Member Info for shandypants2

An excellent H2 and encouraging 2025 outlook bodes well. Slightly disappointed that the EBITDA wasn't higher and also the write offs are disappointing.

Cash position seems very low now considering they received £17m net in their bank account in Feb 2024 after the EMD sale (after paying off £8m debt).

Expecting the extra EMD payment any day so hopefully an extra £2m plus as it seems it is needed.

H1 2024 was pretty awful as it appears the combination of the EMD sale distracting the BOD (so they could earn their extra one off bonuses!) and the cashflow constraints, however, these now appear in the past.

Still think any govt announcement re say mandatory solar and charging points in commercial buildings including schools etc above a certain size could really boost the SP (which was double the current level this time 12 months ago)

Reduction in NAV looks sensible and i assume this partly explains the recent SP decline. At NAV 150p the current discount is still over 20% which is higher than the 'normal' 10% or so discount that this has had over the last few years.

With the current dividend now well over 8% this remains to look undervalued.

Going forward RPI and dividend cover increases provide further content.

I'll continue my strategy of topping up in the 120s and top slicing in the 140s as this has served me well over the last 5 or so years.

Despite the last 4 or so RNSs being very good and the company now profitable the SP action has been very disappointing. I can only assume someone is offloading in the background.

After the early Jan increase in revenues RNS the SP briefly hit 93p (i know as my limited top slice sell at 92p got triggered), however, since then we lost c20% in value.

Hopefully results in March will get this moving again. I'll be surprised if we don't see £1 in 2025. I've topped up again today

I think the negativity is a little over done.

The acquisition looks very sensible and based on 2024 revs should contribute maybe £15m of revs in 2025.

Based on that, the core HVO is contributing £60m. Yes this is slightly down on 2024 and i note one of the house brokers was estimating £67m, so clearly not good, however, things don't always go up in a straight line and the uncertainty created by the Trump govt must have some impact/delay decisions etc. IMHO this impact is c£7m in revenues.

HVO remains a profitable, cash generative company with a significant moat.

I know it's a positive day (yesterday) for HVO when i see the green ignore boxes in this thread.

When will he get a life?

Agree. LUCE also mention EV charging grew substantially in 2024 which is a space EAAS are in, in additional to the LED agreement between the companies.

The fact we haven't had a YE TU yet would suggest that H2 performance was good and YE figures were achieved else the market would need to be informed.

Not expecting a massive further payment in relation to the EMD sale as 2024 was essentially a 6 month period but even say £2m would be over 10% of current market cap.

Yes, Pitcher the CEO is on c£500k a year and is a complete waste of time. He has mismanaged this since covid and yet reels out excuse after excuse.

The biggest problem is the Revolution bars which don't make money as the youngest it's aimed at don't have much and seem to drink less these days.

This has been obvious for years yet Pitcher expanded this brand and refitted loads of bars with the placing money a few years ago.

The Peach pubs are the best performers and these were purchased (using the overdraft facility just when the balance sheet was quite good) for over £16m a few years ago. This alone is worth more than the whole company now

Green boxes are back (the ignore button is great) so you can bet HVO has had a positive RNS!

The guy is so predictable.

Incidentally i received a broker note soon after and they have revenues for 2025 estimated at £67m. Let's see what the official guidance is next month

Agreed, wages go up every year as does council tax. Hardly RR's fault.

A decent, if unspectacular, performance.

A little disappointed with the cash position , unless it has been spent on acquisitions (but can't see the RNSs).

After 30/6/24 when cash was indeed £2.14m the RNS, below, stated that a further £1.76m and £450k was subsequently received. So that's £4.35m in total.

We've since received another £400k from Vigilant in December.

ON Nov 30th AGM statement said we had £4.1m and the same on 31/12.

So where has £650k gone before any cash generated via the profitable business? I haven't seen any significant acquisitions announced.

"Strong balance sheet with cash and cash equivalents of £2.14 million (FY23: £2.14 million) and on 6 July 2024, a further £1.76 million including interest was received in relation to the sale of Vigilant and a further £0.45 million in September 2024"

Re the end of Jan/Feb update for Q4 numbers and YE trading update we were told that October revs had been v.good and the NSP was a lot higher than previous quarters so i think the recent fall appears overdone.

Clearly we need this momentum to continue through 2025 and STX has been very good at creating its own problems but i do think the Nov rns has de-risked this a little

Yes, all very disappointing ATM. Really need a decent YE trading statement. Considering we got over £25m for EMD about a year ago of which £17m went into the bank after paying off £8m of debt to have a total valuation of c£16m today is bizarre.

Harvey and co are on big wages, have overly generous bonuses so they need to pull their finger out. No more excuses.

As an aside i notice other companies in the same space e.g. LUCE are also underperforming and my low risk wind farm operator UKW is at an all time low .

I do wonder if Labour with their commitment to net zero need to be more aggressive in this space e.g. announce all govt buildings will have solar roof panels by say 2030 and offer incentives for other net zero initiatives.

Bazza - now one for the ignore list after your ridiculous US comment.

Wages go up every year so this is not something that is new. Last year the accounts show store and warehouse wages increased over 13% (from £109m to £124m) despite only a few new stores being opened and yet PBT was still very good.

Yes the budget changes will clearly have an impact but it is not anything that a 'good' company cannot manage.

I do feel some companies are blaming the budget to cover for price rises - Shoe Zone being a perfect example (they blamed poor trading on the budget despite the changes not coming in until April 2025!) .

Card will be fine IMHO

A 7% discount code for those who use/buy THG products.

REWARDMP - just add in voucher section when you go to pay

This must bode well for UKW.

https://www.bbc.co.uk/news/articles/c3e3g9xv3ylo

I wonder if they will combine it with a YE trading updates.

My slight concern is that the extra payment might be on the low side (as only a 6 month period in 2024 and might have taken a while for the sold business to be integrated etc) or it is ok but the TU might have missed the YE target, so hide the bad with some good news.

Hopefully the payment amount is ok and the YE figures are also good. This share definitely needs a boost

Definitely a disappointing SP reaction after an initial 10% uplift. Appears a big seller in the background.

Hopefully when he/she is out of the way the upward momentum will return. Get Satago sorted (and RNS states it will be cash breakeven in 18 months) and keep the momentum going with Playstack and £1 can't be far away.

The tipping point of a company making its first profit should not be underestimated

So it's the labour govt's fault that UK borrowings are now c100% of annual GDP is it? Sunak had the opportunity to fix all the covid borrowings (c£400bn i think) when rates were at an all time low and chose not to. But you carry on and bash the govt for the mistakes of the last 14 years. Are you a Tory strategist? Might as well be if all you read is the Telegraph or the Mail

Great trading update. Revenues have increased by £8m from 46m to 54m in just a few weeks, unbelievable.

Cash was £10m on 30/6 now over £14m so the extra money is going to the bottom line.

All looking very positive