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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| FishWorks | FSH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.625 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.625 | 1.625 |
| Top Posts |
|---|
Posted at 16/4/2008 08:51 by tiredoldbroker Yes, but the problem is longshanks, your gut may not be a very good guide. Also, I doubt that there are any short positions in FSH.GP on last year's turnover was quite respectable at about 63% I think, which is probably as far as a restaurant group can go. So I suspect the real problems are far more structural - the wrong sites, which haven't and won't build to a weekly turnover which can become profitable (either too small, or badly situated, or usually just a rent that is too high and will only be reviewed upwards). Part of the success of Pizza Express was that there was a limited amount of stock, and most of it had a long shelf life shelf life - a lot of flour and dough, which would last forever, but not a lot of immediate perishables. Also, folks had no concept of the cost of making a pizza against what they'd pay in a restaurant. But for FSH, it is practically reversed: almost all the stock is high cost and immediately perishable, and because FSH puts a fishmonger at the front of each store, you can see the margin between the price of a herring and what you pay to sit and eat it. At the very bluntest end of their problem, not everyone likes fish, and so their market is automatically limited. I'd also say that there's absolutely nothing in the balance sheet: if a restaurant doesn't work, it's a write off, the fixtures and fittings which have cost a bomb sell for halfpennies, and the lease is simply an ongoing obligation. All this at a time when the London market is saturated with restaurants, more are going bust than probably ever before, and consumer discretionary expenditure is hardly likely to grow in the year ahead. By all means, longshanks, invest in the stock, but try to make a coherent case for it beyond your gut feeling. |
Posted at 15/4/2008 17:54 by tiredoldbroker A market value of £6m for a company forecast to make £200k is fairly fully priced, some would say.So what if Luke Johnson has other assets which could be reversed in, why should that be any good for Fishworks shareholders, rather than for Mr J ? When Greene King bought Loch Fyne, LF was already a successful business, with post-overhead EBITDA in its final year over £8m, earnings enhancing for GK in its first full year of ownership; that's what GK was paying for.... when FSH can rival some of these numbers, maybe it'll be worth a premium price, until then it just reads like a lot of ill-founded hot air and puffery. Six mill ? More like sick squid. |
Posted at 15/9/2007 09:12 by anusol Seems FSH is floundering at a low share price Has this been over-sole'd, certainly thats what Im herring on the grapevine. Everyone seems to be carp'in on with fish puns rather than a proper grouper us talking about company info. On a serious note, Im tempted to snapper some up on the cheap given the big director buy last month. ANyone got any none fishy thoughts? |
Posted at 31/1/2007 10:17 by wiganer Yes, topped up on BRST about 14p I think, mind you, my first purchase was 30p+ so that wasn't too clever. Still, ended up making a few quid. I know we've exchanged differing views on that one, but I do always find your posts interesting.Regarding buying FSH sites- if you're serious I'd recommend you look at the Islington one near the Business Design Centre. The missus works in the BDC and so I can testify that the area is heaving in the evenings with folk wanting to eat out. Lots of restaurants around, but still most places are packed in the evenings, and there's also a decent number of folks wanting to eat out at lunchtime. Not sure Fishworks has been making the most of its location though, when we walked past them, one of their staff was loitering outside in a fish-smeared pinny and we found somewhere more salubrious. |
Posted at 31/1/2007 10:09 by tiredoldbroker Wiganer, without wanting to hijack this thread, must say I hadn't looked at BRST for a few weeks - your recent purchases are making you money I hope ? Didn't you top up at around 14p ? If so, good move.BTW I will be talking to a client today about possibly moving in to try to buy one or more FSH sites, particularly if they go into administration. |
Posted at 30/1/2007 14:48 by tonyx What do you call a fish with no eye?FSH! |
Posted at 15/12/2006 11:21 by dodddy nice sell 2p under the bid on FSH mm's definatly dont want any of this stock on their books. |
Posted at 04/12/2006 13:09 by tiredoldbroker I am surprised at how little adverse comment the company has attracted, given that even their own RNS announcements give away some pretty fundamental errors.For example, in April 2006 in their Interims they said about Channel Fisheries "successfully integrated and the Group is now benefiting from the improvement in its supply chain with improved margins, as well as the opportunity to increase supplies to other restaurants" Yet by the trading statement on 22 Nov 2006, this had become "Due to the revised turnover levels, and without focus on third party sales, the profit before tax forecast for Channel Fisheries, the Group's supplier subsidiary, has been reduced by approximately £0.45m". In other words, they had completely failed on "execution" of the rationale for buying Channel - far from improving margins and supplying other restaurants, they'd simply ended up with an increased stock/spoilage risk and lost 3rd party business. Or again this November they said "A number of the units which opened during this period have been at the smaller capacity range of the FishWorks model which does limit revenue and has been a key consideration in our review of these forecasts". In other words, the new sites upon which they based their forecasts a year or less ago are in fact sites which are too small to make a worthwhile contribution. The wrong sites have been purchased - and having been fitted out at great expense, FSH is effectively stuck with them or it has to take some punishing losses on closures and disposals. Or again, the speed of the Harvey Nicks debacle. In July 2005 they trumpeted "the opening of its fishmongers and seafood bar on the Fifth Floor of the Harvey Nichols store in Knightsbridge... an exciting extension of the already successful FishWorks concept". By the Jan 2006 trading statement the wheels were obviously coming off - "trading that was below anticipated levels". They glosses over it in April '06 but by July '06 had to admit they were shutting down, but played pretend and dressed this up as "Our association with Harvey Nichols and their worldwide reputation and brand has significantly helped enhance the FishWorks brand". So dishonest, in my humble opinion, in that it failed to quantify the losses involved - which the Prelims in October '06 suggested as £744,000 in the year to 30.7.06, on turnover of under £250K. Or 20% of net shareholders funds, on one badly thought out site. I do not believe the basic business model is working, quite clearly some fundamentally wrong decisions have been made, and it looks as if FSH is stuck with the consequences. |
Posted at 03/12/2006 02:44 by longshanks Rats leave a sinking ship because they don't want to drown - in this case he was pushed. I find it reassuring that FSH can make hard business decisions so easily whether it be closing down unprofitable outlets or dismissing incomptetent board members. They are obviously keen to preserve shareholder value where possible and rank it higher than board stability - a rarity in companies this size. We may get a "face" as Chairman now - someone who the city trusts and can motor the next stage of growth. |
Posted at 22/11/2006 10:48 by offshore eye FSH was always going to be a dog. No long term legs. I am sorry for investors as I cant see this going anywhere but down the tubes. I always notice as I pass by Fish Works in Turnham Green just how expensive the place is AND EMPTY! |
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