Lion Rock
27 Feb 2015
Re: Results [link]
Lion Rock
25 Feb 2015
Re: Results Blanketstacker - welcome to the Board hope you have an enjoyable stay, thanks for the compliment !!
Blanketstacker
25 Feb 2015
Re: Re:Results Thanks Lion. Very thoughtful and lovely detail. I just think there is nothing new in the statement, and I thought at 110 or so the bad news was already in the price. This makes this at least a 'hold'. I suppose that makes me a 'believer'!
Lion Rock
25 Feb 2015
Re:Results Hi tejo - no worries Lion King is Afrca, Lion Rock is Hiong Kong both on the same planet !!Having attended the AGM and combining what was said with today’s results my thoughts FWIW are as follows:Looking at the interim results published today it seems as though the group was hit with a “perfect storm” scenario. Firstly a reduction in demand by Rolls Royce in the aerospace side of the business and secondly a collapse of the oil price on the Metalcraft division that had high hopes for the future. The response to the storm clouds by the Board was both quick and decisive and whilst this year may show a hit to overall results one might expect progress thereafter.The order book from Rolls Royce appears to have stabilised as their destocking would appear to have run its course and the site amalgamation of Derby to the recently acquired Swadlincote will probably bring the latter plant back into profitability as well as exiting unprofitable work that had been taken on prior to acquisition and which AVG were not prepared to continue with, as stated at the AGM.The Composites division appears to have made good gains for the future, critically with IP opportunities, especially as the report states, with opportunities beyond aerospace, the recently appointed General Manager with entreprenerial approach should also help progress.In terms of Metalcraft, the oil price collapse came at exactly the wrong time but the actions taken to mitigate the effects would appear to have been prudent in any event. It would appear the manufacturing side of the business did not require specialised manufacture so can be outsourced elsewhere whereas the value lies in the design and development team which are remaining in the existing locality thereby preserving the design and development knowledge skills. This can only help competitiveness for the future, perhaps this move was on the cards at acquisition but brought forward in the light of market events, however the depressed oil price could well prove to be an issue unless other markets can be acquired.The slow progress at Metalcraft China due to slow Siemens rollout as revealed at the AGM now allows the group to look at other customers in this field that hitherto by agreement they were prevented from doing, and as GE are creating a Scanner manufacturing facility in China perhaps an opportunity may exist there for future business.It is quite surprising that the Crown unit for so long the “ugly duckling” element of the group is now showing good progress better than for recent years.Considering the recent turbulence, the figures for first half look reasonable not least a slight increase in the dividend and the one off expenditure for rationalisation should be contained within this financial year.Comments welcome……….
tejo
25 Feb 2015
Results Sorry, I meant Lion Rock not Lion King in last message.
tejo
25 Feb 2015
Results Well, the reaction this morning shows a clear divide between the believers and the sceptics. A sharp fall in the sp but some substantial "buy" trades. I find it hard to decide. There is the usual jan to-morrow and the usual range of re-org costs to come. Clearly there is an upside if the forecast orders materialise but there is this nagging feeling that something else will emerge to spoil the party. The Chairman's comments about the dividend increase making the shareholders happy, I found annoying and patronising. All in all I will continue to hold pro tem. Look forward to hearing Lionking's take on all thsi.
Lion Rock
20 Feb 2015
Re: Results Date Hi Tejo, Not sure RR will be a big issue as they have a backlog of 5700 engines, and if it is significant would have thought it will only be short term. An interesting point will be if they can find markets outside the oil and gas industry for the Maloney side of the business.it might prove a rocky period but I am still confident for the future especially looking at the hit some of those in the oil/gas world have taken.
tejo
18 Feb 2015
results date Must confess to being nervous over impact of cutbacks at Rolls Royce.
Lion Rock
17 Feb 2015
Results Date!! "Avingtrans will announce its results for the six months ended 30 November on 25 February"
Blanketstacker
03 Jan 2015
Is this worth a go? PER = 10.4Yield = 2.7%Div cover = x3PEG = 0.05It is sitting at a more or less annual low.There has been a warning that costs will be incurred in future restructuring, and that profits will be returned at 'about' the same level as last year. We will find out about that c,26 Feb.Any and all opinions welcome. Thanks in advance.
Lion Rock
30 Nov 2014
Re: LTA Airbus Tejo - wholly agree with your thoughts on the "engineering excellence" but I suppose if you are in high tech markets as oppose to being a straightforward metal basher the opportunities are not as numerous. I am hoping the lower oil price from which the economy as a whole will benefit, should generate opportunities from elsewhere that may not have been considered. The more I look at recent events the more I am convinced much of the reorganisation was already scheduled but market events mean they cannot do all that AND still make increased profits on the previous year.Re:Easyjet indeed their boss is very astute
tejo
29 Nov 2014
Re: LTA Airbus Thank you LionRock for that interesting insight. I have been trying to assess the threats and opportunities to my portfolio arising from the sell off in the oil price. For AVG it should be fairly muted I would think with Metalcraft the only area directly involved as far as I can see. Looking at the range of activities carried on by Metalcraft, I am surprised that they do not make more in the way of profit. Much talk of engineering excellence etc. which is all well and good, but excellent engineering needs to produce excellent profits. Emerging market countries plus poorer European countries should benefit from lower oil prices depending on currency movements versus the US $. I bought some Easyjet shares after their last results. Smart woman in charge!
Lion Rock
27 Nov 2014
Re: LTA Airbus TejoIt has just crossed my mind - a very short journey - that the order in today from Airbus is with PFW Aerospace Gmbh, initially I couldnt understand why the name was familiar.....I do now!! This was the former owners/parent of the the Farnborough unit, they ran into difficulties and in order to protect their interests were bought by Airbus, Farnbrough was a neglected unit while all this was going on - poss awaiting A350 orders that did not materialise in the short term - probably not seen as profitable so sold off. The improvements put in place since acquisition esp quality control may now be seen by the former parent in a different light!!!
tejo
27 Nov 2014
Re: LTA Airbus Thanks LionKing - I understand and agree. It was going to just be cereal but after the news and your comments, upgraded to full English. A few more contracts like this and it will be Bollinger with Breakfast!
Lion Rock
27 Nov 2014
Re: LTA Airbus Tejo - Its a pity you were prevented from attending the AGM due to your arthritis as i feel it would give you a much clearer picture of the Company having met the Board. Having attended AGM's over the last few years it is nice that when I appear I am addressed by all Board members by my christian name!!!! When I have sent an email to the CEO asking a question I usually get a quick response, all this combines to give me confidence in the Boards approach in every respect. it would only need a couple of RNS's like todays to transform the picture, in the meantime enjoy your breakfast, full English??
