Share Name Share Symbol Market Type Share ISIN Share Description
Flowtech Fluid. LSE:FLO London Ordinary Share GB00BM4NR742 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.75p +0.66% 114.00p 111.50p 116.50p 115.00p 111.50p 115.00p 103,176 16:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 78.3 6.0 9.7 11.8 68.03

Flowtech Share Discussion Threads

Showing 2351 to 2374 of 2375 messages
Chat Pages: 95  94  93  92  91  90  89  88  87  86  85  84  Older
DateSubjectAuthorDiscuss
18/10/2018
22:16
Just to let you all know that Flowtech will be presenting at our MelloLondon investor event in Chiswick W4 next month on the first day. MelloLondon is a two day event and starts on Monday 26th November through to Tuesday 27th November. You can find out more here... Http://melloevents.com/mello-london/ There will be 65 quality companies exhibiting and presenting plus some very well known investors, entrepreneurs, fund managers and market commentators providing excellent keynote talks on a range of investment subjects. A number of investment workshops will be available each day and a ShareSoc MasterClass on the final day.
davidosh
04/10/2018
14:30
Yes once this is out of the way there should be a bounce towards the 135p level I hope.
meijiman
04/10/2018
14:14
BNY Mellon Trust & Depository reduced from 6.46% to 4.25% (see RNS) Would explain recent price moves?
napoleon 14th
03/10/2018
22:51
fill - suspect what is happening here is the reporting of large sell orders that have now been filled by the MMs. this has dragged the share price down....but does mean the share price will now recover as the selling pressure has ended. oversold at present and I expect recovery to the 130 - 140p level in the short term.
melody9999
02/10/2018
20:53
Very large share volumes over the last few days. One announcement today regards a sale by a large institutional holder on the 28th September - about 1.5 million shares sold. Today a large volume of shares sold - is ownership of a large tranche changing hands? Is someone hoovering up a new position at around the 115p mark? New Q3 trading statement on the 23rd October - not sure which way this is going now. Could trade for a long time down at these prices. Fils
fillspectre
28/9/2018
11:57
NED Bill Wilson joins in with a 3,500 purchase at 117.5p.
skyship
28/9/2018
11:18
This looks like a buy on weakness to me - sadly with all the sellers it is not going that way. Maybe when the sellers are gone it will turn around. I use VectorVest and although they rate it a sell they do give it a value of 198.9p! By the way after the share went ex div the VV safety of dividends (YSG) is also rated highly. You can see the VectorVest full analysis by visiting VectorVest.co.uk and click the Analyze Any Stock Free - link.
grosvenor
25/9/2018
23:33
When FLO announced a hiatus in the acquisition strategy I breathed a sigh of relief because I felt this would be an opportunity for the management to demonstrate with year on year comparatives how they could develop purely organically the now much enlarged group. I watched the video interview with Mark Cropper, MD of Beaumanor and was impressed with his no-nonsense delivery which constantly reinforced a message of effectively stick to the knitting. Both Beaumanor and the now Skelmersdale parent Company are not fly by night outfits - FLO has been around since 1983. So they've announced a CEO stepping down - Simon Thompson in his article states he understands the personal reasons for doing so - not such a big calamity and maybe anyway others are better placed to develop the business organically. Brexit ….. risk applies to loads of companies. £1.5m contract at risk - the update explained this was not part of the group's core business - it seems good to me the board has re-risk assessed this particular contract and hopefully a lot of learning has come from it. I have reviewed the dividends I have received from this share since holding and I am confident the dividends will continue to come - happy to hold. There are many many loss making businesses on AIM - FLO isn't one of them.
fillspectre
25/9/2018
17:37
Thank you for your ha'pence worth OC. Yep, getting in now might be too early or it might be the bottom, who knows? but if it's value and quality, that will out in time. Buying a small amount seems a sound, codging style of aquiring a position...
edmundshaw
25/9/2018
09:37
I've been following these for quite a while and have just taken a very small position. Whilst the directors buys are a positive, it actually concerns me that the share price (currently 117) continues to fall even in the wake of these. Shares can also be purchased well inside the spread, thus I expect further share price weakness before any recovery. However, you can't always buy at the bottom and whilst it would probably be better to have waited for some share price strength before starting to buy, I felt it worth a small investment now. My opinions only, TOC
theoldcodger
25/9/2018
07:33
Fils - thnx a lot for those. Very interesting - will be studying them today... As to FLO, another NED initial purchase announced; so we have now had: # Nigel Richen------23,500 bought @ 128.5p # Malcolm Diamond---16,028 bought @ 123.7p # Bill Wilson-------16,500 bought @ 123.3p Such clear, co-ordinated buying by NEDs (inc. the Chairman) surely suggests that the recent fall is considered an aberration. May have to increase my small holding!
skyship
24/9/2018
23:22
I do apologise - must reread my posts before they are sent. Confusing Typo - "mooted" should have been "muted". Fils
fillspectre
24/9/2018
23:18
Skyship I don't normally use one bulletin board to cross fertilise others but allow me to shamelessly promote two other shares I have an interest in. Both AIM, both UK manufacturers - neither paying a dividend - one already profitable - one soon to look like it will be I hope. Finally both Rivaldo and Longshanks are interested in these shares and I have found them both to be reasoned individuals with a relatively good eye for potential winners (although I'm not claiming them to be infallible). 1st SDI - AGM tomorrow - Tuesday 25th - a seemingly well run Company with a mix of technical Companies - including scientific instruments, advanced specialist cameras and industrial dosing equipment. Growth is coming both organically and by acquisition - with acquisitions coming via an obvious patient approach - with so far each acquisition looking good business sense - i.e. caution hasn't been thrown away with a need to boost revenue at a certain rate. Growing ever more profitable - in particular I'm awaiting news of increased orders for something called Proreveal - which is a detection device which allows sterilisation units in hospitals to determine how effective their cleaning processes are - each sale leads to repeat revenues of consumables. In theory NHS trusts are compulsed by Government to buy into this sort of technology although the main deadlines have already been passed. No dividend yet but thus far share price growth has more than made for up this. 2nd SCE - Potentially more interesting although for now I would school you to do your own research and possibly play a waiting game. This is a manufacturer of carbon ceramic discs brakes. They are currently equipping what they call the OEM cell 1 - a production line for volume production - in a relatively new factory in Knowsley near Liverpool. They have just announced another six month delay in a September statement although the reaction share price wise has been fairly mooted. They have a smaller production cell which is producing increasing revenues in near OEM sales, retrofit kits and will be used for producing brakes for an Aston Martin supercar. The talk in the September statement is that Aston Martin have opened up talks about further models. Meanwhile in this calendar year SCE should complete product testing for two German OEM companies which will be one of the last hurdles for one or both of these Companies to nominate the Surface Transform brake for incorporation into a new car model. The big news for this share will be when they can actually announce the ink is drying on a volume order for what they call OEM3, OEM5 or both. Personally I think until the Brexit date has been put behind us we won't see such an announcement and for this reason I think the six month delay on final commissioning of OEM cell 1 makes little difference. Meanwhile come Jan 2020 the Company should receive an order to supply an aircraft landing Company with brakes for a U.S. military aircraft - a contract which has been likened to an annuity and which on its own was once claimed (I can't remember if this claim is current) should make the Company break even. I have visited the premises at Knowsley on an investor away day - I'm hoping a fresh invite will be forthcoming soon to allow shareholders to see the progress for themselves. Longshanks, on seeing the first new furnace on that visit, likened it to a machine that could literally spin golden discs or words to that effect - such were feelings on its potential ability to create wealth. I apologise to Flotech Fluidpower shareholders to this diversionary interlude. I am a FLO shareholder - I'll submit a post tomorrow onto this board which gets back to the subject matter at hand - and discuss what I think of FLO's prospects.# Fils
fillspectre
22/9/2018
12:50
Thnx all - some were not manufacturer's incidentally!
skyship
22/9/2018
11:33
Golden rule - don't touch anything out of the Zeus stable.
lord gnome
21/9/2018
10:37
Skyship, STRIX (KETL) fits your needs, profitable, good divi, strong patents, market leader. edited to add ticker
alter ego
21/9/2018
09:36
Skyship - CLIG, Alumasc and Ramsdens perhaps?
rcturner2
21/9/2018
09:27
TXH and SOLI
value hound
21/9/2018
09:21
Have recently decided to step out from my close VALUE ASSETS investment strategy and buy a small clutch of profitable, dividend paying, AIM-listed manufacturers. Read the IC article yesterday; and then prompted to act when I saw the Director purchases. FLO joins Kromek (KMK) & Tekmar (TGP) Need another two similar - any suggestions welcomed. Thnx...
skyship
21/9/2018
08:40
Thanks for posting Grosvenor. Don't have ST's forensic knowledge of the company, but my thoughts entirely: a 30% fall is a total overreaction.
tratante
21/9/2018
08:33
I have bought back in today.
rcturner2
21/9/2018
08:30
Vectorvest Value these at 212.35p as of last night get your own analysis here :- hxxp://www.vectorvest.co.uk/ or here https://www.dropbox.com/s/gey8vcaldic64xh/Flowtech.pdf?dl=0
grosvenor
21/9/2018
08:26
Inv Chronicle Wednesday:- Aim-traded shares in Skelmersdale-based Flowtech Fluidpower (FLO:120p), the UK's leading specialist supplier of technical fluid power products to around 5,000 distributors and resellers, have been marked down by 30 per cent following a modest profit warning yesterday and are back to the 118p level at which I first advised buying ('A fluid performance', 2 Jun 2014). True, total dividends of 21.5p a share paid in the past four years cushion the blow to some extent, but that’s not the point as I was positive on the investment case in early summer when the shares were priced at 159p (‘FlowtechR17;s fluid performance underrated’, 1 Jun 2018). They subsequently hit a high of 195p by the end of that month and shareholders also banked a final payout of 3.85p, so the reversal has been dramatic. It’s also a reversal that is completely overdone for a raft of reasons in my view. Firstly, announcing board room changes at the same time as a profit warning is not ideal, and undoubtedly accentuated the share price slide. Chief executive Sean Fennon, who has held that position since 2009, is retiring for close family reasons from the business at the end of 2018. I can fully understand why he is stepping down and respect why he doesn’t want his personal life broadcast across the media. Bryce Brooks looks an able replacement as chief executive having joined Flowtech as finance director in 2010 and overseen an acquisition strategy that has doubled the company’s operating profits in the past five years. Mr Brooks will be replaced as finance director by Russell Cash who is a former Baker Tilly partner and holds the same position at Manchester-based FRP Advisory LLP. Mr Cash is an interesting appointment as Mr Brooks outlined during our lengthy results call. Flowtech will be pursuing a cash focused strategy to improve return on capital alongside tighter working capital management across its multiple operational businesses. Secondly, the profit warning was not major. Joint house broker Zeus Capital only reined in its 2018 adjusted pre-tax profit estimate by £700,000 to £10.7m on maintained revenue estimates of £107.6m, and clipped its 2019 profit estimate by £1m to £12.1m on forecast revenue of £115m. The other joint broker finnCap has similar estimates which support EPS estimate of 14.9p this year and 16.2p in 2019. The main reason for the downgrade is that analysts at Zeus are factoring in higher operating costs from acquisitions made over the past nine months which has added £2.2m to their previous operating cost estimates this year, and about £2.6m in 2019 to reflect costs incurred to streamline the cost base. Gross margin of 35.5 per cent in the six months to end June 2018 was actually 1.5 percentage points higher than Zeus’ previous estimate. That’s worth noting as the additional gross margin earned is offsetting the higher operating costs. Importantly, revenue estimates have not been trimmed back. Also, analysts have little in the way of cost savings actually embedded in their 2019 assumptions apart from £0.5m of savings already being targeted from an acquisition made in March 2018 (see below). That could prove conservative as acquisitions made have higher cost bases than Flowtech, so there should be savings to be gained in areas such as procurement, back office functions and operational efficiencies. Thirdly, a delay in delivering a £1.5m contract on a Thames Tideway hasn't help sentiment although this is hardly a major bear point. A more cautious tone in the trading outlook may have unsettled investors, and in particular signs of softening of growth prospects within Flowtech’s Power Motions Controls (PMC) business which designs, assembles and supplies engineering components and hydraulic systems so has more project-based work. However, this needs to be put into perspective as PMC only accounted for a third of Flowtech’s first half operating profit, and the much larger and higher margin Flowtechnology distribution business (which has a profit margin three times higher at 19.3 per cent) continues to benefit from positive tailwinds and upside from acquisitions too. Indeed, Beaumanor Engineering, a Leicester-based fluid power equipment distributor has traded strongly since being acquired by Flowtech in March 2018, vindicating the decision to raise £11m at 170p a share in placing to fund the bolt-on deal. In any case, it’s only trading in part of the PMC business that is proving less benign and the contributions from 90 per cent plus of Flowtech’s businesses (by revenues) are highly predictable. One would expect this solidity given that Flowtech’s distribution unit offers over 100,000 individual product lines to more than 80,000 industrial maintenance, repair and overhaul end-users in the UK and Benelux, so has a dominant market position. Fourthly, investors have completely misinterpreted the company’s working capital position and its debtor management. Due to the timing of the acquisition in March, receivables increased sharply from £20.9m at the end of 2017 to £27.2m, and inventories were up by £4.6m to £29m. However, average debtor days actually improved in the six-month period. There is absolutely no issue with late payment of accounts. Mr Brooks confirmed that bad debts account for a miniscule 0.2 per cent of turnover and there has been no change in debtors overdue. Furthermore, receivables have been cut to £26.3m since the end of June. Fifthly, the company’s finances are in actually in good health. Flowtech has a £16m revolving credit facility and £4m senior debt facility, both of which are priced at 2 per cent above LIBOR, and a £5m accordion facility with its lenders. At the end of June 2018, net debt was £18m, so well within these facilities. What has not been disclosed in the interim results, and which I can reveal, is that although net borrowings have been cut from £18m to £17.5m since the end of June 2018, Flowtech has also made £895,000 cash payments to settle the deferred consideration on past acquisitions. Moreover, the year-end net debt figure of £17.6m forecast by both Zeus and finnCap is stated after taking into account a further £2.15m of earn-outs between now and the end of the year. This is well worth noting because it illustrates the highly cash generative nature of the business. It also means that the deferred and contingent liabilities of £5.7m in Flowtech’s balance sheet at the end of June 2018 will be reduced to only £2.65m by the end of the fourth quarter of 2018, so can be easily covered by the operational cash flow from the business. There is absolutely no issue with settling deferred consideration. Sixthly, the board has created the role of group credit manager and made an appointment with the successful applicant due to join Flowtech in the fourth quarter, so expect cash collection rates to improve further and reduce the amount of capital tied up in working capital. This can only improve stock turn and return on invested capital in the business. In terms of cash flow generation, Zeus’ free cash flow estimate of £9.3m for 2019 is actually £400,000 higher than its previous estimate. It is based on £12.5m of operating cash flow less taxation (£2.4m) and interest payments £0.4m). Free cash flow should cover the forecast dividend (6.4p in 2019) almost three times over while offering scope for Flowtech’s board to reduce current net debt of £17.6m by around a fifth by the end of 2019. The fact that earn-outs will be much less next year adds further substance to the scope to reduce debt markedly. The bottom line The combination of boardroom changes, rising inventories and receivables mainly due to the timing of an acquisition, higher debt levels, and a small profit warning have clearly spooked investors, but the reaction has been overly harsh for the reasons I outline above. Ignoring the possibility of earnings growth coming through in 2019, the shares trade on a PE Ratio of 8 for 2018 based on adjusted EPS rising from 14p to 14.9p, and offer a 5 per cent prospective dividend yield based on raised payout of 6.1p a share for the 2018 financial year (the interim payout was hiked by 5 per cent to 2.03p a share, hardly a sign of distress). In my book that’s value. The current valuation is also discounting a dramatic drop off in trading in the next year which is highly unlikely, Brexit or non-Brexit. When the dust settles and investors take into account each of the six factors I have addressed, then I can see scope for Flowtech’s share price to recover most of this week’s share price decline. It may take time, but the high yielding shares have recovery potential at this depressed level. Buy.
grosvenor
20/9/2018
14:54
Director buying, not big bucks, but not insignificant either.
tratante
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