Share Name Share Symbol Market Type Share ISIN Share Description
FKI Plc LSE:FKI London Ordinary Share GB0003294591 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 83.50p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering - - - - 491.31

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Date Time Title Posts
02/5/200820:45FKI - break out and break up609.00
17/5/200707:45FKI Soon To Brake Out Upwards!!!!!!305.00
08/10/200615:59FKI - From Strength To Strength????378.00
12/4/200212:16Does anyone know the reason for the sharp fall today?1.00
01/3/200121:52Strong results due on Thursday8.00

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DateSubject
02/4/2008
19:08
john148: I sold on 3rd Feb and the share hasn't moved that much since.(See my post 457)You have to be worried that the share price will drop to pre approach levels and perhaps lower,if Melrose walk away.One thing that distracts Directors most from the day to day running of a company is being on the end of a bid approach.
27/3/2008
15:43
a44: Melrose share price has jumped in last hour, yet FKI has headed the opposite way. I will keep watching as this sounds like something is happening. Also Standard life sold part of FKI and bought into MRO.
07/3/2008
21:45
csmwssk1: I got out on weds at 77p, the melrose bid is kak lets face it, they are stealing this, the down side is the balance sheet if they do take it over, they will have fki debt plus another £250m that they gave to yourselves in cash, which will make it a weaker company, personally hope for those left that an all cash bid comes from peg but with price at circa 70p the market is saying 80p cash will win this, melrose would have been better off offering an all share bid as lets face it they cant do any worse than the muppets running the show at the moment, and at least the resulting company would have had a stronger balance sheet, cant believe they knocked 130p last year, greed, the idiots dont deserve to run another PLC, also if they did have any brains they would try selling GE the Energy Technology unit which could fetch £450m-£500m, selling the family silver yes, but clears the debt and the pension deficit and leaves them with around £20m which could be returned to shareholders (only arond 4p per share, but better than nowt), the main thing would be the share price effect as it would sky rocket and then could focus on turning round the other units and more
11/2/2008
10:06
wilkie_hk: From the Independent on Sunday: The Investment Column: FKI battens down the hatches after Melrose bid Georgica; Three's a Crowd Print Email Search Search Go Independent.co.uk Web Bookmark & Share Digg It del.icio.us Facebook Stumbleupon What are these? Change font size: A | A | AEdited by Cliff Feltham Thursday, 7 February 2008 Our view: Hold Share price: 64.75p (-1p) FKI, the engineering company that received a take-over approach from investment group Melrose on Friday, has started shoring up its defences. Whether they prove to be sound enough to repel a determined bidder remains to be seen. FKI, in an interim management statement yesterday, said it expected to report strong trading growth in 2008. However, the picture is patchy across the group. The lifting products and services division – manufacturing wire ropes and fittings for the mining and oil and gas industries – and the energy technology unit are both in reasonably robust shape. Energy, supplying turbogenerators and other power equipment, has seen its order book grow by 22 per cent to £324m over the past 10 months, and sales for the current year to March are now likely to be up by 25 per cent. On the other hand, FKI has made no secret of its intention to try to find buyers for the other legs of the business. Logistex, which services airport baggage handling systems and has freight and distribution operations, is currently suffering from delays and deferrals, affecting a number of projects linked to the US retail sector. The crisis in the US housebuilding industry is also badly hitting FKI's hardware division, which is a leading supplier of windows and doors to DIY stores. Business is grim, with housing starts down a thumping 24 per cent. FKI has tried some restructuring but this is likely to have only a marginal impact on performance. The group has been trying to reduce its exposure to the US, which accounts for 63 per cent of total sales and 81 per cent of operating profits. There are also balance sheet pressures. The group's interest bill is running at £32m a year. The recent cuts in US rates have come too late to ease the pressure in the current year. Meanwhile, it has to secure an extension to a revolving debt facility of £120m due to expire in April 2009. However, no covenants are in danger of being breached. Melrose has made an approach at 70p – or under seven times expected earnings – valuing FKI at £411m. Investors must rue the day the board rejected a 130p-a-share bid last Aug-ust from the private equity giant Blackstone. A few months later, the shares began heading sharply south after a profits warning. There were no surprises in the trading update so Melrose is unlikely to have been frightened off, at least at this stage. The Melrose bid might flush out another offer but in current tight debt markets that cannot be taken for granted. The shares rose on the approach but are still below the offer price, suggesting there is not much hope of a higher bid emerging. Hold.
01/2/2008
11:34
robo175: (adds detail, background and share price) LONDON (Thomson Financial) - FKI PLC said it has received an approach from an undisclosed suitor which may lead to an offer being made for the company. However, the diversified engineering group said the approach is very preliminary and there is no certainty that any offer will be forthcoming. "The approach is at a very preliminary stage at the moment," a spokesman for the company told Thomson Financial News. FKI was the subject of a bid approach -- believed to be made by private equity firm Blackstone Group -- last summer. Last May, FKI said it was approached with an offer of around 130 pence a share, valuing the company at some 764 mln stg. The company is now valued at around 325 mln after its shares collapsed on a profits warning late last year. GE Capital -- one of FKI's biggest energy and technology customers -- was also rumoured to be interested in the company. However, analysts have warned that FKI is not a straightforward takeover target because it has four separate and very different businesses. At 10.45 am shares in FKI were 19-1/4 pence or 38.3 pct higher at 69-1/2 pence.
28/12/2007
15:40
aileron: Hello, Im new to this thread so I apologise now for asking any repetative questions, or stupid observations. Ive recently sold my shares in NIS and have been looking around for my next interest. FKI seems to fit the bill so far. The positives for me are: Increasing profits, good dividend, low share price (seems to be at a 5 year low?), out of favour, decent size company making something i can understand. The negatives: Im not overly familiar with the company or the bad news which has obviously affected the share price. I tend to buy into 'unpopular' (out of favour) companies which stand a chance of recovering over a 6-12 month period. What am I looking to achieve? Share price of 75p by mid March, and the dividend. Investing £5,000 to £10,000. Any helpful comments would be welcome. Thank you and happy new year to all.
28/9/2007
13:18
lord gnome: From over the road at munney am Engineering group FKI said its first-half operating performance improved at the group level. The improvement was driven by a 7% increase in sales on a constant currency basis. The company said strong performances from its lifting products and services and energy technology divisions in the first half more than offset reductions in its hardware and FKI Logistex units, adding that it is well positioned to improve its trading in the current year. FKI also expects improved performance in the energy technology and lifting products and services units to more than offset any potential further weakening in US demand. The company said though order intake at FKI Logistex unit was about 25% ahead of last year, turnover was down about 10% at constant currency basis following the rescheduling of some major projects. FKI expects the volume reduction and a higher proportion of relatively lower-margin integration projects to reduce the Logistex unit's profit performance in the first half to below last year's levels. The company said it will announce its first-half results on November 29th. In reaction, Landsbanki said that FKI's pre-H1 close trading statement should provide the market with considerable reassurance and the share price should move ahead strongly. The broker added that, as indicated at the preliminary results, Energy Technology and Lifting Products are enjoying buoyant markets and that performance at both divisions has more than compensated for continued weakness at the group's Hardware and Logistex division.
21/8/2007
14:53
christh: Some facts about FKI being clarified by the company secretary today 21/8/07 The recent contract of £123mln does not include the £47mln per year service contract for the next 5 years. Fki have beaten the giant Siemens to that contract, just proves that its technology And marketing was good. There are a few joint ventures with the Chinese companies. The offer was made for the company just an expression of interest from the potential bidder, so that's why was not announced by the company. The mysterious bidder was never identified and will never be identified by the company. Asking about the share price when it will go to 130p probably in two years time said probably earlier than that?????????(his exact words). Some of the companies started selling when the price went above 130p as those companies were income fund companies and bought shares around 100p. It did not meant the company's share price was high or anything wrong with the company just wanted to crystallise gains for the investment fund. Total shares in issue (total voting rights ) are 588mln. Do not ignore the fact that 327mln shares are owned by the institutions (those with more than 3% are published by the LSE and acknowledged by the company as RNS) while the others are held by private investors or other institutions (with less than 3% holding). Also was mentioned that the directors bought shares in the company lately out of their own money.
21/7/2007
22:13
christh: FKI plc ("FKI" or the "Company") - 31/05/07 The Board of FKI notes the recent movement in the Company's share price and confirms that it has been approached in relation to an offer for the Company at around 130 pence per ordinary share. The Board of FKI continues to explore all options available to the Company and intends to announce, with the preliminary results on 7 June 2007, the conclusions of the strategic review announced in November last year. The Board of FKI stresses that there can be no certainty that any offer will be made for the Company and the Board will inform shareholders of any further developments as appropriate. This announcement is being made without the approval of the potential offeror. Accordingly, even if an offer is made, there can be no certainty as to the terms on which such offer will be made. Issued by: Brunswick Telephone +44 (0) 20 7404 5959 Catherine Hicks James Olley http://www.fki.co.uk/newsdetail.cfm?contentid=269
30/7/2005
16:49
tole: Buy FKI at 105p Suggests Robert Sutherland-Smith of UK350.com Looking about for stocks in the 250 Index that have been out of fashion but where changing fundamentals appear to be bringing a silver lining to dark clouds, my thoughts turned to that increasingly rare commodity - a UK engineering firm. And in particular to FKI, that legacy company of Britain's not so long distant engineering dominance. It reminded me of that Masefield poem about the British coastal vessel of which there were once many; the cargo ship beating up the channel in mad March winds. The share price has certainly been battered by strong adverse winds in recent times. Last November, the shares got to 149p before sinking to 88p the month before last. Since then the bow has been borne up to reach the current price of 105p. By November last, it became increasing apparent that FKI's then current financial year, that ended 31 March 2005, was not going to be good. It was heavily engaged in the US where interest rates were set to rise and economic activity - particularly US house building to which the company sells a lot of hardware - was expected to decline. FKI also looked less attractive when set against a background of a slowdown in growth in industrial activity in China to which the company sells metal processing equipment. In late 2004 energy and mineral prices also looked as though they had peaked. Moreover, the results for the year 2004 - 05 were not anticipated to provide a picture of progress. It was a cyclical stock that was best avoided or sold. The results for the year to 31 March 2005, when they were published in early June, were in conformity with earlier unoptimistic expectations. The reported statutory figures were dismal. Although operating profit rose to 65.7 million pounds sterling, there was a loss at the pre tax level of 61.6 million pounds contrasting with a pre tax profit of 17.7 million pounds the year before. The only bright spot was the fact that despite the net loss, the company maintained the dividend payout at 4.5p a share. Interestingly, the share price has been on a modest positive tack since the announcement of these figures. Part of the explanation for that improvement in the share price is to be found in the fact that the underlying profit picture for FKI was better than the one provided according to statute: that is to say, looking at operating profits before exceptional charges and amortization and depreciation. That showed underlying operating profits of 95.8 million pounds sterling - 30 million pounds and 45% better than the statutory figure. After making such adjustments to reveal the underlying operating position, earnings per share come out positive, at 9p per share rather than the negative reported earnings loss per share of 13.7p. In short, the underlying situation was better than it looked. Another reason for the recent modest strength in the share price, may be attributed to the fact that the FKI management is sorting the business out in accordance with its stated strategy to make the business more profitable and efficient. Last year, the company's management closed five business's and sold six more netting the company some 23 million pounds sterling in sale proceeds. According to the accounts, the revenue of these discontinued activities amounted to 82.5 million pounds sterling; not drastic surgery when set against continuing revenue of 1.2 billion pounds. More corporate surgery (sales and acquisitions) is expected. The CEO, Paul Heiden, was able to point out that the management had secured its short term objective for 2004 - 05 to show the business profitable in underlying terms . In support of that, cash flow from operating activities for the year was positive at 72 million pounds. That was enough to pay the company tax bill, interest payments and dividends to shareholders which cost 26.2 million pounds. Debt increased only slightly. FKI manufactures a wide range of mechanical engineering equipment including, by way of illustration, turbines, switchgear, machinery for processing steel, equipment for airports and warehouses and other equipment used in mining and oil production. Furthermore, with only 13% of its sales destined for the UK last year, it also has a well diversified invoice book. The largest segment of which comes from sales to North America with sales by destination last year amounting to 650 million pounds sterling or just over half total group revenue of 1.2 billion pounds sterling. FKI as a sterling based UK operator is an automatic beneficiary of the strength of the US dollar. And that, given divergent expected interest rates in the UK and US, is likely to continue this year. Moreover, the US housing market has been strong and looks likely to remain so for much of FKI's current financial year. Oil and energy prices remain high at seemingly sustainable levels given expectations of continuing economic growth in much of the world. All of which suggests that FKI could improve operating margins from the low levels earlier anticipated. The worst expectations appear to be discounted. The market detects the probability of underlying earnings per share rising to 11.2p ( up 13% from 9p last year) with an accompanying 11 % increase in dividend payout to shareholders to an estimated 5p per share. That puts the shares at 105p on a forward estimated price to earnings multiple of 10.3 and a prospective estimated dividend yield of just under 5%for the current yield. FKI is a highly geared cyclical company that needs effective management to produced returns for equity holders. It is also to be noted that at the current market cap. of 595 million pounds these shares stand on a significant discount to the value of the revenue it will probably generates this year. On estimated sales revenue of 1.3 billion pounds, someone buying the shares today at 103p will get sales revenue worth nearly 218p, underpinning the company's likely trade sale value. It also sells eight and a quarter times operating cash flow. Given the significant fall in the share price since last winter and set against what seems like improving external fundamental conditions, I make this share a solid long term buy. Share price: 102 - 107p Stockmarket: LSE Symbol: FKI City veteran Robert Sutherland-Smith edits the top financial site UK350.com, which selects FTSE 100 and FTSE 250 stocks for growth and income. The site normally costs 129 pounds a year to access. UK350.com has just published its latest tip last week. To sign up and access the tip, click here.
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