Airsprung Share Discussion Threads

[ls lowry] 29/6/2010 08:50

CR continued to ramp this despite warnings the economic climate would have an adverse effect. Consumer spend is falling and they have already indicated things worsening....

"The result of these factors has been that trading in the first quarter of the Group's current financial year commencing 1 April 2010 has been weaker than expected. Revenues for the first two months are down on last year and it is likely that profits for the first six months will fall modestly below the level of 2009. With regard to the second half year, the new Chancellor's budget statement has now been delivered, but its impacts on consumer spending are not yet clear. Although VAT is set to rise, it will remain at 17.5% for the first three‑quarters of the current financial year, giving retailers and suppliers time to adjust and plan. Nevertheless, the directors recognise that economic conditions may be challenging for some time. "

[newbe] 29/6/2010 08:27

up for sale then?

[joe say] 29/6/2010 08:17

Think people have missed this

Strategy

The directors believe that the future for companies such as the Airsprung Group will be enhanced if they develop critical mass with the potential for increased efficiencies and market penetration. Expansion can be achieved either by acquisition or partnership arrangements, witness the smaller initiatives made by Cavendish last year, or by licensing programmes, as in the USA, or by merger.

During the year, the Group has held exploratory discussions with various parties with such development in mind.

We hope to be able to report further progress on these fronts during the second half year.

[hybrasil] 29/6/2010 08:09

That 10k is mine.

[daytraders] 29/6/2010 08:05

Seems good results, why down ?

[hybrasil] 29/6/2010 08:04

MARKET REACTION RATHER STRANGE

[cockneyrebel] 29/6/2010 07:41

Earnings beat by 10%, divi given a big increase, cash of £2.4m - over half the mkt cap.

Pension deficit higher but bonds fluctuate - that can reverse as quickly and the £2.4m cash could destroy the best part of that.

Divi hike suggests confidence imo.

New broker and co name - dropping 'furniture' - suggest the co are changing imo - dunno what they are up to.

CR

[cockneyrebel] 28/6/2010 17:49

Well you can hide a lot of things in the profit and loss account but cashflow is difficult to lie about. At H1 the cash position had improved by nearly £1m to £2m

However you cook it and ignoring the planning permission they have on that 7 acre site the property was last valued in 1996 £8.5m - it has to be worth a lot more than that imo. £10m looks conservative imo, add the cash and the value of the trading business and these have to be worth £15-£18m. Even if you deduct the pension deficit the business has to be worth over £10m, especially when part of the earnings are royalties - 100% profit basically for doing nothing.

We'll see - but I've no desire to sell any based on one set of results even if they happened to fly 10-20p tomorrow or dived.

CR

[liarspoker] 28/6/2010 17:41

APG covered in the July newsletter on shareladder.com appearently.

[newbe] 28/6/2010 16:23

I agree with you about the trading but having seen the property and taking into account the amount that has been sold off dont see anywhere near the value that you believe is there,i know that they have permission to develop some of the site but having had a good look around the area there are loads of factories/industrial units that are empty at the moment,i would like to see how the claimed positive cash has been amased,almost not possible if you are making a loss,anyway i wish you well with these they have been around a long time and UK manufaturing needs a leg up,we will all know in the morning.

[cockneyrebel] 28/6/2010 16:04

results tomorrow newbe - dunno if there's any news - reckon someones sold a few ahead of the results to play safe - hardly volume is it?

To be honest I don't care much what the results saty tomorrow, with £10-12m in property and £2m+ cash these are trading way too low @ £5.7m mkt cap imo no matter what they are doing even if they were making a loss. i'm not selling if these are up 20p tomorrow or down 20p. What these should really do is sell off the business to Kenneth Karmin or someone and let it go for the peanuts but retain the cash and the property. Then turn APG into a property co. They'd have £15m or so assets then - mnove on and do something else imo.

Dunno what the results will be like - no trading statement in H1 and quite a few bed co's cropping up here and there so that might be negative. On the other hand Tesco and Home are selling loads of Airsprung and royalties from the US should be increasing well. They should also be selling more through Hush-A-Bye.

So who knows - but I've held these for 5 years in the wife's pension and will probably hold for another 5 until I get their fair value one way or another, regardles of the eps or profit number tomorrow.

CR

[newbe] 28/6/2010 12:25

are the results out tomorrow?,wonder if there is a bit of news floating about?

[cockneyrebel] 24/6/2010 16:32

Cheers.

Looks like the mm's took a couple of sells at the close and no mark down on them - looks like they are after a bit of stock imo.

Perhaps a larger buy to show up later - seemed to pay a premium for one of those 20K's too.

CR

[daytraders] 24/6/2010 16:11

You have mail CR

[cockneyrebel] 24/6/2010 15:27

Might be a good day or two ahead then hopefully.

CR

[newbe] 24/6/2010 15:12

bit of news leaking,more like

[cockneyrebel] 24/6/2010 14:15

yep, sorry - but if I do that on every thread I'm interested in I get inundated :-)

Bit of interest here today - was rising on no trades earlier so a larger fill being met perhaps.

CR

[daytraders] 24/6/2010 14:13

you should use e-mail alert for the thread then :)

[cockneyrebel] 24/6/2010 11:07

Thanks Andrew - ticking up today.

You have email Daytraders - sorry for the delay - didn't realise there had been posts here :-)

CR

[andrew james] 21/6/2010 16:07

Final Results confirmed as being released on Tuesday 29th June for anyone interested

[cockneyrebel] 18/6/2010 17:52

Nice find Andrew :-)

I've heard that what she doesn't know about bedding isn't worth knowning :-)

Bodes well for the results :-)

CR

[backwoodsman] 18/6/2010 17:42

Nice find - it makes one proud

[andrew james] 18/6/2010 16:15

TAKEN FROM THE WEBSITE : JUNE 2010 : LOOKS AS IF THE BUSINESS IS STILL DOING WELL

Tean Dallaway, group finance director of the Airsprung Furniture Group, has been named 'Businesswoman of The Year' in the first ever Women In Furnishing Awards.

Results of the prestigious new awards were announced today (Thursday June 3) at a luncheon held at Furniture Makers' Hall in the City of London.

Judges felt Tean had demonstrated great ability in clearly guiding the company through a highly volatile period with her strict financial disciplines based on a sound business understanding. Today the group is back in profit and fellow directors of the company have huge levels of confidence in her advice on all aspects of the business. Tean is also treasurer of the National Bed Federation and has, in the past 12 months, established a collective buying group that has conservatively saved NBF members upwards of £900k

"Some truly outstanding women from right across the furnishing sector were nominated for the awards," said Manchester Furniture Show boss Theresa Raymond. It was her idea to hold the awards and Theresa has worked with the Furnishing Industry Trust (FIT, formerly the FTBA) to organise the awards and luncheon from which all profit will go to the trust.