Koutousov
30 May 2018
Re: Results This share has done brilliantly since I bought in mid-March and topped up a month ago. It clearly has strong upward momentum right now. OK, the latest accounts showed a disappointinly low increase in cash last year, but that doesn't seem to have worried the market. Until there are any signs that the cash position does start to unsettle people or there's some other negative news, I can't see any reason not to go on holding this stock.
nobrainer 1
15 May 2018
Re: Results Well ,meanbugger, other shareholders have come to their own conclusion and keep buying the shares . Macf, keep growing by acquisitions, and there is nothing wrong with that. Naturally organic growth won't be as high .Other listed packaging companies eg. RPC, SMDS have also grown by acqusitions so its well trodden route. Personally, I'd like to see MACF keep buying up other companies.
Meanbugger
18 Apr 2018
Re: Results A few observations on the report and accounts. The failed LTIP required earnings per share to be at least 5.75p to pay out compared with the achieved 5.22p i.e. earnings fell about 10% below a fairly stretching target. I think a large part of the blame can be attached to the manufacturing division which still hasn't generate a satisfactory return on sales. The legacy distribution businesses have also been showing very pedestrian growth and without acquisitions the group profits growth would have been very modest. It's also telling that the report barely mentions eps growth and doesn't have any charts or headlines featuring it.In my view Manufacturing is going to have a poor start to this year. Labels is highly dependent on a small number of major customers. One of these is featured in the report. Carex, part of PZ Cussons has already warned that it is reducing new product launches faced with falling UK sales. I am concerned that the statement at the AGM next month will confirm profit expectations for the full year but will highlight the increased seasonality in the business with the final quarter becoming more important. The first half will therefore show some profits growth through the inclusion of acquisitions for the first time however I think the increased number of shares in issue will result in earnings per share being lower at the interim stage.The shares have performed very well over the last year and I think the management has done an excellent job. I have now exited my position as I feel there is too much uncertainty over earnings growth in the current year. But other shareholders can do their own research and come to their own conclusions.
Meanbugger
25 Feb 2018
Re: Results The more I look at this results announcement the less satisfied I become. The directors are confident about progress in 2018. So they should be as the results will include an extra 9 months of Greenwood's Stock Boxes. What we don't know is the seasonality of the acquisitions and how much of the turnover comes in the final quarter. What seems to be evident though is without the acquisition strategy there'd be no growth.I really need to see the full accounts to dig deeper into the numbers. What I am very surprised about is that Messrs Atkinson and Love's LTIP options have lapsed. I have been very happy with the company's recent financial performance so I don't know if it a quirk of the terms or just a very demanding target but I can't see them being too pleased with this outcome. Compared with some of the cushy deals directors in other companies have had this looks like not rewarding good performance.
Meanbugger
23 Feb 2018
Re: Results Ws you are easily pleased. There's been a buyer around who I've been very happy to supply with stock. The outlook statement is hardly thrilling. Organic growth was 3% and that will include some earlier acquisitions. Of course profits have to be ahead of last year as there are now 10% more shares in issue. Eps growth will be modest this year.
winningstreak
22 Feb 2018
Results Results (see RNS) look good to me. Nice to see thepension fund deficit going down.ws
Meanbugger
30 Jan 2018
Re: Next Results I couldn't resist. I topped up my holding exactly six months ago at 59.2p and top-sliced today at 83p. That's not a bad turn out of a 'boring' company like MACF.Some of the recent strength may be due to the consolidation that's been happening in the US. WestRock has just bought Kapstone to form a dominant player in corrugated. The growth of online shopping and Amazon has seen increased demand for cardboard and packaging solutions. Macfarlane should benefit from these industry trends so it remains a long-term hold even if I sell a few more into any further strength.
Meanbugger
30 Jan 2018
Re: Next Results This share has done everything I asked of it. There seems to be a little bit of buying interest among the higher yielding mid-caps at the moment. My Wincanton and Northgate have also perked up in the last week. It might be tempting to shave the top off my holding but it still looks a solid long-term hold.
winningstreak
23 Jan 2018
Next Results Due out on 22 February, figures should be good enough (noprofit warning/s). I shall be focused on the Pension Fund Deficit, it is for me the main area of concern.WSp.s. Currently focused on LPA where this morning's figureslook good.
winningstreak
19 Sep 2017
Re: H1 Results Meanbugger - You are spot on with what you say, I entirely agreewith every word in your message. This is not for red hot speculators,(or should I say gamblers), this is for investors. Cheers,]ws
Meanbugger
18 Sep 2017
Re: H1 Results And there we have the nice bolt-on acquisition. It is rather bigger than I expected and has involved an institutional placing and the issue of some shares to the vendor but he has a two year lock-in period. As it stands there should be uplift to the current year's earnings but it seems there is loads of scope for synergies and cross-selling to the new customer base.The investment story now with MACF is the company grows by acquisition funded by supportive institutions, increases its earnings, increases the dividend and dilutes down the potential impact of the pension fund deficit. The shares are never going to attract the speculators but they are better than money in the building society.
Meanbugger
24 Aug 2017
Re: H1 Results Yes robust results as anticipated. My minor concern is that there really isn't much organic growth in the business, only 3% organic growth in packaging distribution, and acquisitions are essential to drive the business forward. But overall the numbers are good and encouraging for the full year results. Cash flow is going to feel the effects of the deferred consideration being paid on the previous acquisitions as a consequence of them performing well. A nice bolt-on acquisition funded by a placing of shares with institutions would be just the job to keep the momentum going.
winningstreak
24 Aug 2017
H1 Results H1 Results announced today are simply very good.ws
Meanbugger
09 May 2017
Re: Robust Robust AGM statement as well. They still need to make acquisitions though to keep the momentum going.
mnamna
23 Feb 2017
Re: Robust I don't know why or what I might have been expecting but something about these results doesn't make me smile. Perhaps its because, whilst the results were ok, there is a lot to do. The shares don't look particularly cheap on these results - but with profits growth of +28% forecast in the current year they'll be great value. Maybe a little too much jam tomorrow and not quite enough today? Good cashflow but not enough organic growth and the acquisitions the pension fund liability and pension fund payments are denting the balance sheet. Retained earnings have just about disappeared? If they don't delivery the goods (no pun intended) quickly they will become overstretched. It will certainly be an interesting year,cheers
