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Ely Prop Share Discussion Threads
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A receiver has been appointed over 18 student apartments in Dundalk owned by Philip Marley's Ely Property, according to the Sunday Business Post.
Investment bank Investec has appointed accountants Grant Thornton as receivers to certain assets of the group on foot of a 2008 charge.|
|Newcourt shows it has the right stuff
NEWCOURT Group is one of the more interesting companies to have come to the Irish market in recent years. Chaired by solicitor James Osborne, the outsourcing group announced its 2006 results last week. These showed that sales had increased by 78 per cent to 116m last year, pre-tax profits were 155 per cent up to 5.7m while earnings (after-tax profits) per share advanced by 64 per cent to 9.97 cent. Newcourt is an eclectic mix of businesses. It started life in 2002 when founders Ted O'Neill and Phil Sykes bought Federal Security. Since then, the business has expanded to include student accommodation, health and safety training and consultancy, facilities management, recruitment and pilot training.
The company's shares were floated on the Irish Stock Exchange's junior IEX market and on London's AIM in November 2007 at 70 cent. By the end of the week the share price had reached 1.70 valuing the entire company at 141m.
Newcourt has expanded rapidly through acquisition in recent years. In 2006 it paid 22m for student accommodation group Ely. As well as purchasing Ely, it spent approximately 15m on a further half-dozen acquisitions last year. While the Ely deal was largely funded through the issue of new shares, most of the other acquisitions were largely paid for in cash.
As a result, Newcourt's net debt rose from 4.6m to 27m during the year. A further legacy of the acquisition spree was that by buying what are largely people businesses it got very little by way of tangible assets with 65.5m of the group's total fixed assets of 71.7m consisting of goodwill.
In other words, over 90 per cent of the group's assets walk in and out the door every day. Having used their Stock Exchange quotation to build a large, diversified outsourcing group, O'Neill and Sykes must now knit it all together and make it work.|
|OUTSOURCING group Newcourt may have to look more to organic growth because of what it terms as the unrealistic prices being asked by owners of potential takeover targets.
The group yesterday reported record 2006 results, showing trading profit more than doubled to 11.2m on revenues which soared 78pc to 116m.
Seven acquisitions made during the course of the year obviously made a big impact but the company also enjoyed strong organic revenue growth of 28pc.
Chief executive Ted O'Neill said that while Newcourt continued to strive for organic growth across its security and other support service businesses, student accommodation and recruitment/training operations, the group also aspired to make more acquisitions.
"We have targeted acquisitions in our existing business areas," he told a press briefing on the figures yesterday. "But we've walked away from quite a few opportunities because things have become too pricey for our liking."
"We're not into empire building, we're into shareholder value," added Mr O'Neill, who led Newcourt to a stock market listing in November 2005.
The results were well ahead of stock market expectations and this boosted the shares 6pc to 1.79 yesterday.
Pre-tax profit more than doubled to 5.7m and adjusted eps came in at 9.97c, up 64pc.
Support services (chiefly security) accounted for 70pc of group revenues and 62pc of profits in 2006. The lower profit count was due to the reorganisation of its electronic security business at the cost of 800,000.
The management of student accommodation contributed 3m of the year's profit but, with the acquisition of Ely Property last July, is set to become a key profit and revenue centre in the years ahead.
A quarter of revenues are derived from recruitment and aviation training|
|LBO,you watching PVR still?|
|No its Newcourt PLC. Was a buyer on the dip and happy with the return.
|What a remarkable lack of interest from the mart. in the takeout attempt.
Anyone fancy that this is Stuart Wall's Opal - a private outfit - eyeing up the Irish student mart? They recently raised a huge amount of debt for acquisitions.|
|Lucky the Chairman got his options in just in time|
|UK city lofts offered
ELY Property Group in partnership with City Lofts has brought to the market three elite leaseback property investments in Liverpool, Cardiff and Manchester. With these developments investors will acquire an investment which Ely Properties will lease back for a 10 year period with an option at five years to break the clause.
Ely will also organise a full legal pack for a flat fee of 725.40. Also offered is the opportunity for all legal matters to be handled in Dublin including the signing of the contract.
Prince's Dock in Liverpool overlooks the River Mersey and is adjacent to the Royal Liver building. Unit prices range from 239,520 for a one-bed to 457,127 for a two-bed. This development is due for completion in summer 2006.
Salford Quays in Manchester comprises two linked residential towers. These units are priced from 270,648 and are due to be completed in 2007.
Admiral House in Cardiff is the third leaseback investment opportunity. This development is a 15 storey tower in the heart of Cardiff. Units are priced at 255,407 for a one-bed apartment up to 341,026 for a two-bed. Admiral House is due to be finished later this year.|
|This company does NOT communicate with its shareholders sufficiently to keep us aware of developments. Ely properties DO NOT respond to queries made via its own web site and we can only be left wondering whether the directors have any respect for shareholders?|
|This very small property company is building up nicely its property interests in a niche market of student accommodation lettings. I am hopeful when their first results shareholders will not be disappointed. This starter company is an ideal way to enter the Irish property market and grow.................that is the objective........to grow. I should be very disappointed if the share price does not improve within the first year of the company's existence. I gather there is a lot going on within the company - growth and investment. Lets wait now and see if Ely lives up to its promises.|
|If they go the same way as CEC run a mile!|
|Quote "to develop up to 25 of Creative Education's Primary Steps branded creches in Ireland over the next 2-3 years."Unquote.
Can we expect toddler sizes profits soon then? Lots of buying, lots of good press, lots of future, but where´s the price increase. Am I expecting things to soon,|
Yes i agree too quiet-but what little noise there is comes in a blue note.
Showing an interest in future growth potential, obvious to anyone who has done their research.
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