dog-with-fleas
18 Nov 2016
Re: H1 Results Hydrogen, LKHTo my mind and being positive, if they "genuinely" have a good technology that can be applied to the automotive industry, their sales force should have an easier sell for having established a presence in the e-bike and powertool sectors. Having been in technical sales of new technology in a former life, despite what technical gurus tell you, there are always problems with its implementation. It therefore makes perfect strategic sense to first remove snags using feedback from the market to remedy any shortcomings for the techs to address using smaller realistic market segments before targeting the holy grail sector, where you might only get one bite of the cherry.My concern with this company is that it contains too many accountants in senior leadership positions (the former CEO Neil Carson was an engineer) and for one reason or another suspect is less science driven these days. Probably more politically driven. I suppose I am being more than a little "accountist" here but in my experience keeping them firmly on the bean counters and away from any business matters is a great business model to follow. My in-built bullsh*t detector is in need of some strong batteries after reading their H1. It has accountants fingerprints written all over it. The other problem with having accountants in leading roles is that they can be too easily baffled by a mealy-mouthed technical academic looking to buy that commodity that R&D types just love, that being time. Something is amiss!
LK Hyman
18 Nov 2016
Re: H1 Results Hydrogen,"The powertool and e-bike markets seem unlikely to repay the R&D spend on battery technology, needs more spark in the automotive sector."I couldn't agree more, m8! Cars ... that's where JMAT oughta be focussed, not noddy segments like the ones to which you refer.It often seems to be the case that companies direct their R&D to areas of little importance. One of my fave companies (albeit I'm no longer a shareholder) is Renishaw which is a whizz in 3D printing. Their main achievement so far appears to be to make some little bolt on a bike that holds the saddle up or summat. Can't understand why they're not doing summat bigger, like a Ford Focus chassis or body or suchlike.LKH on the flybridge but mebbe they're workin' on it
Hydrogen Economy
18 Nov 2016
Re: H1 Results The powertool and e-bike markets seem unlikely to repay the R&D spend on battery technology, needs more spark in the automotive sector. I was encouraged by the Jaguar hybrid case-study - able to give 25 miles on battery with ICE for longer trips - suit a typical commute with sacrificing range- but then I saw that it won an award - in 2012! since when it seems to have disappeared without trace. Maybe there was no space left for the driver.When they invented the magneto they could have explored the hybrid option for the horse. 20,000V and the neds would have left the old jalopy and red flag man standing, maybe some loss in ride quality though.H2[link] parallel hybrid design powertrain allows the vehicle to run in all-electric, all-petrol and combined modes with a smart energy management system that automatically selects the most efficient mode for the vehicle.The XJ_e has an electric range of up to 40km (25 miles) and has tailpipe CO2 emissions of 75g/km, a 70% improvement compared to the standard Jaguar XJ. a maximum electric mode top speed of 75mph. This equates to a fuel economy of 87 miles per gallon.
LK Hyman
17 Nov 2016
Re: H1 Results Dog,"I'm slightly encouraged by increased sales increase in Batteries."Me too, and it's good to see the battery biznay representing 82% of the New Businesses division sales. However there's a long way to go before New Businesses move the dial on this puppy.LKH on the flybridge
dog-with-fleas
17 Nov 2016
Re: H1 Results JM's results have benefited from the post Brexit weak pound and masked to a degree a very flat year. As usual the ECT cash cow rolls on but elsewhere as suspected in my earlier comments there's more excuses. Nice dividend increase though to protect SP. Some very poor sector results within the Process Technologies and New Business Divisions but I'm slightly encouraged by increased sales increase in Batteries. Apart from that, very little sign of wider new technologies making an impact on bottom line to justify the high R&D spend.
Simbrad
03 Jun 2016
"JMAT’s preliminary FY figures saw sales unchanged at £3,177m (ex precious metal trading), but the operating profit dropped 21% to £419m, suffering from higher impairment and restructuring charges. Net income attributable to shareholders declined from £427m to £326m. Operating CF swelled up from £126m to £867m, predominantly forced by NWC’s swing from £-387m to £411m, which was mainly attributable to lower inventories and receivables. Investing CF (£-32m after £-154m) benefited from higher net divestment proceeds." AlphaValue's note out this morning on Research Tree
