Share Name Share Symbol Market Type Share ISIN Share Description
Havelock Europa LSE:HVE London Ordinary Share GB0004149356 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% 9.875p 9.25p 10.50p 9.875p 9.875p 9.875p 20,000 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Household Goods & Home Construction 73.1 -0.8 -3.0 - 3.77

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Date Time Title Posts
19/10/201617:21Havelock: Strong Growth from Booming School Spending5,010
18/8/201013:17Havelock Europa plc454
09/2/200315:54HAVELOCK EUROPA...A recovery stock on the move4

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Havelock Europa Daily Update: Havelock Europa is listed in the Household Goods & Home Construction sector of the London Stock Exchange with ticker HVE. The last closing price for Havelock Europa was 9.88p.
Havelock Europa has a 4 week average price of 9.80p and a 12 week average price of 9.72p.
The 1 year high share price is 14p while the 1 year low share price is currently 5.50p.
There are currently 38,218,393 shares in issue and the average daily traded volume is 9,262 shares. The market capitalisation of Havelock Europa is £3,774,066.31.
reallyrich: we will see. anyway the market must think this a stonking buy as can be seen from the dramatic increase in share price, not!
neverforget: down again. at least management will not be able to convert their share options. article below Last month, I brought to readers’ attention the binary outcome facing investors at Havelock Europa (HVE), which must surely be worth multiples of the current share price if it can ever stage a successful turnaround. We have not had to wait long for further news. Last Friday saw the company’s AGM with the Chairman making the customary remarks on current trading. He reiterated the progress made in restructuring the business and the medium-term goal of diversifying and growing the customer base. Havelock has been implementing something called an “Enterprise Resource Planning System”, i.e. a suite of software to aid in the efficient management of the company. The AGM statement warns us that this is taking longer than originally planned to implement, although it doesn’t quantify any financial costs associated with the delay. Again, the dependence on second-half year orders is emphasised and the lack of visibility in retail/leisure. The Board “currently believes” that full-year performance will be in line with expectations, but investors are left in no doubt that the outcome is uncertain. The operational side of the equation remains mostly unchanged, then. But we have a few other matters going on off the pitch, to use a footballing analogy. Firstly, the Chairman is standing down after a six-year stint on the Board. This is perhaps not a surprise given the sweeping changes in recent years. It means there will be just one pre-2014 Board member remaining. The company has no dominant shareholder calling the shots. The largest shareholder, Andrew Burgess, was an outsider who built his stake up to 21% and joined the Board from 2013 to 2015. He has not expressed any displeasure with management but intriguingly has sold a few of his Havelock shares according to an announcement released this morning. His stake is now 18% and his view on the value of the company clearly matters. It will be a large overhang of shares if it turns out that he has lost faith – but we’ll have to wait and see if the shares continue to drip out. The share price has dipped to 11.875p and I would not recommend opening a new position at this time. Long-term shareholders could be forgiven for continuing to hang on for some evidence of a turnaround. - See more at: hxxp://
greengiant: Or a company in the same market wanting a listing - which is much more likely. Something which the current share price rise is making more realistic for Havelock shareholders. ;-) Andrew
valhamos: neverforget "it would be hidden from the market by 12 months through the ability to file its accounts to real deadlines and not aim market dictated ones." On Aim you need to have audited accounts within 6 months; unlisted it is 9 months. Are you really suggesting that hiding the numbers for 3 months is going to help? If so the situation must really be desperate! No - all this talk of delisting is just a nonsense, a distraction from the real issues here, the sole result (or even purpose?) is to drive the share price down as small investors bail out.
neverforget: precarious is an understatement. this is where a listing makes the company look worse. so any potential customer can now go on and see what is happening. the market is saying that this company is a dud. why would a customer then buy from them? at least if it is not listed as well as saving ridiculaous costs it would be hidden from the market by 12 months through the ability to file its accounts to real deadlines and not aim market dictated ones. ridiculous. Management showing that they are again clueless. this from the last announcement David Ritchie, chief executive, Havelock Europa plc, said: "WH Ireland is a great fit for us and we are pleased to be working with a company that has a strong track record supporting businesses like ours. This is a positive step in the further development of the business." Development? look at the share price.
valhamos: Andrew This company is listed so that the owners can trade their shares. I'm all for reducing costs but you are way off beam if you think cost-cutting is the solution to the problems here. And if it is not the solution then it would be cowardice of the directors to go down that route - they will have shown that they are bad as the last lot. If this delisting idea is seriously considered then it will have a detrimental effect on the share price until it takes effect - most shareholders will not want to be stuck with unlisted shares. The only benefit of delisting would seem to be to enable someone to pick up shares on the cheap and/or to give the directors an easy ride for the next 10 plus years.
greengiant: An interesting view Cathexis already owns around 30% of ISG’s shares and intends to take the firm private and has argued that “due to the size of the company, the nature of its business, the cyclicality of its markets and the volatility of its share price and trading performance” it is better suited to private ownership. Would love to have Havelock explain its strategy and belief of why Havelock is still better placed to remain listed. Andrew
greengiant: For me. I think the non execs need to ask themselves whether they have succeeded or failed and whether they are the appropriate people to help Ciaran and David move the business forward. I do believe in the work being undertaken by David & Ciaran, but it has been 5 long years the non execs have been there and the share price is where it was 5 years ago. Anyway, I have always been a true believer in the people who have a financial interest ( shareholders) determining the fate of a company and its Board. That is still my position- maybe the board will reflect on that. Anyway - lots of other stuff to do so going back to driving that rather than this until the moment is right. Andrew
neverforget: My question would be what have the non execs done except work for the bank and I included you AB in this comment.the share price is where it was 5 years ago and all that has happened is the best bits have been sold off.
profdoc: I've been writing a report on Havelock. You may or may not find some of it interesting. Anyway, here is the introduction - comment/criticism/discussion welcomed(what have I missed?: Havelock has been through many bad years, resulting in its share falling from 160p in 2007 to 58p in 2010, to only 14.6p today. The majority of companies showing such a share price decline are suffering from financial distress – many will eventually fail, most will struggle along, under-performing the market for years (see a paper I wrote with Prof Rose Baker on Return Reversal, summarised in Newsletters dated 22 April to 6 May, However, a minority of these ‘loser’ shares start to recover. A typical portfolio of losers shows remarkable out-performance over a five-year period. This is attributed to overreaction based on the representativeness heuristic, characteristic of the generality of investors: simply put, share prices get pushed too low as they are stereotyped and investors abandon them. To improve the prospects of subsequent ‘loser’ out-performance even further, I select only those showing factors suggesting they are not in financial distress. As a starting point, Joseph Piotroski (2000) demonstrated the usefulness of a number of accounting variables to separate high distress firms from low distress ones. Havelock performs very well on these measures – I’ll post a Newsletter on this analysis. Even though the data-based Piotroski factors are valuable for initial screening, the most important elements are qualitative: 1.Prospects for the business should be satisfactory. In Havelock’s case I’m happy, but I know I’m taking a risk – explained in another Newsletter. 2.The managerial team should be both competent and people of integrity (particularly with respect to being shareholder-oriented). Havelock’s non-executive directors have taken the company through hard times and have admitted to errors in their selection of executive directors. The CEO and FD have recently been changed so we cannot judge them yet, but I have some faith in one NED in particular, Andrew Burgess, who is also the largest shareholder. He is so central to the success of the company that I’ll write about him in my next Newsletter. 3.Stability. This has two aspects, (a) financial stability - Havelock has no net debt and no real pension deficit to worry about, although it needs to get into profit to make me feel really comfortable (b) the operating business stability - Havelock scores reasonable well here (stable at a low level of performance), but is quite dependent on four major customers. My final factor is a back-up test allowing possible rescue of some value if the operating performance does not pick up: the market capitalisation should be less than the net tangible asset value. (NTAV is net assets with goodwill and other intangibles deducted). Havelock’s MCap is £5.4m, but NTAV is £6.2m, so it gets a tick there. Overall, as I’ll explain in the next few Newsletters, Havelock matches the criteria to get into my Return Reversal portfolio, so I bought some. After looking at over 400 companies, I found one at last!! Intriguingly enough Havelock almost gets into my Modified-PER portfolio too. Here is the earning history: 2005 Basic eps 12.3p Adj. eps 10.3 2006 10.8p 11.6p 2007 12.2p 13.4p 2008 13.5p 14.2p 2009 -10.7p -3.1p 2010 -16.3p -7.2p 2011 -11.6p -6.0p 2012 21.7p -0.8p 2013 0.8p 0.7p 2014 -13.9p 0.2p 10-year average 1.88p 3.33p Share Price divided by average Basic eps over 10 years = 14.5p/1.88p = 7.7 Share Price divided by average Adjusted eps over 10 years = 14.5p/3.33p = 4.4 These cyclically-adjusted PERs are significantly below the average for UK companies (around 13). I’ve already said that Havelock does well on the Piotroski recovery-from-financial-distress factors and the three qualitative factors, so this contributes to the Modified PER story. However, it does not quite make it because it sold its most respected and profitable business (Point of Sale division) in April 2012 for £12.9m. While this was probably a good move in order to eliminate the debt and allow concentration of the other businesses, it does distort the message from the 10-year cyclically-adjusted price-earnings ratio. In tomorrow’s Newsletter I’ll explain what Havelock does, and the significance of Andrew Burgess. Glen
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