Airea Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Airea Plc LSE:AIEA London Ordinary Share GB0008123027 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 34.50 3,000 08:00:00
Bid Price Offer Price High Price Low Price Open Price
34.00 35.00 34.50 34.50 34.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Textile Mill Products 18.76 1.30 - 11.17 14.27
Last Trade Time Trade Type Trade Size Trade Price Currency
15:37:07 O 3,000 34.11 GBX

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Date Time Title Posts
31/5/202308:29Aeria PLC851

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Airea (AIEA) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-09 14:37:0834.113,0001,023.30O

Airea (AIEA) Top Chat Posts

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Posted at 27/9/2022 19:53 by bda3490
Rash !

What like get the price up ?

Posted at 01/8/2022 19:15 by bda3490
Some of us were in at prices above £ 2 unlike penny share punters launching in £250 online and expecting to make £5 k !!
Posted at 01/8/2022 19:12 by bda3490
Yes Dave Newlands needs price to double to get half his money back !!

Just because he’s lost out and owns a big slice. What we need is an activist that puts a man on the board. New ceo due - bet he wants cash salary not options !!!

Posted at 28/3/2022 19:22 by bda3490
Airea are late!
Mid March results
Surely they have to announce this week under the max 90 day rule

And price dropping like a brick

Don’t want to say I wish they’d sold out to the only bidder in the last 10 years but…..

Posted at 18/3/2022 17:52 by cwa1
18 March 2022

AIREA plc ('the Company' or 'the Group')

Director's Leave of Absence

Airea plc (LSE AIM: AIEA) announces that with immediate effect, Neil Rylance, Chief Executive Officer, will be taking a leave of absence due to ill health.

The Board and all his colleagues wish Neil a swift and full recovery.

In Neil's absence Ryan Thomas, the Group's Finance Director has assumed the leadership role with the full help and support of Martin Toogood (Non-Executive Chairman) and the experienced Airea Senior Leadership team.

A further update will be made in due course.

Posted at 07/9/2021 10:09 by illiswilgig
Just to be clear - I did not attempt to compare Airea with Headlam.

Airea (Burmatex) is a supplier to Headlam. Amongst others.

Headlam is primarily a residential distributor and confirmed that its commercial market was subdued in H1 and its commercial sales (including Burmatex) were -12% relative to 2019.

Airea did not give figures relative to 2019. I estimated that Airea UK sales were -6% compared with 2019.

Which I found to be interesting as it appears that Airea in the UK is doing better than its market overall. Exports, unfortunately, is another story.

Halstead is a £1.2bn international manufacturer and distributor of specialist flooring. Victoria is a £1.2bn very acquisitive buyer of carpet, tile, artificial grass and hardwood flooring manufactureres and distributors primarily in the UK, Europe and Australia. Airea is a £10m manufacturer of carpet tiles in the UK. Comparison appears to be limited except that Airea is most obviously the kind of company acquired by VCP or JHD. Unfortunately neither have done so.

Quite the reverse. JHD walked away. Sadly I did not.

I used to own VCP shares. But sold them when they doubled. Way too early.

I learned my lesson and did not sell my AIEA shares when they doubled. Sadly I did not sell my AIEA shares when they 10-bagged to 75p either. Even though JHD walked away and the CEO sold all his shares to the company EBT. Same CEO who did not sell to JHD. Opportunity to learn a difficult lesson. How well I have learned remains to be seen.

That was then and this is now. I can't go back or I would be much wealthier. I do still own AIEA shares, so should I hold or sell? If AIEA is outperforming the market at the moment then that gives me some confidence to continue to hold and I'd prefer to sell me holding into a rising price given how illiquid this share can be.

When I do sell I doubt that I'd buy VCP shares on their current rating. It's market cap is 1.2Bn but its enterprise value is 1.7Bn (500m net debt) and its PE is 29x current year forecast profits. And its on almost 6x it's Net Asset Value. Presumably much of that is intangibles from its acquisitions as its EV/EBITDA is 16 despite it having 500m debt.

By contrast AIEA has a market cap of 13m and an EV of 11.5m (net cash) is on 14x trailing twelve months earnings, 0.75x Net Asset Value its EV/EBITDA is 6.8 and its 2019 ROCE of 14 is higher than Victoria has achieved in recent years. Victoria shareprice has risen dramatically. I am not saying it won't rise further, just that its not my kind of share. Looks like I'll be holding AIEA shares for a while yet in anticipation of significant improvement - though probably not a qunintupling. But don't take my opinion for it - do your own research,


Posted at 07/9/2021 08:38 by trigger blade
I agree bda3490, the companies are not comparable. It would make more sense to do a comparison with other manufacturers, VCP for example who reported final results recently and JHD who are about to do so.

I’m not in VCP, but at a glance, their share price has quintupled in the last 18 months, they must be doing something right!

Posted at 02/9/2021 15:40 by illiswilgig
H1 results for Headlam this morning. I've not read them in detail but skimmed the eseful write up of the highlights on Stockopedia.

It srruck me that there might perhaps be some useful read across to whats happening with AIEA which prompted me to take another look at their H1 performance.

Headlam confirms that their performance in H1 21, about the same as H1 19 levels – is primarily down to residential (carpet) outperformance +4.7%. Whereas commercial (tiles) remains subdued -12.8%. They further comment that commercial revenue has been recovering and in June21 was only -3.2% off 2019 levels. But that July and August softened but not substantially.

Headlam - Mcap £440m and H1 revenue £330m - is primarily UK based (85%) distributor, not a manufacturer, and does have operations though owning businesses in other European countries.

How does this read across to Airea’s recent H1 report which was typically brief and terse? Perhaps the most downbeat that I can remember. But these are not normal times, whatever normal was? Anyway I’ll try to have a look – warning this turns out to be a bit longer than I’d anticipated.

Airea had 2021 H1 revenue of 7.4m (versus 7.1m H1 2020) and tells us UK sales were up 18.8% whilst exports fell 35%. Unfortunately they didn’t tell us how this relates to H1 2019 – but then they never do.

I’ve tried to estimate what Airea’s UK and Export split would likely have been in 2019 and in 2021 from the splits in the notes to the annual report.

In FY 2019 (2018 was very similar) UK rev was 74% and given the similarity with 2018 it seems reasonable to assume the same for H1 then UK rev was 74% of H1 8.89m or 6.62M

In FY 2020 the UK % of revenue had risen to 79% but that’s not a huge shift given everything else that went on in 2020? H1 is composed of a virtually unaffected ‘good’ Q1 and a locked down Q2, so I’ll just take the same 74% for H1 2020 which gives
Total Rev 7.1m
UK Rev 5.25m
Exp Rev 1.85m

For H1 2021 we know that UK revenue increased by 18.8% over FY20 whilst exports decreased by 35% over 2020 and applying that to my estimated 2020 split gives

UK Rev 6.2m
Exp Rev 1.2m
Total Rec 7.4m

which by some contrivance appears to be the same as the H1 2021 total revenue which might offer some comfort that my figures are not too far off?

What was the point of all this? Other than as therapy to cope with the effects of long-covid on my addled brain? Oh yes, now I can estimate how far Airea is from the 2019 H1 splits (assuming my estimates are reasonable)

Uk Rev 6.2m (2021) 6.62m (2019) -6.3%
Exp Rev 1.2m (2021) 2.27m (2019) -47.2%

Airea is essentially 100% a commercial flooring manufacturer. Comparing Airea’s -6.3%(UK) on 2019 levels it actually comes out better than Headlam’s -12%? Though that is more than lost by the -47.2% fall in exports relative to 2019.

What’s up with exports? In the last 6 months its become apparent that small exporters with no infrastructure in European countries have fared worse than larger companies with infrastructure and companies setup in Europe. It seems likely that some European companies have chosen not to do business with UK exporters, or to postpone decisions until the export situation and logistic problems compounded by the pandemic are largely cleared. Under these circumstances it seems reasonable to assume, as Airea have stated, that exports will only return slowly.

What do I conclude?

All credit to Airea for their good UK sales. Unfortunately they will need to keep growing UK sales at least as fast to make up for lost export sales. It’s not impossible. If their sales have continued to recover like Headlams commercial sales then their continued focus upon new designs and product launches should help as will the investment in new machinery. But it’s a nasty headwind to battle alongside the price rises and material shortages if export sales are not recovered. In the short term it seems unlikely that total sales will miraculously recover but in the medium term led by new product launches it seems likely that UK sales will continue to grow strongly and export sales recover.

Could be a couple of years wait for that though – and there is an opportunity cost to consider stacked up against other current opportunities? So it’s a hold for me at the moment.
This is not advice, just my opinion, and my figures could be wrong – so please do your own research.


Posted at 30/7/2021 11:32 by illiswilgig

Bit of a shock at first glance. Probably the most depressing, downbeat and glass-half-empty commentary that I have recently had the pleasure of reading. Irrational exuberance it is not.

Then I realised that I don't have my Yorkshire (Trouble t'Mill) filter on and a quick look back reveals that the chairman is not given to bouts of euphoria.

There is never a lot of information at the interims - so not much to go on.

After a short lie down I checked my estimates and the sales figure is clearly disappointing, slightly up on the prior year and essentially flat on the previous 6 months. Unfortunate that the +18.5% increase in UK sales is obscured by the 35% fall in exports, primarily to Europe.

I am suprised to find that the operating profit and eps are above my expectations 1.14p vs my pencilled in 0.8p eps. Though it appears that operating margin has declined slightly from H2 - but not by much and the big question is clearly how much further will this fall under material cost inflaction and flat or even declining pricing environment.

I rather suspect that some of the downbeat commentary is aimed at supporting the decision to pass on an interim dividend, no doubt to the disappointment of many long term shareholders.

The hope is clearly that the £1.2m spent on new machinery improves efficiency and the new design launches give them some ability to pass on price increases.

All the same I can see a tough few momths ahead so I've reduced my estimates on H2 to similar operating profit and eps to H1 as an increase in turnover is balanced out by falling margin. Hopefully that will prove to be conservative - and pricing pressures will abate in a few months, but I have my doubts.

I was impressed by the cash generation and the sudden invisibility of the pension deficit and resulting increase in NAV. Intriguing?

In the meantime there is not much to do other than lie down and attempt to ignore the share price gyrations for the next 6 months or so.....


Posted at 24/6/2021 12:49 by illiswilgig

thats a very pertinent question. A lot of businesses are now facing supply pressures caused by manufacturing difficulties during the pandemic and also by logistics issues all of which probably cause input price rises.

It seems that timber is a commodity particularly affected as economies in the west open up but supply chains into the developing world are still affected. Construction timber and cardboard for on-line deliveries being particularly pinch points. Anyone with eposure to pulpwood prices is probably suffering very high input price rises at the moment. Though some can prosper from this James Latham noted in its results this morning that its margins are rising because of this. But they are not in the discount sector of the timber market?

I don't think that Aeria is particularly exposed to timber/paper problems their main inputs are likely nylon/polyester and wool? But they will be exposed to the logistics problems and prices. So some impact is likely, though I also expect they are have supply arrangements in place to mitigate this and have some ability to pass on cost increases through price rises given they are not at the bottom of the market?

Many shares appear to have full recovery already priced in. Not Airea. Unfortunately a lot of patience required here. Hopefully it will be rewarded.


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