Share Name Share Symbol Market Type Share ISIN Share Description
Iwp International LSE:IWP London Ordinary Share IE0004655241 ORD EUR0.115(WITH IWP(UK)HLDGS'A'ATTACH)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 101.66p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.00

Iwp Share Discussion Threads

Showing 26 to 46 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
03/2/2006
21:02
what kind of rumour have you got
nektarioss
29/1/2006
11:47
can anyone give me the lowdown on this share. what is expectedof the company?. it doesn't seem to have confidence from holders. I've heard a rumour also.
degsy2
02/12/2004
08:00
Unfortunately, just as predicted by Moneybags article in my earlier post the results are not pretty...... The CEO also today has in a sense "admitted defeat" as his task appears to have gotten the better of him!!! One of Ireland's best known business surgeons has been brought on board today......and his first target may be the shareholders liability in the balance sheet. I'm out!! Caveat Emptor!!!
hypocrite
22/11/2004
08:47
nice tick up in price today
puku
10/11/2004
19:54
Moneybags in Phoenix Magazine. IWP shares look expensive even at 16 cent JIM MURPHY has now been running IWP – which lost a whopping €83m in the year to March 2003 – for just over a year and, in that time, he has driven several more nails into the coffin. Unfortunately, the two major achievements he boasts of – debt reorganisation and the withdrawal from Canada – both appear to have cost the company dearly and it now looks to be in very deep trouble. IWP INTERNATIONAL PLC It was always difficult to see what precise skills Murphy would bring to bear on IWP's problems given that his previous job was running a dairy co-op, almost the complete opposite of running a cosmetic fashion house. IWP's share price has accordingly been more than halved to the current 16 cent. CANADIAN OPERATION According to Murphy himself, "in the second half of the financial year a series of actions has been taken including the decision to close the loss-making Canadian business". This latter business was so small that it was never analysed separately from the UK and EU business. It was simply lumped in with the rest of world turnover which, of course, included more than Canada. In the year to March 2003, out of total group sales of €361m, only 4% (€13m) was accounted for by the rest of world. So inconsequential was the Canadian operation, that the chairman at the time, Frank Plunkett-Dillon, did not actually refer to it once in his annual review, nor indeed did the then ceo, Joe Moran, in his accompanying statement. Given also that the manufacturing plant had already been shut down in Canada, it simply beggars belief that Murphy's decision to exit Canada during the first six months of his reign could possibly have cost a further €8.4m. If this is meant to be effective management, the real danger for IWP shareholders is that any more closures could bankrupt the company. The other boast Murphy makes relates to "the successful completion of the revised funding arrangements with our existing lending institutions". In the previous year to March 2003, Joe Moran had sold Jeyes fluid and, in the process, made an early repayment of $30m on IWP's big, 1997, American loan note. Instead of being thanked for this, the US loan note holders charged him "an early repayment penalty of $3m", which nevertheless "will benefit future years in the form of reduced interest rates". With €100m outstanding on this loan note, Murphy's renegotiation resulted in him agreeing to additional charges and penalties amounting to €6m. Furthermore, the bulk of these loan charges were not provided for in the accounts in the year to March 2004 but are hanging over the group in the current year. Of course, if Murphy did fully provide for these loan costs, he would have almost eliminated the group's tiny, claimed, net asset base of €6m, pushing it down to a miserable €2m. Even this assumes that the €10m goodwill on the balance sheet actually stacks up. If this latter is deducted, the group is already insolvent to a degree of €4m and this net asset deficiency would have doubled to €8m if Murphy had fully provided for the fees and charges associated with his loan renegotiations. If these were dirt cheap loans, it might be conceivable that it was fair of Murphy to allow some break for the loan note holders. However, last year IWP's interest charges came to €9m, representing a 9% interest charge – nine times the US base rate. With the €30m Murphy got from selling off the irrelevant but profitable, Dutch Putzfeld/Skiffy plastics components business, he should have been able to play hard ball with the US loan note holders. Anyone holding loan notes in a company as vulnerable as IWP would certainly be worried but Murphy agreed to pay an ongoing extra interest penalty and a hefty €6m in fees and costs. In relation to the underlying, continuing business, Murphy boasts that "the operating profits increased by €1.5m to €4m, an increase of 60%". Unfortunately he fails to highlight that this is totally inadequate to pay the group's €9m interest charge or that all of this improvement resulted from loss elimination in the Dutch Royal Sanders business. This had been drastically restructured in the preceding year, with both the group's Dutch head office and one of its two manufacturing plants at Leiden closed down, leaving the focus on the one remaining plant at Vlijmen. This restructuring cost €14m in the preceding year and it is wrong for Jim Murphy to get any credit for the results of this. When Murphy ran Golden Vale from 1997 to 2002 there were three predators in the wings – Dairygold, Kerry and Glanbia – so there was always an easy exit. This is a very different scenario, however, and IWP simply cannot afford to indulge itself to the extent it has been doing. Even down at 16 cent, the shares could suffer more if, for example, Murphy closes down the small, remote, loss-making Polish operation. On the basis that his method of exiting Canada cost shareholders €8.4m and Canada was a tiny operation, exiting Poland could possibly cost even more. IWP now looks a hopeless case and the shares are only of any interest to those who think Jim Murphy can save the day. Moneybags rather doubts it. Jim Murphy IWP shares look expensive even at 16 cent JIM MURPHY has now been running IWP – which lost a whopping €83m in the year to March 2003 – for just over a year and, in that time, he has driven several more nails into the coffin. Unfortunately, the two major achievements he boasts of – debt reorganisation and the withdrawal from Canada – both appear to have cost the company dearly and it now looks to be in very deep trouble. IWP INTERNATIONAL PLC
hypocrite
21/10/2004
13:48
Caveat Emptor!!!
hypocrite
21/10/2004
13:48
Caveat Emptor!!!
hypocrite
21/10/2004
12:36
Moneybags rubbished this share today!!! Reckons the company will go bust shortly!!! I got out at 16 Euro cents today!!! Caveat Emptor!!!
hypocrite
26/3/2004
11:28
RESTRUCTURING stratgey now fully known.... not without a cost!!! Company Doctor at work!!!
hypocrite
13/2/2004
19:45
Salient fact is RESTRUCTURING. Caveat Emptor!!!
hypocrite
10/2/2004
11:01
huh! IWP not paying a divi now!
sammyc
27/11/2003
12:43
hmmm. borrring
sammyc
03/11/2003
17:22
yep.. boring. spread is getting wide. Still cannot believe that you can still buy for 24p, with the 2.25pence divi coming up in January!!!!!!
sammyc
22/10/2003
14:37
has everyone received their small october dividend?
sammyc
21/10/2003
13:30
move up...... NOW!
sammyc
14/10/2003
16:58
ok, so who else is in now?
sammyc
07/10/2003
08:58
lol, who sold 596 shares at 20pence? Nice to see that delayed trade move the price up this am.
sammyc
06/10/2003
13:45
nope ...just not a very heavily traded share.........watching paint dry springs to mind.
limousine
06/10/2003
10:17
No volume at all? This hasn't been suspended has it?
sammyc
02/10/2003
15:36
hello limosuine. 3p divi a share? 20pence a share... that is really remarkable. Only 75mil in circulation? I couldn't resist not buying. AGM was on Tuesday, but there has been no anouncement yet, and apparently it was a very good one this year!
sammyc
02/10/2003
09:59
anybody else holding?
sammyc
Chat Pages: 2  1
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