Share Name Share Symbol Market Type Share ISIN Share Description
Apc Technology Group Plc LSE:APC London Ordinary Share GB0000373984 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 9.875 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 17.15 0.56 0.50 19.8 18
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 9.875 GBX

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Date Time Title Posts
15/11/201913:04APC Technology PLC set for growth on profits.1,429
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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this_is_me: The share price went up to 10p resulting in profit taking. Some institutions have a policy of putting a certain amount of cash into a company. If the share price goes up by a certain % they will sell some to take some profit and keep the same amount of cash in the company. If the share price drops they will then buy some shares. Thus they make some trading profit while staying invested.
glasshalfull: Morning guys, I wouldn’t get too hung up on the share price movement. The shares were 6.5p 3-weeks ago & were +60% at one point on Tuesday (mid 10.5p). There are a number of stale holders from the previous APC entity that will sell into strength & also the rapid share price movement in May will have brought in traders. Excellent post insider6 (post 1275). Thanks. Interim presentation now available HTTPS:// I’ve had the opportunity to speak with management following results & congratulate them & the APC team on delivering as per the milestones they have provided to me over the 30 months I’ve monitored/ held the shares. Couple of points if I may: - * Acquisitions - They are currently in discussions with a couple of possibilities & would hope to conclude this year. However, they were at pains to point out that there would be no requirement to do so through a raise or placing. Any acquisitions concluded would be through their strengthened balance sheet. In other words, no dilution & any acquisition should be immediately earnings enhancing * APC Hi-Rel > Expertise in UK Space & now offer premier lines. Similar with APC RF & Microwave. Now one of the largest in the UK. * APC Time > Continuing to show v good growth & multiple opportunities across other sectors * Op Margin > Pleased that this is increasing as fixed costs under control. Also highlights synergies. Company are aiming to grow op margins further to c.10% in a few years so with stated £50m turnover aim in 2 1/2 years, this would hopefully generate £5m op profit There’s a lot more but reckon I’d be regurgitating many earlier comments. The one thing I do require to correct is that Wavelength derives 80% through commission. This was considerably higher than I thought & originally I believed their GP would equate to c.£1.5m-£;2m turnover per annum, when in fact it is a lot lower but comes straight through as commission & therefore gross profit. So, essentially I was expecting revenues some £1m higher than they were for the group, but have now corrected my model. Hope this whistle-stop tour assists. kind regards, GHF
glasshalfull: Great post insider6. Agree there should be a correlation between the share price & earnings. It’s been nice to see an uptick in the last few days and if APC deliver per forecasts then hopefully the share price will get a further boost. I’d take 15p on release of FY19 results if they grow earnings by +35% this year. We’ve now only 3 weeks until H1 2019 results are released & this time round we’ll have a full contribution from Aspen who were acquired a month prior to FY18. The 2018 Annual Report (p43) indicates on Aspen, ”One month's trading has been included within the consolidated Group results. Revenue of £466,000 and a profit before tax of £53,000 has been recognised.” So in 1 month of ownership (month of August 2018) Aspen delivered an impressive £53k. On such a short timescale it’s difficult to draw any firm comparisons, but we know from the acquisition RNS for Aspen they were forecast to deliver, ”Aspen has continued to grow in the year to 30 June 2018 and it is expected to report an adjusted EBITDA of £0.55 million.” Therefore, not unreasonable to factor in c.£600k PBT contribution from Aspen for FY19 I’d have thought (12 x £50k PBT per month). So, I’m hopeful we’ll observe Aspen weighing in; decent growth in APC Time (BBC infrastructure contract amongst others); the beefed up APC Locator doing well; APC Lighting continuing as preferred supplier with numerous FM companies...and hopefully adding more; the RF & Microwave side benefitting from increased IED jamming device orders (remember the chaos at Gatwick Airport with drones!!!) plus there are a number of other supply lines that have been added to the group in the last year such as 3D Space that will hopefully now be providing a decent contribution. I’m sure I’m only just scratching the surface. Just my take & delighted to see insider6 also kicking the tyres by attempting to reconcile valuation vs the current share price. We’re certainly on the same page in believing that the share price could materially re-rate. Kind regards, GHF
insider6: Since APC fiscal year ending August 2017 and after the APC management review, PBT has risen each year from £0.42m in F2017 to £0.68m in F2018. The share price has remained stable over that period whilst the MC increased by over £3m. Obviously this was because of the increased number of shares in issue, but clearly illustrates that there should be a correlation between share price and PBT if the number of shares in issue does not change. Moving on to the current year, back in July 2018 the house broker was forecasting £1.64m PBT in our current year. There is no reason to assume this will not happen as management have recently stated that they are trading in line with expectations. We will know more about this on May 21st when the interims are announced but assuming year-end current projections are met or even exceeded then the share price should reach 15p once the final year end results are announced in December. GHF’s excellent post has illustrated the profitable growth potential of each of APC’s operating divisions and I believe it will not be long before we see an updated broker forecast to take into account the significant opportunities which have occurred with the latest acquisition since the last update.
glasshalfull: Good morning folks, I’m currently writing up the constituents of my (fantasy football) portfolio & now getting round to my marauding full back...APC! The table below doesn’t copy over v well from Twitter so here is a direct link HTTPS:// I’ve shared my views extensively on this investment thread, so the write-up should be viewed as a brief resume of the investment case IMHO. Nothing more. (#3) APC (APC Technology Group) - Exciting Growth * Share Price 6.6p * M/Cap £12.1m * Enterprise Value £15.1m (£2.3m drawn under an invoice discounting facility of £6m) * Shares in Issue 182.6m * Stock Rank (Neutral) 37 (Quality 6 / Value 72 / Momentum 55) Background APC Technology was established in 1982 & listed in 1996. The share price reached the heady heights of 68p in November 2013 but came unstuck in 2015 as it attempted to diversify. The shares plummeted to a low of 5.7p in June 2017 following series of placings to shore up the company. However, a new management team arrived a couple of years ago & administered considerable mouth to mouth resuscitation, stemmed losses by disposing of a loss making business, restructured & slashed costs by over £2m on an annualised basis. This took the company out of intensive care & they are now executing on their strategy to drive growth. This has been evidenced with a return to profitability in FY17, then in FY18 further improvement in Revenue, PBT & Op Margins ⬆️ to deliver 0.54p EPS that equates to earnings growth of +100%. Not too shabby! Despite this positive progress the share price has been range-bound for almost a year. Perhaps the market are simply, “once bitten, twice shy” when it comes to APC & are looking for confirmation they can deliver consistently? 🤔 What do APC do? Well they design-in & distribute high reliability, durable & long lifespan components & systems for critical applications. 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 in industries such as Space, Defence & Healthcare. They operate in 3 main areas :- * Components (60% of sales)they engage with their UK customer base to design-in products sourced & supplied throughout the world into a range of industries which includes military, aerospace, medical & energy. They have also expanded their product portfolio to take advantage of the growing UK space industry which is forecast to grow from £14bn in 2015 to £40bn in 2030. * Property Technology (30% of sales) is growing organically at +10% per annum & includes project based LED lighting solutions for many of the major Facility Management (FM) companies plus the emerging Internet of Things (IoT) tech for smart buildings solutions for buildings such as The Shard & across Network Rail properties * Time Synchronisation (10% of sales) is growing organically at +30% per annum. APC Time is being developed as the “go to” brand in the UK as evidenced by their work in a number of areas such as the financial sector & in media with the BBC who have chosen their tech across their iP infrastructure upgrades How will APC grow? There are 3 core elements to their growth strategy:- (1) Sell more of the tech they have - sales team reorganised & incentivised (2) Sign & sell new complementary tech (3) Bolt-on acquisitions - acquired 3 complementary businesses during 2018 Management have nailed their colours to the mast & declared targets to TRIPLE the size of the company on a 3-5 year view. They indicate the group will be delivering £48m revenue in 3yrs & in 5yrs up to £75m. With improving op margins I’d hope they’d be delivering PBT of at least £4m & £7m respectively in this timeframe. Stockdale have a 12p price target or +80% upside on the current share price. The undernoted forecasts indicate +35% EPS growth this year. Yr end Aug Revenue Adj PBT EPS Normalised 2017 £15.56m £418k 0.27p 2018 £17.15m £683k (+63%) 0.54p (+100%) 2019e £23.06m £1.63m (+23%) 0.74p (+35%) 2020e £24.99m £1.88m (+50%) 0.86p (+16%) 2021e £26.16m £1.96m (+22%) 0.89p (+4%) In conclusion I don't think it fanciful to believe that APC will NOT ONLY deliver +35% earnings growth this year BUT also the strong possibility that we’ll observe future forecasts being upgraded as each component of their growth strategy becomes a reality. We have already witnessed a significant earnings upgrade for the company with the current FY2019e being upgraded by +30% in July 2018 from 0.57p EPS to 0.74p EPS following the acquisition of Aspen Electronics. The share price is only on a prospective PER of 8.9 for the current year which falls to a PER of 7.7 in the following year. It looks v good value IMHO. Disclosure : I hold > 1% equity Kind regards, GHF
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
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.
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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