Share Name Share Symbol Market Type Share ISIN Share Description
Apc Technology LSE:APC London Ordinary Share GB0000373984 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 6.50p 0 08:00:00
Bid Price Offer Price High Price Low Price Open Price
6.25p 6.75p 6.50p 6.50p 6.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 17.15 0.56 0.50 13.0 11.9

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Date Time Title Posts
17/4/201919:57APC Technology PLC set for growth on profits.1,226
10/1/201618:50Advanced Power Components - 2007 Onwards1,224
19/11/201501:10Loverat's Anti- PC Thread4,392
22/1/201510:19APC The Future and energy preservation28
25/11/201320:27apc looks like being a good week for acp -

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Advanced Power Components Daily Update: Apc Technology is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker APC. The last closing price for Advanced Power Components was 6.50p.
Apc Technology has a 4 week average price of 6.25p and a 12 week average price of 5.88p.
The 1 year high share price is 8p while the 1 year low share price is currently 5.88p.
There are currently 182,627,088 shares in issue and the average daily traded volume is 295,869 shares. The market capitalisation of Apc Technology is £11,870,760.72.
glasshalfull: fibs - Pleased to read you received a reply. Personally I think the response reasonable Enrique. As mentioned, I’ve simply factored in the MAX award of £3.4m which equates to a share price of 22p. Therefore to achieve this we are looking at a share price appreciation of over 225% from the current price! I’m a fairly large holder in APC with 2% of the company equity & believe that management totally aligned with investors. Look back over the last few years & you’ll see the support they’ve provided by subscribing for shares at c.6.75p to assist the company transition from a loss making entity. They’ve yet to make a penny on these subscriptions. I certainly don’t begrudge them £3.4m if they deliver over 200% share price growth for myself and other investors here. Thanks for sharing. Kind regards, GHF
fibs: Hi GHF and all, I got an answer from IR although I'm very dissapointed with it as it does not provide any additional details. See for yourself: "Dear Enrique, Thank you for your e-mail and our apologies for the delay in getting back to you on your original question. The note in our Annual Report 2018 which you quote below refers to shares being issued at varying levels depending on the Group’s market cap between £9.1m and £40m, the maximum being shares with a value of approximately £3.4m. The number of shares to be issued at varying levels of market cap will depend on the number of shares in issue and the share price prevailing. As an example, assuming the market cap reaches the maximum £40m and the number of shares in issue remains at today’s figure of 179,883,988, this would imply a share price of approx 22p which, for an award value of £3.4m, would mean approx 15.4m shares. The awards will depend on the rules of the LTIP as a whole, as well as additional terms and conditions relating to these particular awards, also the staged vesting shown in the note and the attainment of a minimum financial result in 2020. You will appreciate that it is therefore not practical to provide further meaningful information in correspondence, but I hope the above is of some help. Best regards and thanks again for your enquiry." This was the very first time I ever wrote to an IR, so I did not know what to expect but this is dissapointing. Anyway, I've written back and insisted on the details I asked for. I will let you know if I get anything else. Regards, fibs
glasshalfull: Good morning everyone, Thanks to insider6 for presenting his AGM report. I concur with his overall assessment & posted a brief update on the AGM via a series of tweets yesterday afternoon based on my own observations. HTTPS:// AGM update Overall it was an excellent AGM with formalities completed in 15 mins, leaving 1hr45mins for Richard Hodgson to deliver an excellent presentation followed by a lengthy & robust Q&A session as insider6 mentioned in his post. This was the first time I had spoken with the Chairman Tony Lochery & I was very impressed, especially his considered responses to the multitude of questions that followed Richard’s presentation on their strategy. Inside6 direct link appears broken so here it is again. HTTP:// I don’t propose to provide chapter & verse but here are a few salient points from my perspective - * Growth strategy - I’ve covered this comprehensively in my previous posts (search “Glasshalfull” in text box on this investment thread for any details). My main takeaway was that their growth strategy is working very well. Richard has established a focused sales model (see p7 of the presentation) which ensures they are maximising opportunities and sales across the entire business. Richard & Tony reiterated that they will continue to look at small fold-in acquisitions that complement the business & the importance of building the APC brand. Essentially while disappointed with the share price performance they will continue to focus on delivering increased profitability, earnings growth & cash which will ultimately drive the share price BUT will also look at other methods to improve engagement & get the story out. (See p12) * Brexit - They are watching closely & have a team engaged on it. They believe that any issues that could potential affect them are getting product into the UK from Europe. They deal predominantly with US & Asian manufactures so not an issue there. In respect of Europe, mention was made that one of their main European suppliers will support them by ensuring their products are delivered to the UK in advance & without cost so there was no disruption to supply. * 3 case studies (pages 8 - 10) Richard provided an overview of 3 studies that showcased the APC proposition in helping a client maintain growth: benefits that accrued from taking on a new supply line & finally where they had assisted a manufacture gain market share. Again, it highlighted a targeted & focused approach in driving sales that supports their growth ambitions. * Space - UK experiencing a high level of growth in this industrial segment & the small bolt-on acquisition of Wavelength now provides them with an additional sales model as they represent a group of manufacturers across APC’s core business & include a number of top industry brands which will support sales into their Hi-Relibilty business that includes Space. That’s all I’ve time for. Overall I continue to be impressed with the turnaround that Richard & Tony undertook & the growth trajectory APC is now on. While the share price may still be in the doldrums I’m sure if one compared the 2016 APC entity with the 2019 one they would observe the multitude of positive changes that have been implemented, with the addition of 3 complementary acquisitions that have increased their supply lines & increased the size of their customer base. Stockdale reiterated forecasts for 2019 which equate to EPS of 0.74p, placing the shares on a prospective PER of only 8.5 despite earnings growth of 35% this year. I have every confidence that they will deliver on their ambitious targets for the business. Hope this write-up assists. Kind regards, GHF
insider6: AGM 2019 Report The usual perfunctory AGM was followed by a Q & A session that lasted for 2 hours. The BOD’s answered every question thoroughly and confidently and I came away with a very warm feeling that future analyst forecasts would be met or exceeded. APC is not a company known for its liberal attitude to information but after the Q & A session the BOD openly engaged with all attendees giving the impression that they were very comfortable with the direction F19 was taking and extremely confident that forecasts would be met. Richard Hodgson gave his usual polished presentation concerning APC’s strategy going forward and this is now on the APC website for all to see. hxxp:// A major part of the open forum was concerned with the share price that has travelled conversely to APC’s profitability over the last 2 years. Since APC have openly forecast revenue to triple over a 5 year period it was a concern to everyone present that further acquisitions would require further fund raising. The Chairman stated that this would not happen unless there was an extraordinary reason and I got the impression that they are as concerned as we are about the depressed share price. So much so that now the findings of the operational review carried out over the last 3 years have been fully implemented attention will be given to improving the level of information given to the market. They will persue increased networking of new institutional investors, increase corporate communication through, RNS, investor magazines, online interviews, investor forums and by looking at paid for research targeted at Private client Investor Managers (PCIM) and Retail investors. They will also work with their stockbroker to develop a specific plan to deal with continuous sellers. This is a major positive deviation from their previous attitude. Exciting times ahead and I sense that there is much to look forward to over the second half of F19.
jonthetourist: Welcome, Mr D. If you are a long term investor, as you say, then don't worry about the share price. In an ideal world we would see positive trading statements from the company and little reaction in share price If the story keeps getting better then eventually the market will notice, and in the meantime the opportunity continues.
rinson: I have not posted for a while but have been watching the comments with interest as a long term holder. Personally speaking I believe, and in some instances know, that the share transactions are being misrepresented. My share purchases this year have shown as sales and most of those reported at the mid price are also purchases. Others on the LSE board have also made this comment. Talk on here of a takeover being a danger but I doubt that for several reasons. Firstly the shares appear to be tightly held by fairly long term investors who it might be reasonable to believe are showing a paper loss. Secondly what is out there to titillate a buyer? Good long term forecasts but no exciting news other than a few acquisitions. Lots of bark over the last three years but no bite! A much improved performance in fiscal 18 has managed to push the share price to its lowest in a year so unless APC change their publicity policy I do not see anything startling happening around here for another twelve months. I would love to be proved wrong!
insider6: Good post Playful. Two other companies in specialist electronic component distribution, Acal & Solid State, both doing very well with revenue and share price increasing. Both have achieved this growth through a successful acquisition strategy and as stated in their annual reports seek further acquisitions in complimentary areas. In my opinion there is a real danger here that APC will be snapped up very quickly at well under the brokers forecast share price Even if it went for the 12p they are forecasting it would still be a very good buy for either of them and instantly pay for itself by an increase in earnings and share price.
rinson: GHF. Only fanciful because current share price is based on expected F18 performance rather than forward looking as is the norm. This situation may change once the results appear if they are in line with forecast as we are led to believe. If that happens we could see, based on current broker forecast of £1.64 PBT, a share price anywhere up to 14p if no further dilution. Supposing APC needed to raise another £2m for further acquisition then the 14p would fall to 12p but still an immense gain over the current share price Everyone is being cautious over Brexit but if it is to be a hard landing I believe a lot of US component companies who have appointed European distributors HQ'd in mainland Europe will need an independent UK distributor to ensure supplies to UK manufacturers continue without increased cost through duty charges. That would be quite an opportunity for someone.
insider6: Good news from Solid State today, a company I know quite well and believe to be very similar to APC especially with their electronic component distribution arm. According to the APC RNS 24/9/18 sales in the year ending 31/8/18 are expected to be in line with management expectation. Although we do not know what management expectation really is I doubt it will be less than the figure mentioned in Stockdale’s recent analyst’s note £17.5m. This figure displays reasonable organic growth considering the FBM acquisition was at the beginning of H2 and will probably not contribute more than £700k to the total sales for F18. Aspen as yet is still an unknown factor but I doubt their sales contribution will have been more than £500K at best. The RNS also reported that total orders received in the year were £23.5m which represents extremely solid growth over the half year figure of £9m, in fact 161% to be precise. Obviously Aspen have contributed to this number but the fact is APC have demonstrated they are well on the way to achieving their stated desire to achieve annual sales of between £50m and £75m in 3 to 5 years (RNS 25/7/18) and with further acquisitions those figures may yet prove to be conservative. A few caveats from F17 results announcement RNS 5/12/17 to support my viewpoint. ‘Lighting for Facilities Management. APC Lighting has delivered £750k of lighting in the last six months to a leading property management company across three of the several thousand facilities that they manage. This has been achieved since signing a new preferred supplier agreement in June 2017. The current quoted pipeline is a further £2.5m across what is still a small percentage of the remaining estate.’ ‘APC Time. New financial legislation, MiFID II, which comes into force in January 2018, has provided a boost in sales for APC Time, providers of time and frequency synchronisation. Under the new requirements, financial institutions and those involved in high frequency trading must comply with stricter limits for the time stamping of transactions. Significant orders have come from the London operation of a major French bank and an American multinational finance company.’ High-Reliability Electronics (trading as APC Hi-Rel) provides the technical sale of high-reliability, high temperature and high voltage electronic components into the defence and aerospace markets. APC represents a range of manufacturers in the UK market and works on projects that can run for 3 to 5 years. With these long projects, future bookings are a good measure of success. In the financial year 2017, bookings were £7.1m, which is a 34.6% uplift to 2016 total bookings.’ Well, as yet we have no breakdowns to compare if these impressive opportunities were capitalised on but the £23.5m orders came from somewhere. IMHO, in the world of Electronic Component Distribution APC is one of only a handful of Electronic Component Distributors in the UK that efficiently orchestrates sales on behalf of manufacturing principles. They are not the only ones but well up in the league table. The components they sell are best in class in quality and reliability and as such it was no surprise that they were recognised in the top 2% of suppliers to BAE at their Partner 2 Win symposium in the USA 6/3/18 (RNS 19/3/18). Dealing with companies like BAE formulates a culture within a company and I am sure this has been put to use in all divisions of APC and in their stated intention to expand further through synergistic acquisitions. APC’s stockbroker has a current target for the share price of 12p. I believe this is fair at this moment in time and that anyone buying today will reap excellent rewards in the future should the Companies projections be met. Certainly over the last year there is no reason I can see that they will not.
glasshalfull: APC Courtesy to mention that I've been a buyer in APC. It's been harder to find value in the market recently as momentum trading appears all the rage, but I've been suitably impressed with the drive & ambition of the new management team & hope this proves to be a rewarding long term investment. Background APC is a well established company of over 35 years. The share price reached the heady heights of 68p in November 2013.... & it's been downhill ever since, with the shares bouncing off 5.75p in June 2017 - fingers firmly crossed this was the low! This followed a couple of placings to shore up the balance sheet over recent years with the current share price of 6.75p equates to a market cap of £8.8m. At the end of H1 2017 net debt stood at £2.9m at (28.02.2017) for an EV of £11.7m. The company had plenty of headroom as the £2.9m net debt comprised £2.5m drawn on invoice finance facilities (£6m facility), £0.6m of loan notes (due July 2018) and £0.2m cash. While I would prefer the balance sheet to be stronger, the new team appear to have turned the business around & have slashed costs by over £2m on an annualised basis. Indeed, the H1 2017 results marked the first glimpse of a new dawn that followed change amongst most managerial positions. This concluded an extensive 18 month restructuring period which included the disposal of a loss making business & progress on refocusing the company. H1 2017 results highlighted the company delivering a pre-exceptional operating profit of £0.4m on turnover of £8.3m. Gross margin was 34% with net debt reduced by £0.3m. So, why invest now? Well apart from the first sign of a company turnaround & buying at what I hope is close to a low (share price is on its knees) my attention was first drawn to the stock when I noticed that a well respected PI had taken a notifiable stake in the company (>3%). I also noted the share register included notifiable holdings with the likes of Bob Holt at 3% (Chairman of Mears Group); Mark Blandford via Rockridge Investments now at 11.4% (Sportingbet founder); the savvy small cap investors Hargreave Hale now at 16.6% & Octopus at 6.6%. Quite an enviable list for any small cap company. The CEO, Chairman and some other notable investors recently subscribed for shares in the company. They invested £125k & £250k into APC during March & May 2017 respectively (at 6.75p), thus showing their confidence in APC while boosting the balance sheet at the same time. I've subsequently spoken at length with APC & v impressed with CEO Richard Hodgson who I believe is implementing the steps that will lead the company into a period of sustainable profitable growth. What do APC technology do? "APC Technology Group PLC provides design, specification and distribution of specialist electronic components and systems, lighting technologies and connectivity products to the defence, aerospace, industrial, real estate, logistics and healthcare sectors." They describe themselves as a “design in” distribution business focused on the high end electronic components sector alongside a division delivering LED lighting. HTTP:// In English, my understanding is that APC's engineers engage with their UK customer base to "design in" the products that are supplied by a distribution base that comprises companies from throughout the world. We are talking product lines where the, "end-use equipment is operating in extreme conditions or is running applications where component failure would be catastrophic." Think power components for the military or aerospace or....the ExoMars Trace Gas Orbiter launched from Kazakhstan by the European and Russian Space Agency in 2016 that used the DC-DC converters supplied by APC. HTTP:// The companies (suppliers) that APC distribute on behalf of may be small in size or operate in niche markets which negates the need for a UK distribution & admin base. In other words, APC provides a number of value-added functions that not only includes the supplier with an end market to sell into, but also the addition of value added services such as the modification or design-in of the products supplied to meet the end customers requirements. It may also include the provision of an admin, importation & logistic function to assist the supplier e.g. the UK defence & aerospace market is highly regulated & requires accreditation and certification which APC can progress & gain on behalf of the supplier. Worth mentioning that the company may be a beneficiary of BREXIT as the complexities of dealing with the UK end user market of the UK may be more problematic for ROW companies without a UK base or specialised distributor like APC In the 2016 Annual Report the company indicated exclusive distribution agreements with over 60 manufacturers of electronic components and systems for the UK market. This included components for flight critical systems, power distribution in civil aircraft, high voltage components for power supplies, custom filters for harsh environments, satellites and space exploration, transportation and hybrid vehicles and extreme temperature oil and gas components. The following presentation from April 2017 provides a summary of the APC proposition & their addressable markets in p4 & p5. HTTP:// Where is growth coming from? As mentioned APC are an established company with c.£18m turnover per annum via a number of longstanding suppliers and end customers. With the cost base realigned (£2m costs removed on annualised basis) the company is now profitable & indicated during its release of H1 2017 results that March 2017 bookings stood at £2.1m and hopefully operational gearing should now be emerging. The first signs of the growth strategy emerged in the RSN Reach released last week with the appointment of a Business Development Director & securing 3 new distribution agreements in RF & Microwave and also High Reliability products. Worth mentioning some other snippets, such as their launch of APC Smartwave last year to provide Internet of Things (IoT) products. APC also highlighted via their web site the growing requirement of companies to meet MiFID II legislation by the Jan 2018 deadline & the increasing focus on subsidiary APC Time's relationship with supplier Meinberg to meet the requirements. HTTP:// Forthcoming trading update? I believe that the company may issue a trading statement in the near future in respect of the 2017 year end which occurred last week (31.08.2017). Any update will hopefully confirm the progress highlighted in the interims, indicating the business both stable & profitable, while confirming the growth drivers in 2017/18. If APC can drive growth, maintain gross margins of c.35% & generate cash, then with operational gearing kicking in I don't believe it fanciful to think that APC could generate profits of £1m+ EBIT moving forward. Such performance would bring the company into sharper investor focus, although it looks as if a number of focused investors have already taken positions. Well, I hope that proves to be the case!!! Disclosure I have a modest holding. Please DYOR Kind regards, GHF
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