a £3m charge relating to legacy leases on three remaining properties owned but not used by Norcros, although this buys the company around two years in which it hopes to sell the leases or install a tenant. And there was another £0.9m charge relating to Vado acquisition expenses. Meanwhile, a recently closed defined-benefit pension scheme, which is in deficit to the tune of £30m, is an issue.

Meanwhile, impressive organic growth has helped Norcros grow both sales and underlying profits over the past four years despite the market for showers and tiles declining by as much as 30 per cent from its peak. Norcros's strong brands, high service levels and relatively sound finances have been winning it market share and progress should become more apparent as the market troughs out. And signs that the property market may be returning to health are encouraging. Meanwhile broker Canaccord Genuity is forecasting that underlying operating margins will rise from 6.2 per cent last year to 7 per cent over the next three years. Helped by strong growth at Norcros's market-leading Johnson Tiles business, UK revenue was up 5.1 per cent last year to £122.8m, although higher energy costs and fewer high-margin shower sales meant operating profit fell 4.8 per cent to £11.9m. Outside the UK, the South African division - which accounts for almost two-fifths of sales but less than a tenth of profit - pushed constant-currency turnover ahead by 19.3 per cent, and despite a 26 per cent rise in energy costs, the division turned the previous year's operating loss of £0.5m into a profit of £1m.

Despite generating solid growth over the past four years while its core markets have been in decline and recently announced plans to double revenues over the next five years while ramping up returns, shares in Norcros (NXR), a manufacturer of shower fittings, bathroom accessories, floor tiles and glue, trade at just 0.4 times forecast sales for the current financial year and at less than eight times expected earnings. For a company with a credible growth strategy and the potential for cyclical upside, that looks far too cheap. As well as the target of doubling revenue by 2018, Norcros plans to generate around half of group turnover from outside the UK, and achieve a pre-tax return on capital employed of between 12 and 15 per cent, compared with about 9.5 per cent now. This will be achieved by bolstering organic growth with acquisitions, such as this year's purchase of Vado which operates in the middle to high end segment offering bathroom attachments both inside and outside the UK. Norcros paid £12m up front for Vado and is committed to up to £4m of performance-related payments. The acquisition looks a very good fit with the rest of the company and last year generated revenue of £25.6m and pre-tax profits of £2m.

Investors will at least take comfort from Consort's sound financial base and newly-enhanced dividend, which has always been paid through the best and worst of times. The cash on the balance sheet also explains why Consort attracts a premium forward PE ratio of 16, but it may not take much for the market to start pricing in the risks rather than opportunities of the new strategy. Sometimes, it is simply wiser to stick with the tried and true, rather than the bold and new......But as always dyor gl all.

It is true that e-cigarette use has picked up quickly this year, with an estimated 1.3m users switching over from ordinary cigarettes. Currently these are classed as consumer goods, but the MHRA health regulator in the UK confirmed recently that it will look to regulate them ahead of a possible European-wide directive. This will be good for consumers as it will establish decent standards for the products, but this could restrict their sale to pharmacies, unless they can be legally advertised as over-the-counter goods. E-cigarettes could also prove to be a bit of a fad, and hardcore smokers who are determined to quit may just pass them over in favour of cold turkey and glacier mints. Either way, by opting to supply equipment to the BAT-controlled Nicoventures with the Oxette cigarette inhaler, Consort finds itself selling into the much more competitive consumer goods market at a time when regulation may actually restrict the scope of sales.

Consort Medical's (CSRT) sale of King Systems, which accounted for almost a third of group revenue, has left the group in great position to increase its focus on the fledgling e-cigarette market and make acquisitions. However, we think the decision to move out of the established airways management devices market into a less established area looks risky and puts the current share valuation on shaky ground. It is fair to say that it came as something of a shock to the market to find out at the turn of the year that Consort was selling its airways management division, King Systems, for $170m (£105m), which includes a $50m deferred consideration. The price was a reasonable premium to the $95m that Consort Medical (Bespak in those days) paid at the end of 2005. But, in reality, that was the minimum shareholders would have demanded given that Consort has sunk nearly $30m into modernising King. The proceeds have helped to pay off all the group's debts and gave it money to invest in its e-cigarette inhalers. But it seems perverse to give up the future sales from King Systems after spending so much management time and effort in getting the business into shape. And as boring as the division undoubtedly was, there is always likely to be a market for its range of anaesthesia airway management devices. In addition, King Systems sold products in its own right, whereas Consort has suffered in the past from being a basic component supplier. For example, the group lost heavily from its involvement with Pfizer's Exubera insulin inhaler, which, having been billed as a potential blockbuster, was ultimately discontinued shortly after its launch following a disappointing take up. In other words, by selling King Systems, Consort again looks susceptible to the follies of its clients.

Nice.......

Glad your enjoying your full time trading mate...........

Dont forget LDP aswell i like you made massive profit there.......

Agree with salsa this will go abit lower yet........but will be a good opportunity to lower your average here........i believe the future is looking good here,costs are being reduced,sales for argos and homebase have increaced goodluck with your investment........

Positive Points: Same store sales at Homebase rose (+1.4%) compared to analyst expectations for a fall. Management highlighted that it was "driven by the performance in big ticket products." The UK housing market, following the government's Budget announcements, has recently shown some encouraging signs. Same store sales at Argos again grew. Total internet sales again grew, resulting in internet penetration increasing to 42% of Argos' total sales, up from 41% a year ago. Back in October (2012), management outlined a five-year Argos transformation plan, with the aim of reinventing it as a digital retail leader. The plan is underpinned by a three-year investment programme during which period Argos aims to transform itself from a catalogue-led business to a digitally-led business. Management previously highlighted that the latest Homebase concept stores in Ruislip and Solihull had begun to deliver strong financial results and customer feedback had been excellent, while improvements in multi-channel had seen sales penetration and website visits increase. The board previously highlighted that "with around 345 store lease renewals or break clauses due over the next five years, representing about one-third of the store portfolio, the company has ongoing flexibility to adjust the store portfolio to strategic and market conditions." The group's cost base peaked in 2008/09 at £2.05 billion. A focus on costs has seen it reduce to £1.908 billion for 2012/13. These cost reductions have been achieved through a rationalisation of the distribution network, store-based management restructuring programmes, headcount reductions in central office and numerous other cost efficiency initiatives together with a lower level of unit volumes