Share Name Share Symbol Market Type Share ISIN Share Description
Flowtech Fluid. LSE:FLO London Ordinary Share GB00BM4NR742 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -0.32% 155.00p 153.00p 157.00p - - - 44,441 16:35:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 53.8 5.5 10.0 15.6 79.69

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Date Time Title Posts
18/4/201709:31Flowtech Fluidpower148.00
29/7/200818:56Go with the FLOMERICS - Lowly rated growth and short term arb play1,783.00
28/3/200815:31Where is Flomerics Heading?54.00

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Flowtech Daily Update: Flowtech Fluid. is listed in the Alternative Energy sector of the London Stock Exchange with ticker FLO. The last closing price for Flowtech was 155.50p.
Flowtech Fluid. has a 4 week average price of 125.50p and a 12 week average price of 113p.
The 1 year high share price is 157p while the 1 year low share price is currently 92p.
There are currently 51,411,615 shares in issue and the average daily traded volume is 115,207 shares. The market capitalisation of Flowtech Fluid. is £79,688,003.25.
edmundshaw: I am grateful to ST. I was getting overweight after recent good results and share price, so have taken the opportunity to scale back my holding - but only to a normal weighting, as I still rate this company as having great future prospects...
lord gnome: I try and fail to see any demons in the Zeus connection, Adam. Compared to some of the rubbish that finds buyers on flotation, they seem to make decent offerings. FLO and EPWN have been reasonable performers, making steady progress and I am happy to hold both and collect the dividends. I have also traded both very successfully. ENTU is the one problem that Zeus have had (unless you know different) and that was due to something out of left field with a major tax change and a government policy change on feed in tariffs. Management seems to be taking the necessary action but the share price has suffered accordingly. I keep them on watch for signs of life. One day they could be a good recovery buy.
adamb1978: I had a look at these today on the back of Paul Scott's daily review. At a first glance, this looks far too cheap however after digging a little these are my main concerns: - firstly, I believe that if you check recent IPOs, Zeus has taken a number of companies public in the last couple years on high yields and apparently low PEs but which they show very poor performance once public. The share price of FLO is a classic example - price has gone sideways despite turnover likely increasing 40% - 50% over 2014-2016. Entu is another good example - yield was unsustainable and look at their share price performance since IPO!! - EBIT margins which FLO make have declined from 16.6% in 2013 to perhaps 14% this year, yet most distribution businesses make single digit margins, and often mid-single digit at that. Would be great to hear if anyone knows why FLO should make sustainably higher margins than peers - on the plus side, the multiple is low....but I need to check where peers trade Need to now look at cashflow, though the Zeus + recent IPO combination creates a horrible smell factor for me.... Any views on the margin appreciated. Thanks Adam
paleje: This was ST's view on the profit warning aspect, no guarantee of course:- Major profit warnings failed to materialise Firstly, the sharp share price derating since early June largely reflects investors’ expectations that Flowtech’s financial performance would mirror the 6 per cent revenue decline across the industry in the first five months of this year based on industry data from The British Fluid Power Distributors Association. In other words, investors were expecting a major profit warning. In the event, Flowtech’s underlying revenues were actually flat in the six month period if you strip out the impact of earnings accretive acquisitions which lifted revenues by 28 per cent to £27.4m. That’s not to say that the business has been entirely insulated from the softer general market backdrop. It clearly hasn’t and increasing market weakness in the last few weeks has led Flowtech’s board to guide analysts down in their profit forecast, but only modestly so. In fact, Andy Hanson at brokerage Zeus Capital trimmed his full-year revenue forecast by only £800,000 to £53.9m, implying that Flowtech will still post top-line growth in the order of 20 per cent in 2016. Admittedly, a 0.6 percentage point reduction in trading margins to 14.9 per cent means that pre-tax profits estimates have been reduced from £8.1m to £7.6m, but that still represents 13 per cent year-on-year growth and that’s enough to drive EPS up by around almost 15 per cent to 14.2p. It also supports a 5 per cent hike in the dividend per share to 5.5p as analysts predict. On this basis, Flowtech’s shares are being rated on 7.2 times earnings estimates and offer a prospective dividend yield of 5.3 per cent. Zeus Capital is the house broker, but its EPS and dividend estimates also mirror those of analyst David Buxton at broking house finnCap. Another issue that is likely to have concerned investors is the sharp fall in sterling post the EU Referendum. That’s because between 30 to 40 per cent of Flowtech’s UK purchasing is denominated in foreign currency, so the 15 per cent plus decline in sterling against the euro and US dollar in the past 12 month is expected to have an impact. Bearing this in mind, I understand that Flowtech’s board took the shrewd decision to make significant inventory purchases in China ahead of the EU Referendum, thus gaining better pricing from Chinese suppliers before sterling started to weaken. This pre-emptive move has insulated the business from margin pressure near term. I would also flag up that in previous periods of sterling weakness, most notably in 2009 to 2010, Flowtech was able to maintain margins by passing on price increases to customers, reflecting the strength of its business model. For instance, a plumber who needs a part urgently to complete a job is unlikely to baulk at paying a few extra pounds for it if delivery is guaranteed the next day as the extra cost is relatively insignificant to the daily labour cost being billed to the client. I strongly feel that investors have overreacted to the impact of sterling’s weakness on Flowtech’s business, and underestimated the ability of management to pass on higher wholesale costs to end users
jonno17: Hi Farmsted Where did you get the information on director buying at 100p? I am aware of the RNS of 24 November confirming the collective purchase of 50,000 shares by four directors at around 108p. Trading is obviously challenging as this was alluded to in the outlook statement in the September interims and confirmed by the difficult conditions experienced by Flowtech's peers, but unless there is something seriously amiss I would suggest that this is reflected in the current share price. Unfortunately there is little information available on expectations for the year ending 31 December. As far as I can ascertain expected eps is around 12p, but in the absence of an announcement from the company we will have to wait until the mid-January trading statement for a clearer picture.
lord gnome: In my view, announcements such as today's often provide good buying opportunities and I doubt that it conceals anything really nasty in the offing. The last trading RNS from the company was positive. If it had been the FD or CEO that had gone today, I would have been much more concerned. The initial selling was almost certainly overdone and the share price has already recovered most of the fall.
farmsted: Am I missing something, seeing the large volume of buys and the share price goes down. Is some one off loading ??
gopher: Seem solid results but slightly disappointing share price fall
lord gnome: Decent enough maiden results with divi as promised. Slight warning over exposure to oil and gas downturn, but they seem confident of future growth. A good hold and room for a good increase in share price looking forward. Let's see what the market thinks. I predict little response today, but Simon Thomson over at IC might have something positive to say which could just result in bit of action.
lord gnome: I can't see anything other than just the state of the market in this share price farmsted. The last news from the company was good. The forward PE is in single figures and the forward yield is expected to be 6%+. What's not to like? The market has turned against small caps and AIM stocks and this is getting a kicking on both counts. I reckon this is just another buying opportunity. I have seen a lot of those over the last couple of weeks with so many of the stocks that I hold. I could do without this one - no cash left!
Flowtech share price data is direct from the London Stock Exchange
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