Share Name Share Symbol Market Type Share ISIN Share Description
FishWorks LSE:FSH London Ordinary Share GB0009588533 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 1.625p 0 06:30:08
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers - - - - 1.60

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Date Time Title Posts
22/1/200909:19Fishworks with Charts & News203
30/1/200714:31Fishworks (not Albert Fisher)66
19/11/200421:36Shareholder Action Club209

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FishWorks (FSH) Top Chat Posts

westcoastrich: the share price shows this has seen batter times luke johnson enjoying his chip supper at the darby an joan club
drunker50: The share price is looking a bit flatty.
amoslor: Fellow Shareholders (Sorry if that sounds pompous just trying to be PC correct) I have a very substantial holding in this company and have had since 1985. I have no insight or knowledge about it's future prospects but I am enjoying the humour and geniune research you fellow investors are putting in.The banter is excellent. In what appears to be a very unhappy world at this moment FSH share price is small beer. No offence intended I will not post again Amos
steddieddie: Hello's me and definitely not masquerading as anyone else or they as me. Been keeping track but nothing to add to my last contribution which as I remember, having sold overall about 2/3rds of my previous holding, was heavily bearish and written in the belief that we'd do well to still have a company within 3 months. If the FT report is to be believed, FSH may continue to exist after all. That, for me, is a bonus. As for the future, in the event of debt-for-equity swaps, I'm not qualified so am I missing something with all this concern over dilution? FSH's problems are dire but it did at least demonstrate in the last full year that it could produce profits of £6M after paying something like £10M in interest. It seems to me therefore that whether our shareholdings are diluted, in the future, by banks or whether EPS is diluted by high coupon debt, as at present, amounts to very much the same thing. In other words, without the millstone of the debt, by my calculations, 2bn shares in issue would last year have produced a similar EPS of 0.8p. If FSH's bottom line really is set to improve, and some have forecast £10-12M AFTER interest of about £10M is possible, the attractions of reducing that interest burden is evident and maybe a 3 for 1 issue could be supported and still produce an EPS of around 0.8p to 1p within, say, 2-3 years. This assumes FSH to be virtually debt free via swaps and asset sales which is probably asking too much but is possible. I hope none of this is making me sound bullish because I'm far from that but my main thought is that dilution of our holdings must be considered in tandem with the consequent (and immediate?) benefits to the bottom line of debt reduction. I think we can put some store by the FT "leak" and it leaves me rather hopeful that FSH has a future. I would not be at all surprised to see a share consolidation alongside the anticipated restructuring, perhaps 1 for 20, making a 5p ordinary into a £1 ordinary, reducing our holdings by the same ratio but also initially increasing the share price to around 40p, giving more room for maneouvre following a 3 for 1 share issue, resulting in 144M in issue thereafter. I reckon this produces about £43M for debt reduction before expenses. Probably all a load of rubbish but just my thoughts. If it goes anything at all like this it'll bear a striking resemblance to the shafting we shareholders got dealt at BMU in Oct 2000(is my name Jonah?). The share price then promptly fell away from 40p to 25p but I am happy to report there is also room for hope. The sounder financial footing gave rise to much better times which look set to continue. No guarantees the same will happen here but where there's hope.... Regards
itsourpete: Good morning Jimmy. Strangely enough the same thoughts were occuring to me. Lets face it, the Institutions haven't bailed out at all - they would certainly be asking questions don't you think about the FSH share price - but, my guess is that the Directors have been doing the rounds lately with the major shareholders over the forthcoming announcements - I'm starting to believe that the results are going to be very much secondary to the accompanying news and statements. Likely to be some significant excitement!
hillbrown: Welcome back Jimmy. Yes, maybe faith can move mountains. But not the FSH share price. That needs heavy lifting gear to get rid of RR. Not the directors money gobbling, back scratching, ego massaging machine known as CGEY!
steddieddie: Oh dear...dare I say again that we are our own worst enemies, the purveyors of our own disappointment? Think back to December's statement and the depression it generated, especially from those who attended the AGM. They reported back to us enough information and gut feeling for us to know exactly what to expect over the coming few months, so this week's statement should really be no surprise at all. Trouble is, it comes on the back of a good uplift in the share price and thus a re-generation of good spirits and belief. I've said it before but I'll say it what? Don't get me wrong, I share the disappointment at the confirmation that the slog back to fortune will be a long one but my view has always been aimed towards Oct 03 for the real rewards. Two years to double, treble or even quadruple your money seems a decent deal to me. In my view these multiples are all the more achievable at 4.5p offer. Just another extended buying opportunity for the long-term. Why do I believe? Well, to say the least, it doesn't help that the Dec and Jan statements suggest that the board is out of touch with the business. After all, it was only 3 months ago that we were being showered with positives. This is very worrying and it is right for us to be concerned. BUT...we should expect FSH to face difficulties from the effects of Sep 11 to the food service industry, especially in the US. This can hardly be classified as an excuse. Realistically, we should also expect that in the UK, the so-called transformation process will initially take it's toll on performance but will produce good results in time. They have a perfect model in River Ranch, so it would take absolute incompetence not to derive significantly better margins from the UK business year on year once established. I've said in previous postings, FSH remained priced to disappoint, now especially so - it trades on a current P/E of 3.54 and a forward P/E of 2.36. We know the interims are going to be awful but FY EPS 1.2p is said to be challenging, not impossible. However, supposing it is missed and EPS is, say, flat at 0.8p with perhaps 1.4p forecast for 02/03 - current P/E would then be 5.31 and forward P/E 3.03. How wrong can FSH get it to justify these levels? Take a 2-3 year view and what a bargain! Lots still wrong, of course - high debt, no dividend, too many words, not enough action but, most importantly for the patient, FSH is cash-generative enough to survive, it makes a profit after interest, likely improvements are in prospect so things WILL get much better. Long-termers should not be too concerned at daily movements especially on thin volume. It may take a while but one day within 2-3 years FSH will trade on a still undemanding P/E of 10 or so. That would put 15-20p in prospect. In the meantime, as is always the case with the unpredicable FSH, there are some factors which may affect the near-term: 1. Following last week's latest offering, FSH has never been more vulnerable to a bid (tasty meal and shareholders demoralised). 2. No better time for Directors to buy (at last). 3. I think the second half could actually be better than the Board dare forecast. I repeat, they have called 1.2p challenging, not impossible so there is still room for hope (probably naively). However, the "transformation" should by then be producing increasing benefits along with price increases and the "material new accounts". 4. FSH's second half is said to be "on track" for significant benefits and is, in any case, the "biggy" for earnings because of the seasonal demand for chilled products. How about this for an extra thought, though? On 3 June, the country has a special Bank Holiday to celebrate the Queen's Golden Jubilee for which I expect there will be a spate of catering activities and street parties. This should be very lucrative for FSH - almost like a summer Christmas. In other words, they get a second chance at the time of year most beneficial to FSH. We can only hope that the weather is absolutely scorching and that, by then, FSH is better placed to take full advantage of a great opportunity. If so, it could help the FY enormously (and even surprisingly). Keep the faith. The value is in the price for the patient. Regards.
ardent scout: Hi to all the FSH regulars, hope you & your families all had a good Xmas. It has been nice to see the rise in the share price over Xmas. I do hope it continues to gain support at this sort of level, & maybe make the 6p level its new base for a while. Looking back at the trades of the 28th, imo it was pleasing to see people willing to buy at 6.1p, 6.25p & 6.35p towards the end of the day. I’d be happy with a bit of stability at this level for a while, but I have the feeling (as SE has mentioned) that there may be a bit more to happen over the next week or so, with end of year tips being published etc. The FSH share price has a history of doing well Xmas/January time, sadly the norm is for it to drift back down as we move into the year. I read comments about possibly getting involved in some short term trading of this share, which I have to be honest, really frightens me. I can totally understand the reasons why, but there is always a faint chance I may miss out on some corporate action or good news. I know the chances are probably 1000000/1, but as a long-suffering FSH holder it would be almost bound to happen to me. Imagine, if I sold out at 7.5p, with the view to buying back at, say 5p, you can bet your life, there would be some bid or sale in the mean time & I’d be left looking at a 15p share price....but holding no shares! I will be sticking with these, particularly through any short term trading volatility, just in case. The only time I may be tempted is in April when the interims are issued. If the share price has risen, & the interims looked poor, I could possibly see a situation where I may want to get out on the morning of the release & then back in quite quickly. I hope it doesn’t come to that though. Directors holdings don’t really worry me too much, I think to send a real signal anyway, they would have to be seen to buy couple of million, a few hundred thousand is nothing really is it? (well, not when you’re on £375k a year). As SE has said, Robinson has got more than enough options at decent prices. I know this is more of a conspiracy theory, but imo Robinson has every reason to want to play a very long game here. He can’t exercise options until 2004 at the earliest, so a 20p share price this summer is not much use to him personally, he needs them to be at that level, or hopefully higher, in 2 or 3 years time. I do not see any reason why Mellor & the new FD should not buy a few though. With regard to RR, I’m convinced there must have been discussions re a sale at some stage; maybe it’s not live at present. If it were to be sold, I’d sincerely hope they would get more than JL suggests, although the idea that it would clear all debt is a bit far fetched I think, I’m in agreement with Dex on this that £60m would be reasonable, more would be nice. Fisher Foods could become a very saleable business as well. It currently has CGEY streamlining & re-structuring it. It is likely to end up a lean, well-managed business with a turnover of £350m, as SE said in a slightly different context, it will be gutted & filleted & ready for easy digestion. You know I’m a bit anxious about current trading, & all things considered, I still believe this H1 is going to be disappointing, even judged by the most modest benchmarks. I only hope that profits have improved since the AGM.
steddieddie: Hi Jimmy and Ardent...IMO we'll be lucky if the interims are break even, a deficit might even be on the cards bearing in mind the veiled profits warning for the first half at the AGM, when doom and gloom then abounded. However, it doesn't change the longer-term value. FSH is not yet valued at a level when some under-performance should affect the share price. I'm repeating myself but if FSH were trading at 18p on 10 times expected forward earnings we might have cause to worry but at these levels any disappointment is already discounted. I'm not really bothered about the short-term, as long as there is enough demonstration that things are more or less on track for the longer term we cannot fail to be on a winner here. The value is in the price. When I read of recommendations for shares like M & S with a forward P/E of 23.5 or, more fittingly, Geest with a forward P/E of 15.5, I wonder what the tipster or broker is thinking of and where those shares go if a banana skin appears. IMO, FSH still has the banana skin in the price. It is on a forward P/E of only 3.47 for pity's sake, even after the last week. We have been warned not to expect too much in April. This is good because it should remove inappropriate expectations and thereby reduce disappointment. Forget the first half, we have had re-assurance that the second half will do the business for the whole year. 2002 is set to be a watershed in FSH's recent history. The market commentators are beginning to realise this and know that it is no good waiting for proof if you want to buy for the maximum gains. Shares magazine has stated that Deutsche Bank thinks 10p is more appropriate. I read somewhere that someone was quoting this extract as Deutsche Bank's target price. I think this confuses the issue. This is not a target but a statement of fact. It is an appropriate level for NOW, on an undemanding valuation basis. Of course, a restored institutional demand for FSH shares is the key. After disappointing so often in the past, investors will take time to forgive but when they do, look out for action. This may take 12-18 months but certain shrewdies will be looking to stock up while they can, giving support to the share price in the meantime. Interestingly, though I am not a chartist, I believe they can add support to a trend...and FSH's chart appears to have broken out of it's most recent down trend and has maybe, just maybe, turned an important corner too. Professionals do take note of these instruments so we should not be blind to their importance in restoring value to a share price. My New Year's message...expect the unexpected but keep the belief. Nothing much is demanded of FSH at it's present price so keep that in mind. If it delivers anything like analysts forecasts over the next 12-24 months, together with a restored dividend and a demonstration that it can maintain such recovery and growth, a very new FSH will emerge during 2003 on a very different P/E. I guess today's price will by then be something we'll all wish we'd taken better advantage of. I believe this will be our only disappointment in 12 months time. Regards.
pkfellows: Dear Santa Pleaae find below my xmas list for this year 1.Caprice 2.Porsche 911 3.Large Fruit and Nut 4.A steady rise in the FSH share price I realise the last one may be nigh on impossible to get, so if u could get Caprice into a nurses uniform, then i'm sure that would more than make up for the disappointment!! thanks pk
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