Group properties owned by subsidiary Fope Limited, including Burmatex factory.Interesting to see properties revalued upwards by £1075K in year to Dec 2023. Not an accountant, but consolidated Airea accounts show "Other operating income" £490K in year to Dec 2023, which is perhaps external rental income. Not sure of marketability of industrial buildings up north, or indeed quality of tenant/length of lease(s) but book value £4060K seems fair. |
Reassuring update, I was expecting the worst!
Good to see the Newlands increasing their holding. I do not know much about them but clearly see value here.
Anyone smarter than me know what price they are marketing the property at as interested how it stacks up v book value. |
Disappointing that commissioning has been delayed to Q3. That's extra cash burn. Shame they are not revealing more on the pension deficit. |
Some juciy buys yesterday and today. |
Looks like a few people taking advantage of the drop. |
Not sure there is a big market for an office / showroom / training centre. Ok a tenant on a lease but who else wants premises in bury . |
These look good value to me, my main concern is that they will have to write down stock. |
The only redeeming feature is that Stockopedia shows nav at 38p and this could be revised up or down depending on what they sell the investment property for.
At this discount to nav we should be ok but we need some positive news on trading and that the new investment is going to deliver. |
No idea; I just did a dummy trade for a small qty and was quoted 22.6p - which is the same as my previous best. |
Falling like a stone for the last few weeks. Anybody know why? |
Looking sh1t
It was only ? A year ago they had an investor presentation on going places
But apparently down the u bend wasn’t part of it .
Rumours have it that Lowland trust are doing a buy out |
Comment with interims says they are to dispose of the investment property. Carrying value just under £4.1M so a sizeable boost to cash if they can meet or hopefully exceed that.Rental income seems to have fluctuated last few years (looks like £490k in 2023)so over £7M looks optimistic but guess you never know until it sells. |
But
Fope Limited
The holder of the investment property valued the investment property at over £ 7m in their accounts |
I think expectations means losses
Last year it meant profit
But obviously the increased stock meant overheads went into the balance sheet. As everyone knows a manufacturer makes money building stock. Selling it off and cutting back production is a double whammy
Still think buying ceo shares was not great |
Pretty poor to announce that we're trading in line with revised expectations, yet giving no clue as to what these are. I've emailed the company - other shareholders might wish to do so as well, to reinforce the message. |
The ceo seems to be on £ 270k plus 500,000 shares issued at nil cost !! |
They were not on the creditor list of Carpetright
I believe Airea sell carpet tiles
Not carpet |
Pugugly
No doubt on your radar when the CEO (former ) flogged his shares to the company for 72p ( a 10 year high) and the company borrowed the money to buy the shares presumably sanctioned by the advisors !!
Luckily that loan was repaid by a Covid loan ( now 3.99% above base rate )
And the last accounts ( not the polished up rns stuff) show a near £ 5 m pension deficit and need to pay cash in
Chances of a dividend Nil
Even an asset stripper would shy away
Reading the Rns I despair!
No research to advisor forecasts just an aging generation of board .
No doubt getting paid well
C £ 19 m turnover |
Garbetkib:- Thanks for that - Was on watchlist years ago and then dropped off radar.
Trading update today however not happy reading. Down 13% and very wide spread 23/27 |
I'd be surprised if they have an exposure to Carpetright. They closed the residential carpet side years ago & sold off the stock - I bought some.
I doubt Carpetright sold many, if any, carpet tiles - which is what they make now |
Anyone know if they were a supplier to Carpetright? If so, get ready of bad debts. |
About time this company performed. |
The same thing happened in January. I managed to get a few at 22.8p |
Invariably happens when a lump has been sold below market bid in very small stocks. Worth looking out for a delayed trade. |
Odd move down today so bought a few back. Seen these liquidity issues in the past so hoping it is that and nothing more serious. Good nav backing if it is bad news. |
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