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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Avingtrans Plc | LSE:AVG | London | Ordinary Share | GB0009188797 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 390.00 | 380.00 | 400.00 | 390.00 | 390.00 | 390.00 | 13,615 | 07:45:25 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 116.95M | 5.19M | 0.1579 | 24.70 | 128.3M |
Date | Subject | Author | Discuss |
---|---|---|---|
20/1/2016 10:50 | Yeah but not a lot BAB & IAG both doing well held BAB for many years and a 10 bagger, pity I don't have more!! Re Avingtrans the share price fall is well overdone in my view, interims should be out at the end of next month. Like you I am looking at a five year timescale, given the fact they took out 3 patents in the composite field last year I am happy to hold and build | dgwinterbottom | |
20/1/2016 09:33 | Morning DGW - thanks for re-posting, very interesting. Just shows a) how long it takes to get new components into an engine, and b) once they are there, it's effectively a moat as the component is embedded in there. AVG is being hit along with virtually every stock in the market. I've stopped looking at my portfolio movements, too depressing. I'm not selling anything unless the story behind the share changes. I sold all my AVG but then started a few months ago to buy them monthly in my trading account. So I have a small (but growing) holding and quite happy to accumulate over the next 2-3 years. Maybe in 5 years time AVG will have their assemblies embedded in the next gen engines plus a whole load of composite parts in other sectors. Do you invest in anything else other than AVG? | cisk | |
20/1/2016 08:37 | Thanks for sharing that info DGW. I am sitting on a bit of a loss with AVG but don't feel like selling. They always seem to return value in the end but in the current market nothing looks promising. | puffintickler | |
19/1/2016 17:19 | PT - Thanks for that pretty much along the same lines as I was thinking. I sent an email a few days ago to Steve McQuillan the CEO, to ask what sort of timescale was perceived before volume production of composte pipes for jet engines would be envisaged. He replied with the following: "Regarding composite pipes, we are a good way down the track now and we have started to put prototype parts on next generation test engines. As you might appreciate, the OEMs are not going to run up complex and expensive tests just for us. We have to jump on the bandwagon when they are ready to put us on a new platform alongside other test parts. During 2016, this prototype testing will begin to happen. However, we can cautiously expect another 3 years or so after that before we would be on any new engine types in volume. Airframes might be faster in some applications and we’re working on that too. Meanwhile, just having the technology is opening doors to other business with aerospace OEMs. We’re also looking at other adjunct applications that can move more quickly – eg high end automotive (but not Formula 1!)" | dgwinterbottom | |
19/1/2016 07:52 | General AIM selloff plus China link IMV | puffintickler | |
19/1/2016 07:22 | Any thoughts as to why the drift down of the sp? Could it be the connection with China though I do not feel that affects the Co? | dgwinterbottom | |
19/11/2015 17:46 | Interesting Roger - many thanks. I would say Senior or GKN might be possible suiters for Avingtrans in the future!!! | dgwinterbottom | |
19/11/2015 11:56 | Senior PLC aquires Stieco -a US business similar in size and scope to Sigma Precision, for £60m (including £10m for premises) Revenue of Steico is significantly lower than AVG's Aerospace divison (including CH) but trading profit is on a comparable level to aerospace operating profit. | rogerrail | |
19/11/2015 11:39 | DG thanks again | rogerrail | |
16/11/2015 15:31 | Thanks DGW Much appreciated | petewy | |
16/11/2015 15:04 | Roger - regarding the profitability of E&M I have to say I do not know to be honest, but I would guess that following the rationalization - some of which is still to complete - and the contract awards I would say it is very close to or back in profitability. The RR profit warning had not hit the floor at the time of the AGM so cannot comment there either but there is possibilities it may bring more subcontract work. I have to say the general atmosphere was one of relaxed optimism a contrast to last year, I certainly did not get any impression of any issues that might be problems. | dgwinterbottom | |
16/11/2015 09:19 | DGW my thanks from me too for your excellent writeup. Perhaps a bit late to ask , but did the directors provide any hints as to the return to normal profitability of the E&M division as this will be a big boost to the share price ? Also RR have recently given a second profit warning for 2106 and announced further cutbacks , was this discussed at all? | rogerrail | |
14/11/2015 22:39 | DGW, as a shareholder who was tied up that day and could not make it many thanks indeed for your update | cerrito | |
12/11/2015 07:31 | Hi Cisk - The mood of the meeting was very relaxed compared to last year, certainly confident and looking forward to the future. I increased my holding just before final results were announced but will look to increase further before long. Sorry you were not able to make it as I feel it would have given you significant insight - if you follow. | dgwinterbottom | |
11/11/2015 23:07 | DGW, many thanks for a most informative and excellent write-up. I hoped to be able to attend but events in London precluded it. What was the prevailing mood from the management? Did they appear confident? And did it encourage you to alter your holding in the company in any way? Best as always, Cisk | cisk | |
11/11/2015 22:57 | The AGM was as always an enjoyable one with many interesting things coming to the surface, and great scope for the future. The meeting scheduled to start at 11.15, was preceded at the request of the Chairman by a one minute silence at 11 minutes past, in memory of the fallen of conflicts since the Great War! There were less than 10 shareholders this year to hear a run down of the events of last year that represented a perfect storm for Avingtrans and how its effects were managed. The Chairman as normal rapidly despatched the formal aspects of the meeting before asking CEO Steve McQuillan to give a run down on events since the last AGM In terms of the Aerospace business the destocking by Rolls Royce last year was in Rolls term quite small bur for those suppliers further down the supply chain its effects were much more dramatic. In the first quarter of the financial year the drop of business was about 50% recovering to 75% in the second quarter before returning largely to normal for the second half of the year. At the same time RMDG had just been acquired knowing that initially it would operate at a loss until rationalisation of current work had been completed in terms of agreeing new rates with customers for ongoing/new business. The transfer of the Derby site into Swadincote (RMDG) had been relatively painless and the site was now profitable - albeit currently in a small sense – from which it is expected to improve but above all no longer operating at a loss. All the major sites are now operating the Epicor system that is showing benefits with more to come through not least financial information on a month by month basis is now available in the first five days of the following month, where previously this was at least 15 days. Also it had allowed a lowering of stock levels on an ongoing basis by £½ m at Farnborough that will reduce working capital requirements. Further savings are expected at the other units as the system beds in properly, the smaller units will be equipped over the next two years incl the operating units in China. The Composites division whilst not yet profitable is losing far less that it has in previous years from acquisition, indeed the stand at the Paris Air Show was popular in terms of interest not least by some of the competitors intrigued by some of the products on display.. The manufacture of engine components in composite represents in general terms a 50% weight saving on its metallic equivalent and on a complete engine a total saving of some 5kg – not much in overall engine weight terms but significant saving on the overall average life of the engine. Interest aside from Rolls is also being seen from other engine manufacturers including SNECMA & Pratt & Whitney. Rolls are happy to pay much the same price for composite parts as they do for the metallic items that given the composite items are cheaper should see significant margins attainable. Further markets for composites outside of aerospace where weight saving is critical, includes the high end of the automotive world and also oil & gas where oil rigs can also be weight critical. R&D in this area has given rise to 3 patent acquisitions to date The Energy & Medical division also had a problematic start to the financial year in that having no sooner acquired Maloney Metalcraft the oil price collapsed and the expected future business in that arena disappeared with it. Notwithstanding this the costs of maintaining the unit in its current form was unsustainable so the decision was made to close the manufacturing side of the site and outsource future production.. As I suspected this was planned at the time of acquisition, for some point in the future but events brought this forward by virtue of necessity. In selling the site it was fortuitous that the new owners did not require the office complex that has allowed the engineering design team to remain where they are with little or no disruption so the team, comprising approx 30 staff with considerable experience not only within the Maloney sphere but experience of value to the rest of the Group, has been maintained. In selling the site it has produced a useful one off gain to the years profit as the price agreed was in excess of the value on the books. The general view in the industry is that $50/barrel is going to be the general oil price up to and possibly beyond 2020 so the industry has to get used to that price environment. Infrastructure contracts will still be there but fewer and more keenly priced. Notwithstanding this the recently announced $2m contract announced with Saudi Aramco for shale gas extraction was won at a very good margin because the manufacturing will be outsourced to a Dubai company thereby mitigating transport costs to the site, compared to had they been produced in UK. Maloney is manufacturing spares/parts for equipment supplied over many years that is keeping approx 5 people busy on an ongoing basis and is proving very lucrative including the fact they are the only manufacturers of a valve approved for the nuclear industry. The facility in China set up to produce MRI scanners is ticking over nicely though not as envisaged due to the fact the Siemens are struggling to acquire a decent market share given the world wide competition from the others in the field namely Philips & GE, however interest is being shown by indigenous manufacturers in China of which there are no less than 15 companies (compared to the three previously mentioned in the rest of the world) whilst not all of these will survive in the long term it is still seen as a significant future market. Also announced was the contract win for the 3m3 (3 metre cubed) boxes with Sellafield for repackaging nuclear waste, the boxes are double skinned stainless steel with concrete in between and whilst straightforward in construction it is the sealing etc that is critical to ensure no leakage over time given the fact these boxes will be stacked one on another etc. The initial contract (that represents 20% of the total predicted) comprises some 1100 boxes over the next 10 years at £47m with initial prototypes starting to be manufactured now, ramping up to initial delivery of 2-3 a week in 2017 and once everything is satisfactory in terms of repeatability this should rise to 10 per week. The ultimate size of the whole project to be tendered in stages is 30 – 40k boxes over 30 years at a price of £45k per box. The Divisional MD Austin Adams has done an excellent job in the negotiation of the contract and the final terms that have been agreed. Crown is proving to be a good profit generator at the current time though is still regarded as non core to the group. In conclusion another interesting meeting confirming the problems of 12 months ago appear to be behind them, with the damage quickly and effectively contained. I feel they have steered the ship exceptionally well through the rough waters which indicates, that for a relatively small company it has a very skilled and capable management Board. The future looks both interesting and promising barring any unforeseen issues outside of the Groups control. | dgwinterbottom | |
04/11/2015 12:41 | Quite often a few nuggets are revealed!!!!! | dgwinterbottom | |
04/11/2015 12:34 | Yes lets hope there some more positives to flow from that... | jopper74 | |
04/11/2015 10:42 | jopper 74 - Ditto. I'm looking forward to the AGM next week!!! | dgwinterbottom | |
04/11/2015 08:41 | Quietly ticking away......happy for the steady recovery in share price to continue. every contract win helps. | jopper74 | |
04/11/2015 07:26 | Contract win - | dgwinterbottom | |
03/11/2015 12:42 | Nice to see the share price rising as we approach the AGM.......... | dgwinterbottom | |
09/10/2015 07:55 | Many thanks Roger | dgwinterbottom | |
08/10/2015 11:54 | update from Edison: | rogerrail | |
03/10/2015 15:12 | DG'Fraid not , I rarely go to AGMs unless they are close to home. Days off work are reserved for the more enjoyable persuits in life like DIY. | rogerrail |
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