Air Partner Share Discussion Threads

[sleepy] 20/9/2018 11:50

From the 11 June announcement

“From our accounting data stretching back to 2010, over 430,000 journals were individually analysed and tested”

This suggests that, on average, journals averaged around 1,000 or more per week over the period

For a relatively small and simple business this must have set alarm bells ringing and was presumably brought to the CEOs and boards attention by the auditors (and probably others?)

What, if anything, did the CEO and Board do about it over the 8 year period?

[sleepy] 20/9/2018 11:30

The 11 June announcement includes

“The Board has committed to producing audited interim results for the next two years, in addition to the audited full year results.”

In today’s announcement

“The Board has determined that a postponement is appropriate to complete the thorough review of our interim process.”

Why do they refer to “thorough review” and not to audit?

[sleepy] 20/9/2018 11:22

Following today’s announcement of the delayed interim results I would urge shareholders to reread the announcement of 11 June headed Completion of Accounting Review which includes the statement

“The Accounting Issue has been contained and resolved”

[texas_caddy] 20/9/2018 11:20

Sleepy, indeed.

CFO joins effective 10th Sep, statement out 11th as you say.

[sleepy] 20/9/2018 11:12

Last week (11 September) Air Partner announced that the interim results “will” be announced next week (27 September)

Now they announce that they need another month

Surely it’s time that shareholders were told what’s really going on and has been going on here?

[steeplejack] 20/9/2018 08:09

This accounting mess continues unabated but hopefully things will be sorted and clarified once and fo all before the hand over to a new accountants.

[dontay] 12/9/2018 19:39

With such a lack of interest this could be marked down further yet... could even go back to the 100p share split level. I might be tempted to top up again if it does.

[sleepy] 09/9/2018 12:25

Thanks THORPEMATT.

Looks like she has spent 6 months in each of her last 2 jobs. Wonder why?

Hope a financially accident prone company doesn’t also have an accident prone CFO

[marky60] 09/9/2018 08:17

Being a retired FD you'd think I'd know what a "particular expertise in financial disciplines" is supposed to mean. Is that something you don't normally expect from a CFO?Personally, I would have expected the new CFO to have had a strong auditing background given the recent history with AP.Good luck to her though. Hope we see the share price move up soon.

[thorpematt] 07/9/2018 14:41

What would you like to know:-




Summary

An experienced and highly motivated CFO (AIM listed & PE) who thrives in a dynamic organisation requiring real business partnering with the senior management team at both a strategic and operational level.
Managed multiple P&Ls across Europe, Asia and North America in technology led organisations, manufacturing, retail, sales and service.
Valued contributor to executive-level strategy through preparation of detailed and incisive performance analysis, forecasting, and reporting. Proven commercial acumen, with experience challenging existing assumptions regarding competitive markets, finance drivers, structures and controls to drive growth.

Well-honed M&A skills with extensive experience of developing the business case for high level investment decisions.
Experience

Chief Financial Officer
Next Generation Data Ltd
November 2017 – April 2018 (6 months)Richmond, London

Europe's largest data centre provider. Private equity backed by the French investment manager Infravia Capital Partners. Infravia manages £1.7bn of assets through three infrastructure funds. www.infraviacapital.com

Responsibilities
Duties commensurate with a CFO position and Group HR

Achievements
*Instrumental in negotiating new banking arrangements to provide long term and immediate need facilities for the business.
*Successfully completed the 2018 budget process within tight time scales gaining Board approval for a step change in capex investment.
*Developed a cash flow forecast model to determine the cash runway given significant project spend in the year. This was pivotal in supporting the Board in its decision making process to approve a capital raising exercise and the need for new banking facilities.
Shield Therapeutics plc
Chief Financial Officer & Company Secretary - Main Board Director
Shield Therapeutics plc
May 2017 – October 2017 (6 months)London, United Kingdom

Specialty pharm business, focused on commercialisation and development of late stage pharmaceuticals. AIM listed - IPO Feb 2016; Market cap £180m (at date of joining).

Responsibilities
*Corporate Finance, Treasury, Tax, Internal Audit, M&A, Company Secretary, Investor Relations, IT, Legal and Insurance.

Achievements
*Successfully completed a £12m fundraise activity supported by JP Morgan, USS and Fidelity to fund the business to its next value inflection point, the publication of key clinical trial results.
Stadium Group plc
Chief Financial Officer & Company Secretary - Main Board Director
Stadium Group plc
September 2012 – April 2017 (4 years 8 months)UK, Hong Kong, China

Global manufacturer of technology led products - Wireless, Power, Interface and Displays and electronic manufacturing services.

AIM-Listed: Market cap £45m, T/O £60m, 700 employees.

Responsibilities
Wide remit covering: Finance, Treasury, Tax, Internal Audit, M&A, Company Secretary, Investor Relations, IT and HR.

Achievements
* Actively led the business through a period of significant organisational change transforming Stadium from an electronic manufacturing services business to a technology led organisation. Delivered on-going annual saving of £2m and an improvement on return on sales of 100bps over the last 3 years.
*Successfully managed an over-subscribed equity placing including an open offer to fund an acquisition in July 2015.
*Secured new banking facilities with HSBC to support organic growth; investment in R&D and the acquisition strategy.
*Led the acquisition process of 2 strategically important technology businesses funded via bank debt.
*Custodian of all Group policies and procedures, ensuring full compliance with legislation and the requirements of an AIM listed business.
*Materially upgraded the Group's IT infrastructure resulting in outsourcing operations to a third-party supplier. Significant benefits achieved in terms of data security, coordination across sites, disaster recovery and consistency in Group's operating practices.
*Overall project sponsor for an ERP rollout, responsible for supplier selection, developing the business case, cost management and project delivery.
*Accountable for all investor relations activities: production of the annual report, AGM, investor presentations etc. Positive feedback received from stakeholders on new improved corporate image and quality of reporting.
*Developed strong relationships with all of Stadium's stakeholders: shareholders, banks, pension trustees, auditors, broker, analysts and financial institutions, raising the profile of the Company.
Head of Mergers and Acquisitions
Survitec Ltd - Private Equity backed by Warburg Pincus
March 2011 – September 2012 (1 year 7 months)London, United Kingdom

Management and execution of global M&A process for Survitec Group.

Reporting to the Group CEO, responsible for determining and driving the strategic direction of the Group both by acquisition and organic growth.

Successfully completed 2 strategic acquisitions in quick succession significantly increasing the Group turnover.

Finance business partner to Group: advising on key commercial projects and new business opportunities.
FD Specialised Business
John Crane Global - division of Smiths Group plc
2008 – March 2011 (3 years)Slough, United Kingdom

P&L responsibility for 6 entities (US, UK, Germany, Holland) contributing c.£100m sales revenue to the Group.
Responsible for 3 newly acquired high growth businesses, delivering the acquisition case and project managing integration activities.
•Led the acquisition process of Orion Corporation. Strategically important in extending the global sales and service network for John Crane Bearings.
•Partnered with management across the business to understand new areas of diversification and growth opportunities.
•Supported a SAP system implementation across 2 businesses.
Finance Director - Operations, Strategy, Technical and Marketing
John Crane EAA - division of Smiths Group plc
2005 – 2008 (3 years)Slough, United Kingdom

Reporting to the Managing Director, Strategy & Business Development with 5 reports.
•Financial Management of 2 low costs manufacturing sites – Czech and India (18 months – start up phase).
•P&L responsibility for £35m sales revenue and indirect responsibility for £20m, derived from valued added long term service contracts across the regions.
•Instrumental in adding 3 strategic acquisitions to the Group contributing £60m to the top line.
•Prepared the business case for investing in a new product/ technology to grow the business organically, payback achieved in 2.5 years.
•Finance lead on the Group strategic planning process with full accountability.
Smiths Detection
Financial Planning Manager
Smiths Detection
2004 – 2005 (1 year)London, United Kingdom

Reporting into the Finance Director of the Division - c.£370m sales, 22 business units worldwide.
•Introduced insightful analysis to help manage the sales forecast of a “lumpy” contract based business. This became an integral board report.
•Introduced new controls and approval process for managing and capatalising a sizeable R&D spend.
•Improved the flow of information into HQ through open and honest dialogue, enabling better understanding of the global market and key environmental factors.
•Managed first time adoption of IFRS, challenging assumptions and making appropriate recommendations to the divisional FD.
Smiths Group plc
Assistant Financial Controller
Smiths Group plc
2001 – 2004 (3 years)London, United Kingdom

•For a +30 global business units, designed new and improved executive and management reporting information to meet business requirements.
•Supported due diligence providing information for the £220m Polymer disposal.
•Controlled, monitored and reported on £40m restructuring spend.
Whitbread
Senior Business Analyst
Whitbread
2000 – 2001 (1 year)Dunstable

Reporting to the Finance Director of Whitbread Restaurants Cafe Rouge and Bella Pasta c.150 retail units.
•Designed and implemented a new budget system using Adaytum software for 150 multi-unit sites. Streamlined reporting processes, reducing the working days by 3.
Retail Finance Manager
Whitbread - Costa Coffee
1999 – 2000 (1 year)London, United Kingdom

•Improved financial controls giving greater stability during a period of massive expansion: in one year the Costa Coffee brand grew from 80 to 180 units.
•Managed the Audit Function with 2 direct reports, a newly established function.
Whitbread
Whitbread Beer Company - Manufacturing Management Accountant
Whitbread
1997 – 1999 (2 years)Luton, United Kingdom

Developed a new standard costing tool used across 5 brewing/ manufacturing sites.
Responsible for costing one off marketing promotions.
Whitbread
Finance Graduate Trainee
Whitbread
1995 – 1997 (2 years)Luton, United Kingdom
Arcadia Group Ltd - Burton Menswear
Finance Graduate Trainee
Arcadia Group Ltd - Burton Menswear
1994 – 1995 (1 year)Leeds, United Kingdom
Financial Accountant Assistant
London Weekend Television
1992 – 1993 (1 year)

Education

University of Sunderland
University of Sunderland
BA (Hons), Business Studies
1900 – 1994

[pvb] 07/9/2018 11:11

From the RNS
"Within her CFO roles, Joanne has developed particular expertise in financial disciplines and finance team management along with M&A and acquisition integration."

14 Sept 2017


1 Dec 2017

[sleepy] 07/9/2018 08:38

Anyone know anything about the new FD?

[lbo] 02/9/2018 17:00

They have no option but to keep buying more and try to average down their already losing position and to make matters worse the share price would be plummeting if they were not buying all the shares being dumped and their original position would be worth even a lot less.And Keith Ashworth has had close ties to Air Partner for many years even before the accounting scandalThis was back in January when share price was much higher and before the accounting issues became publichttp://m.citywire.co.uk/money/four-shares-the-pros-are-buying/a1081379"Ashworth-Lord increased his investment in the company by 1% to 10%. At a share price of 139.1p, the stake is worth £7.3 million. The shares have rallied from around 77p in mid-2016 to the highest the stock has traded since 2008, with the sharp fall in the graph above showing the impact of last January's one-into-five share split. The shares are held in the £247 million CFP SDL UK Buffettology General fund and feature as a top 10 position. Ashworth-Lord previously covered the stock as an equity analyst at WH Ireland"

[thorpematt] 02/9/2018 15:40

I think thats a pretty large holding for CFP too. But a bargain is a bargain and so it makes sense to go deep! I reckon they have about £350 million in funds.

I also think some of that at least is a Buffetology approach - which certainly aligns here.

[spacedust] 31/8/2018 10:14

Well castlefield have upped their stake to 17%. That's quite a chunk of the company. 140p will be a thing of the past. 200p by xmas

[qs99] 28/8/2018 15:09

Agreed, maybe a seller wanting out, now cleared and start of re-rating? Let's hope so. DYOR

[spacedust] 28/8/2018 14:56

Delayed reaction. Should be 140p

[dontay] 24/8/2018 17:44

Thank you sharw for that. Very good spot, difficult to see that she would get appointed to another senior position with a major company if she had been asked to leave A.P. for any dereliction in her duties. Why she, as a lawyer and group Legal Counsel resigned so soon after taking up her position with A.P. is, imo, undoubtedly what is behind the equally abysmal share price performance. I think they have lost more credibility in the market from this, than from the historical accounting shambles.

[sharw] 24/8/2018 17:14

Dontay - it looks as if she left for a job with CTR. Perhaps Horsham was a better place to work than 600 yards from the runway at Gatwick or perhaps a £214m Mcap company gives her more interesting prospects than a £59m one. However, many companies would have started that RNS by saying she had resigned and wishing her well for the future.

[dontay] 24/8/2018 15:44

Decent update and everything on track as expected. But imo the lack of excitement that could normally be expected by such an update is due to a combination of an inherent lack of trust in this BOD which was 're-invigorated' and reinforced by that last abysmal RNS which gave no reason for losing their Legal Counsel and having to outsource the Sec duties. That plus 'summer doldrums'. Hopefully it'll recover some lost ground over the next couple of weeks as the summer recess comes to an end... but imo it's pretty indisputable that they need to now prove to the market that they have got their act together and are worthy of a being a member of the main London Stock Exchange rather than acting like they are in the the AIM swamp!

[spacedust] 24/8/2018 14:11

Down on decent update

[qs99] 24/8/2018 08:32

seems a decent update given all the recent upheaval IMO....

[trident5] 23/8/2018 16:52

I wonder where they got the jet from:

[dontay] 20/8/2018 16:19

Close period after this week so brief trading update due to be released before close on Friday. The actual 'trading' should prove to be the usual 'in line with expectations' at the very least.... and it would be fabulous if they think they are 'exceeding'. However my fingers are crossed and I would be just as happy if there are no nasty surprises as to the reasons why they suddenly lost their group Legal Counsel with immediate effect! After the recent issues... and the statement that they realise they will have to re-earn very large portions of lost trust.... I still don't like why they haven't given a reason for it. Given the depressed state of the share price since that last RNS.... I don't think the market is overly impressed either!

[qs99] 13/8/2018 16:44

Hopefully some nice moves ahead of next update...DYOR