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Disappointing, but no reflection on DX. I agree with wiseys.

Confirms the "strong start" to the current year, but we'll probably have to wait until they issue an H1 trading update in November to find out exactly what that means.

And stronger than the market expected by the look of it.

If they have no better ideas, a special dividend of say 5p would be nice.

Ports - from what you say, there are some very large variations from the average. In particular, 80 vacancies at Willenhall sounds a lot, but I don't know what that means in % terms. Moreover, I dare say many of the new depots had to poach staff from other depots (including Willenhall?) in order to get up and running, and this may have caused large variations one way offset by smaller variations the other. Who knows? Perhaps we should add this to Chelsea's homework! Or just wait for 12 Oct for all to be revealed.

I think we need to get this into perspective. 400 odd vacancies equates to about 10% of the work force. So if a typical depot requires a full complement of 30, it's potentially short by 3. That doesn't sound too desperate to me - and not something that can't be managed through O/T.

Sure enough, Microlise is falling back to more sensible levels - it's already down around 20% from its all time high.

But it's still way overpriced IMO - I lost interest when it shot through 150p on no real news. It's undoubtedly an impressive business, but everything has a price...

Also it seems to have been particularly hard hit by the global chip shortage, which Trak have managed to side-step so far. Perhaps they can learn something from their struggling associate!

I agree about the Micro results: with annual earnings of just 2.2p per share, this implies a PE ratio of over 100 (QTX has a PER of about 50).

The Micro SP seems way out of line, which Is why I've steered clear.

I think the IPO price was about right, it's just that the market has gone crazy.

Or maybe I've missed something...

"The IPO...will help the Company penetrate new geographies and market segments, including the market for smaller fleet sizes and different vehicle types, such as light commercial vehicles."

Trak's recent results, whilst confirming that it should no longer be priced to fail, also failed to show any optimism about the future, thus leaving it more vulnerable to a takeover by someone looking to penetrate the light commercial vehicle segment...

Jamie Constable I notice played down any driver problems. We'll soon find out whether he was right...

DX has opened or upgraded no less than 10 sites in 2021, so a lot of vacancies in newly-created positions, presumably.

""Everyone wants to work for Loyd" ! ... is that so with 430+ Vacancies."

I don't think he's talking about the drivers or warehouse staff. He's talking about middle management, people who want to carve out a career in logistics.

No RI, but the company is still having to "consider different options".

Yes, it wasn't pure P&D this time judging by the continued interest. I wonder if the market got wind of a bullish trading update next week.

For what it's worth!

Yes, I have noticed, but not getting over-excited - LTH's like us need a lot more than 25p.

I wonder if there is anything, eg takeover talk, behind today’s action - other than that the market has just woken up.

If not, we still need a good trading update next week to stop it fizzling out completely.

Still, enjoying it while it lasts…

Their 12 month price target of 56p has been arrived at by calculating the enterprise value as a multiple of revenues, using a conservative multiple of 2. ML’s multiple is currently more than double that, which implies that they may need to offer more than 100p for Trakm8, if interested.

The Arden note, which is very detailed, is clearly the source of the data in the magazine article.

Interestingly, it notes that “in a consolidating ‘Auto Tech’ sector, Trakm8 occupies a valuable niche…Microlise is a 20% shareholder in Trakm8, and therefore investors may speculate over consolidation potential” - as some on this board already have!

Thanks squirrel.

I'm now reading Arden's note dated 27 August 2021.

Highly recommended.

News announced Friday, but too late in the day to arrest last week's rout. Should improve sentiment next week.

https://news.sky.com/story/hgv-driving-tests-to-be-relaxed-to-help-lorry-driver-shortages-ahead-of-christmas-12404161

Yes, I was implying that there may be more detail about the forecasts behind the paywall. A broker's note might be mentioned, for example.