Huveaux Share Discussion Threads

[networker] 27/6/2007 00:19

HVX management has said it has big ambitions and targets to be a £1Bn company in the near future. Clearly this means a combination of organic and acquisitive growth. A hiccup in the recent past meant that this looked quite tricky to achieve as institutions ( the real backers by buying large chunks of placing shares ) were understandably being rather cautious. This current announcement makes the acquisition route look out-of-court.

While respecting the 'big company' experience of the chairman I have changed my stance and am now very negative on both short and medium term prospects. Recovery is not impossible in due course but the company has apparently shot itself in the feet.

[sikhthetech] 26/6/2007 23:04

hmm...they say that the fy should be higher than 2006...which could mean £5m pretax....market cap of £50m'ish is cheap if that is the case...

But they also said just a couple of months ago that all 4 divisions had a great start to 2007....

what went wrong...I hate management doing things like that.....

Part of me agree with jlabrey points, which are well put...

But I also agree that profit warnings do tend to come in 3's so agree with Elmfield...I also think they will drop further....

Surely, Epic, on their own, are worth around current market cap....
However, given that I'm in pure-profit I'm gonna stay put....and will review daily....

Good Luck all

[elmfield] 26/6/2007 22:24

Point taken but ain't going to hang around and wait.

[dr kilmore] 26/6/2007 21:32

Take your point j but there may be further pain between now and 26 july

[jlabrey] 26/6/2007 18:14

I think it's important to get some perspective here. In my experience 'profit warnings' should be treated on a case by case basis and analysed in depth for underlying issues that will determine future value for shareholders. The reputation and experience of management is also a very important factor for me.

A few points that I would offer are:-

(1.) This is a second-half weighted company: the political and school 'terms' start in September and October when most of its revenue is earned;

(2.) Yes, it is a poor statement of course, but two of the four divisions - Education and Political - are performing excellently and a third, Learning, is set to have a strong second half;

(3.) Management has a good track record of resolving issues as they arise and in a strategic manner: when Fenman was underperforming in February 2005 (see earlier statements and results) the management recognised the need to move decisively "on line", and decided to focus on fewer higher margin sales: therefore, I would expect decisive and swift action now;

(4.) The Company has not overpaid for acquisitions: a recent study showed that Epic PLC was acquired for about 30% below fair value and the statement regarding the healthcare division in this respect is reassuring;

(5.) The Company occupies good market leading positions in growing markets: Letts, Dods, Leckie and Epic are all hugely respected and valuable brands in their respective markets.

Undoubtedly the 'recovery plan' will be key and the results announcement will determine whether the management have a handle on the issues and a forward strategy. It is an experienced team in whom I, personally, still have confidence.

I will continue to hold as I do not view a market cap of £64 million expensive for a company still continuing to grow EBITDA and with such a strong ambitions for future growth.

[elmfield] 26/6/2007 15:50

Learnt ages ago, sell on first profit warning no matter what.

[peteark] 26/6/2007 15:22

I am not a fan of 'Evils' but he states profit warnings come in 3's, to my cost in the past I have not listened to his advice.

[elmfield] 26/6/2007 14:38

Getting out, just always do on profit warning, pity as loss of £4500 and I kind of had high hopes for this company.

[peteark] 26/6/2007 14:19

As far as a profit warning statement goes, it does not get much worse than that one, sorry

[dr kilmore] 26/6/2007 14:12

looks like carnage here, sorry guys

[jonathanlabrey] 15/6/2007 20:36

The political division has acquired the European Public Affairs Directory and www.diplomacy.be which combined take the company further into the growing EU political market.

[broomsticks] 15/5/2007 16:47

This comes soon after the FinanceMedia 2007 meeting which representatives of the BBC and the commercial sector were to attend on 9 May 2007.

That's another fine sticky mess, or is it!

BBC axes online education jobs
By Anita Singh, PA Showbusiness Editor
Published: 15 May 2007

The BBC is to axe all 200 posts within its online education service, BBC Jam, it was announced yesterday.
The move follows the BBC Trust's decision to suspend the £150 million service in March as a result of claims it was damaging the interests of commercial competitors.

In a statement, the controller of BBC Learning, Liz Cleaver, said: "I recognise that the past few weeks have been stressful for everyone involved in Jam following the suspension of the service in March, and commend staff for their patience and professionalism."
Many staff members based in London, Glasgow, Cardiff and Belfast have already left. Others may be redeployed, the BBC said.
BBC Jam is based on the national curriculum and is aimed at five to 16-year-olds.

The service had 170,000 registered users before the BBC Trust pulled the plug.
The Trust acted in response to news that the European Commission had received complaints from the commercial sector.

The BBC's learning department is preparing fresh proposals for a replacement service. They will be submitted to the Trust in the next few months.
Liberal Democrat culture, media and sport spokesman Don Foster said: "This ongoing farce is far from the BBC's finest hour. The decision to suspend BBC Jam before the European Commission had even reached a judgment seems ludicrous.
"BBC Jam was meant to represent a new era in the education services the BBC is known the world over for. Instead the Trust seems more concerned with damage limitation.
"At the very least, the BBC Trust should have waited until firm proposals were in place for a viable alternative before suspending the service."

aimo,dyor

[broomsticks] 27/4/2007 13:51

Thanks Cerrito,

Steady as she goes, building the infrastructure piece by solid piece.

General opinion is that Huveaux's Executive Chairman John van Kuffeler invariably accomplishes what he sets out to do, so barring exceptions there is still 4 years left to grow Huveaux into a company with a predicted market cap of £1bn.

From RNS Number:2831S
5 March 2007

"The company was formed in 2001 with the objective of building a substantial, high-quality media group. Huveaux has completed and successfully integrated 13 acquisitions over the past six years>>>>>>"

aimo,dyor

[networker] 26/4/2007 13:57

Cerrito
Thanks for your helpful comments.

[cerrito] 26/4/2007 13:53

was at the agm
not much to report
all seems quiet
do not see much in the short term to push the price higher but limited down risk

[broomsticks] 19/4/2007 18:41

I am still reading up on this company and admit that at times I am going round in circles with the Leitch Report, BBC jam etc. Was it coincidence that Huveaux announced its appointment of Andy Ware at approximately the time that the BBC terminated its jam service? Sorry, rhetorical question.

I sent off for a trial of the Training Journal, which was duly forwarded for two months. Also I registered for the free email service with ePolitix to find out what kind of information it puts out to the public. It's a comprehensive service which I find, at least for my purpose, to be too much. It's very tempting to send a reply to some of the emails I receive addressing them to 'Yes Minister'.

It goes without saying that for Huveaux's other divisions/departments the information from ePolitix should be extremely useful.

Fenman has finished selling off old stock so it looks like it is now fully integrated into the elearning division at Huveaux and in the process has gained the new name of Epic Professional.

So the learning division has new management and a different game.

aimo,dyor

[jlabrey] 19/4/2007 16:57

Seems to be strengthening.

[broomsticks] 13/4/2007 14:28

Does anyone know what part, if any, Andy Ware played in the BBC jam which Donald Clark former CEO of Epic Plc has allegedly described as "a sticky mess?"

Thanks in advance, but that's not for a sticky mess. ;-)

Aimo,dyor

[broomsticks] 12/4/2007 15:31

Huveaux are now recruiting for Lonsdale Publishing.

Taken from Guardian Unlimited @ Guardian Newspapers Limited 2006.

In Key tasks it mentions marketing material for new products as well as existing ones and ensuring "forward movement of projects."

It looks like the company is preparing for more business.

"Mac Operator/Designer

Organisation: LONSDALE PUBLISHING
Location: Yorkshire & Humberside, Greater Manchester
Salary: £19K + (depending on skills and ability)
Date posted: 5 Apr 2007
Closing date: 30 Apr 2007


Responsible for the design and layout of titles across the Lonsdale and Letts brands, applicants will ideally have experience within a similar role. A good working knowledge of Mac-based programs, including QuarkXPress, Photoshop, Illustrator and Freehand, is essential.

Job title: Mac Operator / Designer
Salary: 19K + (depending on skills and ability)
Department: Editorial and Production Department
Responsible to: Head of Design
Location: Holmfirth, West Yorkshire

The Company:
Huveaux PLC's Education Division comprises three of the best known brands in educational publishing: Lonsdale, Letts Educational and Leckie & Leckie. This role will involve work for both the Lonsdale and Letts brands.

Lonsdale and Letts produce high-quality revision guides and other resources, matched to the national curriculum for England and Wales and covering all key stages (Key Stage 1 through to A-level). The combined publications list includes a wide variety of subjects and series.

Main purpose of job:
Your principal role will be to design / redesign page layouts, packaging and marketing material for new and existing products. You will be expected to help source images for projects, creating original drawings where appropriate, and prepare products for print, producing accurate work to an agreed schedule. Your role should also be to liaise with the editorial team to ensure these standards and deadlines are achieved.

Personal specification:
To carry out the duties outlined in the section above, you will need...
- An ability to think creatively and produce innovative work whilst observing set guidelines, leading to the creation of original designs which meet with company standards and complement and enhance the brand image
- A good working knowledge of Mac-based programs, inc. QuarkXPress, Photoshop, Illustrator and FreeHand
- An excellent eye for detail
- An ability to organize and prioritize work to ensure deadlines are met
- A high level of accuracy in your work
- To be able to multi-task
- To be able to work as part of a team
- A friendly, can-do attitude
- Good all-round IT skills
- Good communication skills.

Nature/scope:
In addition to your key tasks (see below), you may also be required to assist with general administrative tasks.

This position also requires you to work additional hours (outside standard working hours) where necessary to ensure that projects are completed to schedule.

Department structure:
Mac Operators / Designers report to the Head of Design; the Head of Design reports to the Managing Editor.

Key tasks:
- Designing / redesigning page layouts, packaging and marketing material for new and existing products
- Sourcing images, creating original drawings where necessary
- Changing and amending content according to editorial instructions
- Revising and developing designs to ensure that the final product is of highest possible standard
- Liaising with editors to ensure forward movement of projects
- Preparing jobs for print
-Dealing with printer queries / problems where necessary to ensure that the final product is error-free and produced to specification."


Also

The Training Journal is holding its Annual Conference and Awards 2007 on Tuesday 26 June at The Commonwealth Club, 25 Northumberland Avenue, London,WC2N 5AP.

Details here

[jlabrey] 04/4/2007 12:54

It is clear that Epic is driving value across the Group. I was very interested to see the appointment of Andy Ware as the Director of the new Education Division (there are now four business divisions). He is a former director of learning at the BBC.

It seems Huveaux wants to be a consolidator in the education publishing sector, with many companies exiting this space at the moment because they don't want to invest in digitalisation. The revision guides businesses will then become the nucleus of a much bigger division.

The question (and risk) is how any acquistion(s) will be funded going forward. Borrowing is modest but there is probably only another £18m available from this route to maintain prudence. Then it's cash and shares. I would like to see the Group potentially exploring the joint venture model to limit earnings dilution, which could give us a slice of a much more significant market.

On a separate note, I saw that Jane's Information Group was put up for sale last week by their Canadian owners with an expected price tag of £50 million.

On HVX's share price performance, it is disappointing that the market has not spotted the value here but it gives opportunities to add and, hopefully, make bigger gains in the long term... The management seem to be doing all the right things to secure growth.

[jonathanlabrey] 30/3/2007 18:23

broomsticks - do you regard Huveaux as good value currently?

[broomsticks] 30/3/2007 13:51

jonathanlabrey,

Yes, I received that message too and appreciate the personal touch it conveys. To me it is indicative of the whole ethos within Huveaux