We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Heywood Wms. | HYWD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.43 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.43 | 1.43 |
| Top Posts |
|---|
Posted at 20/10/2009 14:43 by wskill I am sure if the banks had given the shareholders 20% of the equity this disaster could have been avoided the directors who caused this failure were to be rewarded for destroying HYWD and still taking huge salaries equal to the market cap this beggars belief. |
Posted at 20/5/2009 10:16 by wskill This should help HYWD ,LOWEs the biggest DIY company in FLorida and California upped their year end forecasts due to an improvement in demand hopefully we will spike up now if we can manage a rights issue at a sensible price |
Posted at 17/5/2008 12:08 by ydderf ....but, there was a further deferred payament due end March which will have pushed up the debt beyond 36m, the directors haven't bothered to buy even at this level, shareholders tangible funds are well negative now, there is no dividend or the prospective of one, no analysts follow it, and institions are not interested - will take more than a handful of usual suspect penny punters to move this up.........one slip and they're in the knackers yard!oh, and have you seen the chart?! |
Posted at 22/3/2007 18:28 by mattsuff Being very new to this game and at the moment mainly just paper trading, one of the company's I have been following of late is HYWD. I would appreciate some views on the following question I have.Normally it seems that this company normally has an average volume of about 300,000 shares traded daily, however today that volume was just short of 9 million. Does this mean a takeover could be imminent? Could this be part of some sort of employee share scheme? Or probably as I suspect, neither of the above! Thanks. |
Posted at 02/8/2006 07:29 by jhan66 Looking to buy HYWD for first time.US going well (= 2/3 of OP) UK in decline slight currency dip, affecting US up to 3% Pension deficit is £30m. will cost £2m from this years profits & £3m from next seven. Haven't see any reports yet, imagine they can make £6M pretax & must have some useful losses to offset. so coming close to my buy price. director statements about dividends sound helpful though less sure about their aquisition ambitions. |
Posted at 02/9/2004 07:21 by maywillow RNS Number:5243CHeywood Williams Group PLC 02 September 2004 Heywood Williams Group PLC Interim Results for the six months to 30 June 2004 Date: Embargoed until 7.00am, Thursday 2 September, 2004 Contacts: Robert Barr, Chief Executive Tel: 020 7831 3113 (02/09/04) Heywood Williams Group PLC Tel: 01484 487200 (thereafter) Jon Simmons/Sally Lewis Financial Dynamics Tel: 020 7831 3113 Headline financials * Turnover reduced mainly due to disposals to #194.2 million (2003: #278.3 million) * Operating profit increased to #3.7 million* (2003: #0.6 million loss*) * Pre-tax profit up to #3.1 million* (2003: #1.7 million loss*) * Pre-tax profit after exceptionals and goodwill amortisation #2.7 million (2003: #3.4 million loss) * Earnings per share 2.0p* (2003: 1.3p loss per share*) * before exceptionals and goodwill amortisation Results from continuing operations * Turnover from continuing operations #156.7 million (2003: #152.6 million) * Operating profit from continuing operations #2.4 million (2003: #1.5 million) Recent developments * Significant elements of the restructuring programme now complete * Robert Barr, new Chief Executive, joined the group * Bristolpipe sold for #15.4 million in the second half, removing volatile business with limited strategic fit * Balance sheet strengthened, debt-free after Bristolpipe disposal * Head office functions rationalised * Operationally focused management team - returning Plastic Systems to profit is the no.1 priority Robert Barr, Chief Executive, said: "The first half of 2004 saw the successful implementation of a substantial programme of change designed to streamline and strengthen the group. Heywood Williams is now focused on its market leading businesses of specialist distribution of building products in the US and UK and the extrusion of plastic profiles in the UK. The group is now profitable on an ongoing basis and we continue to work towards delivering full year expectations. We are determined to realise the potential from our market leading positions as the group moves forward." Interim Report from the Chairman Restructuring Programme Update In my report to shareholders in March, I said that 2003 was one of the most difficult years that Heywood Williams had encountered in its long history. As a consequence of this, the major focus in the first half of 2004 was to continue to implement the comprehensive restructuring programme, announced in October 2003, in parallel with returning the Plastic Systems division to profitability. The restructuring programme was designed to strengthen the group following the difficulties encountered during 2003. Significant elements of the programme have now been completed including: * The sale of the trade fabricators Coastal and Cestrum Conservatories early in the year; * On target headcount reductions in the continuing operations, particularly Plastic Systems; * Elimination of excess stocks and distribution equipment and write-down of debtors associated with the supply chain issues which had arisen in Plastic Systems; * The downsizing of the electronic locking project, primarily Centralock; * Finalisation of new financing facilities for the period to December 2005; * An ongoing drive to increase the focus on cash and therefore optimise the levels of capital employed throughout the operations and minimise the cash component of the exceptional expenditure. The group's balance sheet has improved significantly through the settlement of the second part of the group's legacy product rectification claim, resulting in the receipt of #14.5 million in June 2004, and the sale of Bristolpipe, the US pipe operation, for a net cash receipt of #15.4 million in the second half. The sale of Bristolpipe enabled the group to exit an activity, which provided limited strategic opportunities and created a significant degree of volatility in group earnings from year to year. Following the sale, banking facilities have been extended until the end of 2005 with more conventional covenants. Head office functions have also been rationalised and a number of senior managers have left the company. These changes are part of a programme designed to create an operationally focused management team, align the central resources to the size of the operations and save costs. As a result of the above actions the continuing group: * Will be substantially debt-free throughout the rest of the year; * Is profitable, recording an operating profit of #2.4 million in the first half of 2004. The results to date demonstrate that the group's operations have been substantially improved through a wide-ranging and effectively managed series of actions. I would like to thank the management teams, both in the operations and at the centre for their commitment and skill, which augurs well for our future endeavours, but we must not be complacent, as much remains to be done. Management Changes During this period the board has been strengthened with the appointment of Robert Barr as group chief executive and Graham Menzies as non-executive director. As previously announced, I stepped down as executive chairman to become chairman from 1 July and Edward Roderick has ceased to be deputy chairman from the same date, remaining as senior non-executive director. Following the decision of Laurence Campbell to leave the group in September 2004, a programme is in place to recruit a replacement. Financial Performance Group profit before taxation, goodwill amortisation and exceptionals was #3.1 million (H1 2003: loss of #1.7 million) on turnover of #194.2 million (H1 2003: #278.3 million). The profit before tax, after exceptionals and goodwill amortisation was #2.7 million (H1 2003: loss of #3.4 million). The continuing business, after the sale of Coastal, Cestrum Conservatories and Bristolpipe, made an operating profit of #2.4 million on sales of #156.7 million. Diluted earnings per share, before goodwill amortisation and exceptional items were 2.0p (H1 2003: loss of 1.3p). Net borrowings reduced to #6.4 million as a result of strict cash management, the disposal of Coastal and Cestrum Conservatories and the receipt of the second part of the legacy product rectification claim of #14.5 million. This compares to net debt at the end of June 2003 of #43.8 million. Following the receipt of the net proceeds of #15.4 million from the disposal of Bristolpipe, the group is, on average, debt-free. As announced at the time of the settlement of the legacy product rectification claim, the group has undertaken a further update to its lifetime cost assessment, based on the latest scientific evidence and claims experience and has increased the provision by the value of the second claim. The board considers that this amount is sufficient to meet the cost of future claims. For technical accounting reasons, it will be necessary to discount the provision and charge notional interest in respect of the provision which is estimated at #3 million over the life of the provision, of which #0.6 million will be charged in the second half of 2004. The board has not declared an interim dividend (2003: 5.25p). The board recognises the importance of dividends to shareholders, and dividends will be restored once the board is satisfied that the group demonstrates its ability to deliver acceptable and sustainable earnings. Operational Review for the First Half of 2004 The UK PVC window, door and conservatory market was weaker than expected in the first six months of 2004 and this continues to date. There are no firm industry statistics on the whole sector, but the industry view is a market decline of at least 5%. Against this background, the sales of our Hardware businesses were broadly flat, as were operating profits. Plastic Systems sales declined by 12.4% largely due to the effect of customers lost during the period of supply chain disruption in 2003. All efforts are being directed to generating new business to arrest and reverse this trend. Despite the lower sales and higher PVC resin costs (#0.8 million), the operating loss of Plastic Systems was restricted to #2.3 million, a little better than the first half of 2003. This was achieved primarily through lower customer credits, better raw material efficiency, lower distribution costs, and reduced headcount. Customer service levels have improved, but much more work remains to be done. The focus on increasing sales volumes is absolute, but inevitably time will be required to generate the additional sales necessary, at acceptable net margins, to return the division to profitability. In the US, early market weakness in both Manufactured Housing and PVC pipe gave way to a more positive picture later in the first half, only to deteriorate again. We remain positive for the Manufactured Housing recovery as the level of repossessions falls, but the multi-section market has not yet enjoyed the improvement achieved by single section homes. Recreational Vehicles grew strongly throughout the period, which is supportive to our remaining US operations. Our merchanting and operational effectiveness continued to deliver acceptable returns in depressed market conditions. Overall, the US businesses generated operating profit of #4.0 million in the first six months of 2004 despite the deterioration in average US Dollar/Sterling exchange rate to 1.82 from 1.61 in the first half of 2003. The Development of the Simplified Group As a result of the restructuring programme, the first stage of simplifying and focusing the group has been completed. In essence, the group is now a supplier of products to the building industry and consists of two major activities: specialist sales, marketing and distribution of building products in the UK and US (approximately 80% of turnover) and extrusion of plastic rigid and cellular profiles in the UK (approximately 20% of turnover). Of the specialist distribution sales, approximately 20% is vertically integrated value-added manufacturing sold under group brands. Looking ahead, the board is now focusing the group on developing its continuing operations, supported by a strong balance sheet with a low level of borrowings. This will result from well planned activity which is effectively executed across all our businesses. In specialist distribution in the US, we are already the market leader in Manufactured Housing with approximately 25% market share in those products we supply, but will seek to accelerate market share growth through new product introductions and upgrades, whilst taking full advantage of the expected upturn in the Manufactured Housing market. In parallel, we will seek to extend our product offering and penetration into the high growth Recreational Vehicle and Modular Housing markets. In the UK specialist distribution sector, we are the market leader in hardware distribution to the PVC windows, doors and conservatory market with a share of approximately 26%. Product development will now receive extra impetus, as will the full extension of product sourcing options and distribution into the already established Eastern European markets. We will also evaluate the options available for the development of our regional sealed unit operation. In UK Plastic Systems, despite the loss of volume in recent years, we remain the largest producer, with an estimated market share of 11%. Clearly, the drive to reverse the sales decline will be the central focus of the group for the second half of 2004 and all of 2005. In addressing this, it is important to recognise that the customer base for cellular profiles is primarily specialist stockists, whereas our rigid profile customers are mostly fabricators of windows, doors and conservatories. Our future sales initiatives will be designed in a bespoke manner, for these different customer groups. Nevertheless, the realisation of the potential performance will take time to achieve, and eliminating losses is the first target. The new simplified group structure presents many opportunities across our businesses and a clear and focused approach creates the environment necessary to realise them. Outlook Overall market conditions remain weak in the UK and the momentum of improvement in the US Manufactured Housing market has slowed. Nevertheless, we continue to work towards the achievement of full year expectations. Equally important, the platform for future growth, which has been established, will enable Heywood Williams to realise the potential from our leading market positions as the group moves forward. |
Posted at 08/7/2004 07:40 by waldron RNS Number:6221AHeywood Williams Group PLC 08 July 2004 Heywood Williams Group PLC HYWD Circular posted Thursday, 8 July 2004 Heywood Williams Group PLC Posting of circular and notice of EGM Heywood Williams Group PLC announces that it has posted to shareholders a circular relating to the proposed disposal of the business and trading assets and liabilities of Bristolpipe Corporation, a US subsidiary of the Group, which was announced on 1 July 2004. The circular contains a notice convening an Extraordinary General Meeting to be held at 2:00 p.m. on Thursday, 29 July 2004 at the Cedar Court Hotel, Ainley Top, Huddersfield HD3 3RH. Enquiries: Heywood Williams Group PLC Tel: 01484 487 200 Robert Barr Group Chief Executive Financial Dynamics Sally Lewis Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange END CIRQVLBBZDBEBBE Heywood Wms.(HYWD |
Posted at 06/7/2004 23:25 by quinn20 T & G most recently downgraded following Bristol Pipe fire sale.Enterprise value circa £100m for loss making co before exceptionals kick in clearly unsustainable. Heywood Williams today announced the sale of US subsidiary Bristolpipe Corp for $33m in cash. The move itself didn't surprise the market as the company is in the middle of a massive restructuring exercise at the moment; more worrying was the admission that the sale will "significantly" reduce the group's earnings this year. Another major development was the news today that finance director Laurence Campbell has decided to leave the group and go to a big law firm. That completes a clean sweep of senior management changes over the past year as the chief executive resigned last July and the chairman followed him in October. Things certainly went very wrong last year. The group recorded a pre-tax loss of £3.4m, compared with a profit of £16.7m, after real problems in its Plastics and Fabrication divisions which led to the sale of the loss-making Coldseal business, amongst others. The new chief executive, Robert Barr, finally started on June 1st and certainly has his work cut out to get the group back on an even keel and trading profitably again. The company's core business is supplying components to PVC window, door and conservatory manufacturers. The windows and doors are mostly for the replacement market which is reckoned to be worth around £3.3bn. Heywood Williams is the market leader in the UK but a significant proportion of its sales are in the US where it is the market leader in the supply of building and plumbing products to the manufactured home and recreational vehicle industries. The UK operations are split into three divisions: Components, Plastics and Fabrication. The Components business looks healthy enough with sales up 7% last year, but management has had to take drastic steps to get the other divisions back on track, including reducing the wage bill by 15% and downsizing, closing or selling unprofitable companies. Despite all of this, analyst David Taylor at Teather & Greenwood believes the Plastics division will not return to profitability until 2006. The US business - what remains after today's disposal - is benefiting from a recovery in manufactured housing and the RV sector remains healthy. The main problem is the weakness of the dollar. The balance sheet at the end of December showed gearing of 60% with net debt running at £35m, but that should improve dramatically after today's news. The company has arranged new banking facilities and should be able to generate reasonable cash flow from the continuing operations. One of the biggest shocks last year was the cutting of the final dividend after four consecutive years of better-than-average income. It was hardly surprising given all the financial problems, but to go from 15p to 5.25p was a nasty surprise for investors. Before today, the consensus among brokers was for a dividend of just 2.8p this year, but even that now looks in jeopardy. Following the disposal, house broker Cazenove said that it is now forecasting pre-tax profit for the current year of £4.8m, which is £2m below yesterday's consensus among other brokers. That consensus implied earnings this year of 5.3p, rising to 9.3p next year, putting the shares on a forward PER of 16, falling to 9 in 2006. With those EPS figures unlikely to be matched, however, the real rating is much higher and the shares are hardly cheap. As the business cuts costs and the restructuring changes feed through, profits should certainly improve. Even so, investors would do well to watch this one from a distance. |
Posted at 29/8/2003 17:52 by doubleorquits Needless to say I hold this share, therefore DYOR because I am probably very biased. This is my interpretation only of company information available in the public domain, forecasts and supporting documentation from the company website and broker information. It is not an invitation to buy shares in the company but an analysis carried out for my own benefit and made available through these boards for interest only.This could be a classic recovery play, the news of the disposal on the face of it seems very positive and if it stays low in price it has to be a bid prospect. The dividend is pretty safe, the company has a strong balance sheet and is cash generative. the present price is just above where it fell after the second warning (just hope they don't come in threes). It fell to 111p on the first warning and recovered to 155p thereafter. I think that 111p will offer support on the downside if we get disappointing results - although it is good to see that the disposal will be earnings enhancing this year. But for the longer term, how can a share with a yield of 12% or so carry on without something happening? Option 1 of course is that the dividend is not sustainable and reduced in the future. Yet it does look pretty secure. Option 2 is that it becomes subject of a bid and the inherent value of a cash-generative business becomes apparent. Not unlikely that 150p-175p would be mooted by a company prepared to strip out and sell on the parts it doesn't want. The sale of the Coldseal has helped with this option because there is one less bit of the business to worry about, both for HYWD and any potential suitor. So that appears to be good news whichever way it is looked at. Option 3 is that HYWD proves to be the classic recovery play. Looking at earnings and yield together (a favourite means of mine to value a company alongside PEs or where PE forecasts are difficult due to lumpy earnings and profit warnings), I think in the medium term the company will be looking at trying to cover the dividend at least two times. That implies that at some point (maybe two years or more) the EPS will top 30p when the business sees the upturn. The market will react to this long before it is achieved, by which time the earnings may have moved forward further. In that scenario HYWD is operating on a PE of 5 sometime in the future AT 150p.....cheap for those prepared to wait a little. But maybe the value will come out sooner. Taking the yield and dividend in isolation away from forecasts of EPS, it is reasonable to expect the yield to fall to nearer 6 to 8% as the recovery story gathers momentum. To achieve a yield of 8% implies a price of just short of 200p if the dividend remains at 15p for the full year. Anybody buying now will secure that 15p dividend (save any about turn by the company which incidentally IMO would be the worse thing they could do because it signals things are not just poor) within six months. Indeed, in twelve months they will actually qualify for a further 5.5p if the dividend is held so 20.5p in a year - a return on capital of about 15% at today's price and prospects of good capital growth. Next week we could have bad news but I do think that the downside on this share is only about 15% (111p or so) with an upside of £2 as argued above (50%) so the ratio of reward to risk is about 10 to 3 which makes it very attractive if my calculations are anything like right. The fact that it "only" fell 10% or so on both previous warnings gives a little protection, as does the 20.5p dividends over the next year. The biggest danger that I see is a dividend cut which will lead to a major re-think on my part. At that point the whole valuation of the company becomes less certain although Option 2 above still would look quite attractive. |
Posted at 29/8/2003 17:43 by doubleorquits Needless to say I hold this share, therefore DYOR because I am probably very biased. This is my interpretation only of company information available in the public domain, forecasts and supporting documentation from the company website and broker information. It is not an invitation to buy shares in the company but an analysis carried out for my own benefit and made available through these boards for interest only.As hvs points out this could be a classic recovery play, the news of the disposal on the face of it seems very positive and if it stays low in price it has to be a bid prospect. The dividend is pretty safe, the company has a strong balance sheet and is cash generative. the present price is just above where it fell after the second warning (just hope they don't come in threes). It fell to 111p on the first warning and recovered to 155p thereafter. I think that 111p will offer support on the downside if we get disappointing results - although it is good to see that the disposal will be earnings enhancing this year. But for the longer term, how can a share with a yield of 12% or so carry on without something happening? Option 1 of course is that the dividend is not sustainable and reduced in the future. Yet it does look pretty secure. Option 2 is that it becomes subject of a bid and the inherent value of a cash-generative business becomes apparent. Not unlikely that 150p-175p would be mooted by a company prepared to strip out and sell on the parts it doesn't want. The sale of the Coldseal has helped with this option because there is one less bit of the business to worry about, both for HYWD and any potential suitor. So that appears to be good news whichever way it is looked at. Option 3 is that HYWD proves to be the classic recovery play. Looking at earnings and yield together (a favourite means of mine to value a company alongside PEs or where PE forecasts are difficult due to lumpy earnings and profit warnings), I think in the medium term the company will be looking at trying to cover the dividend at least two times. That implies that at some point (maybe two years or more) the EPS will top 30p when the business sees the upturn. The market will react to this long before it is achieved, by which time the earnings may have moved forward further. In that scenario HYWD is operating on a PE of 5 sometime in the future AT 150p.....cheap for those prepared to wait a little. But maybe the value will come out sooner. Taking the yield and dividend in isolation away from forecasts of EPS, it is reasonable to expect the yield to fall to nearer 6 to 8% as the recovery story gathers momentum. To achieve a yield of 8% implies a price of just short of 200p if the dividend remains at 15p for the full year. Anybody buying now will secure that 15p dividend (save any about turn by the company which incidentally IMO would be the worse thing they could do because it signals things are not just poor) within six months. Indeed, in twelve months they will actually qualify for a further 5.5p if the dividend is held so 20.5p in a year - a return on capital of about 15% at today's price and prospects of good capital growth. Next week we could have bad news but I do think that the downside on this share is only about 15% (111p or so) with an upside of £2 as argued above (50%) so the ratio of reward to risk is about 10 to 3 which makes it very attractive if my calculations are anything like right. The fact that it "only" fell 10% or so on both previous warnings gives a little protection, as does the 20.5p dividends over the next year. The biggest danger that I see is a dividend cut which will lead to a major re-think on my part. Chef, You are entitled to think they will disappoint - and that is the risk with this type of share. It could on the other hand be a real bargain - and there is a lot of buying to support this at the moment. But at least tell us why you think that - don't just start de-ramping, claiming you have made loads of dosh elsewhere and this is a turkey. Why bother turning up and offering your wisdom if you are not interested in a turkey. hvs and I have had differences of opinion on a couple of issues in the past (although not necessarily on the share but more the type of post) - I think he is too often guilty of trying to talk a share up to a certain price without giving any support. I happen to agree with his opinions on this one although I am not sure why he is so sure it will see £1.50 in no time - why stop at £1.50 hvs, it is so unlike you to be conservative? In this case, however, you spotted this before me and credit where its due - even if you are a little bit short on information at times! ;0) PS: hvs, have you got a copy of the FT article you refer to? I have posted this on this thread but have also started a new one because I (selfishly) like to have a price and date marker (see LAC and ROK threads) for future reference by me and others. Please continue the new thread if you wish or resume this one. I shall contribute on the same thread as everybody else. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
