I haven't looked in any detail at the accounts, but despite the fact they always seem to report fairly decent profits, they haven't made any sort of dent in the debt for as long as I've followed the company. |
Thanks for the clarification, having checked, Flomerics was bid for back in 2008,
by a US listed company. |
Cerrito:- Agreed - However dodged my questions as to interest rate being paid (very understandable!!) BARC are not a charity but I have no reference data as to how much above bank rate they could be paying.
Anyone any thoughts/knowledge? |
No essentialinvestor, they have always been listed since AIM launch in 2014 as Flowtech so not connected to any other business.
Youvall keep mentioning 'good presentations' but that sits awkwardly with the crashed share price.
No excuse for being in at 121p as l pointed out Yr ago they are a sub £1 share.
Their core Flowtech business which was the building block, is going backwards, as is the Margin. They just keep changing The Chiefs and a few of you are so gullible. |
Agree PUGUGLY good if not v good presentation but as you say need to walk the walk.
Bad that H2 trading conditions will be tough.
Better that they have their bank facilities sorted till Feb 26 so will not have the immediate financing pressures.
Better that as of tomorrow their good Chairman gets back into the saddle.
Not one of my better decisions to be here at an average in price of 1.21.
Not selling but feel I have enough so will not be buying.
Ps
As known in a fragmented industry so prone to consolidation. A theoretical chance that a bid will come in from a consolidator but given the shareholder register in this probably unlikely scenario they would not be sold on the cheap. |
Is this flowmeric that was previously listed back in the day.
They were HQ'd nr Hampton Court from memory.
Jade, good call. I see you specialise in this one company from your posts!. |
Encouraging IMC presentation - OK they certainly walked the walk - So continuing to hold and might top up - Now to see if they can walk the walk in these stressing times for UK plc. |
 I am pleased edmund has been missing me, I just didn't want to post and appear to rub salt into your wounds. All these previous remarks about 180p etc !!. I did warn you the price was heading well below £1. You can't keep chopping CEO's, Finance Directors and other senior management and expect anything else. What warning signs do you need ?. As for those hanging on for the 6p or 7p dividend payments, dream on.
You can't change the business from effectively a wholesaler to supplying YOUR customers customers direct, for bigger margins, and expect that to be taken lightly by your former distributors. You will have noticed it is the Flowtech division that has suffered the worst !!.
I gather a recent change in management did not sit well with the affected individual and there are rumours of him seeking recompense.
It's not too cheap. Where is the upside ?. Unless it becomes a takeover target. I prev said my calc was 75p was the floor, I am not being ridiculed now.. I take it that those sat on massive losses are keeping their heads down. Of course, if you think it is too cheap, the simple solution is go and fill your boots !!. I suspect 99% have more sense. |
It's too cheap |
Where is milliejade? I am missing her... :)) |
Possibly expecting an update on Monday with notice of half-year results. (Last year there was one on the equivalent Monday.) |
Good to see this chased into the close - decent volume too |
Probably marked up to 'accommodate' reinvested dividends. |
Well the share price has been recovering over last few weeks.
The fact that inflation fell unexpectedly seems to have boosted markets generally even small caps. |
Unexpected boost today.
Having just received my fourth takeover offer this year one gets suspicious! |
MJ probably got in at the bottom. I mean you don't spend this much time on a board if you are not interested do you ? |
MJ, hope you got back in. Well above 100p now and further to rise. |
Everyone, hope you all got out as l advised. Well below 100p now and further to slide. New strategy required. |
Guys, you seemed shocked. I did warn you. |
They have an 'Investor Meet Company' event arranged for next Monday, 17th which you can register for.
This link may help (if it works for you?).
(There is a 'Register now' link just below the 'Log in with Google' line.) |
I cannot make head nor tale of the outlook. Generating cash for investment? As woolly as a Christmas jumper. Hopefully the new CEO will enlighten us in due course - maybe this year. |
 edmundshaw - I was about to make the same comment about the dreadful grammatical construction of the results announcement. Sentences have been mangled in an attempt to incorporate the obligatory buzz-words and the punctuation is random. It is almost unreadable. I hope their fluids flow more smoothly and that the report is not symptomatic of their strategic thinking!
The actual figures are not too bad. I'll allow latitude for the write off of goodwill and intangibles and focus more on underlying cash flow which is reasonable. The dividend paid was about half covered by cash flow, i.e cash flow would have been positive without the dividend.
There is also £4.5m of potentially retrievable cash cost attached to the combination of an increase in receivables and a reduction in payables, so the underlying cash position is healthy provided the receivables all perform.
I recall that many years ago (about 50 yrs actually!) I heldg shares in a construction company (Brown & Jackson) that came out with a report which could only be described as illiterate. However, their figures added up well and I doubled my money.
Perhaps Flowtech could ease the pain by arranging an edit before the eventual audited report. |
Agreed - the worst bit is that I can see the consensus forecast eps elsewhere but these are adjusted and the FLO report does not give adjusted. All I can find is the basic figure which is negative because of the massive £10m write-off of goodwill. We do get a detailed account of the changes of discount rate causing that! |
Bloody hell, that has to be some of the worst presented and most difficult to read (unaudited) results I have seen in 25 years of investing.
No proper formatting, long and winding sentences, lack of straightforward comparisons with earlier years, lack of clear and simple underlying results, and the notes are dreadful. |
Thanks, Boadicea. I just forgot to update my results schedule, I did see that RNS earlier... The important line in that RNS was "The Board confirms that the underlying profit for the year ended 31 December 2022 remains in line with market expectations", together with the absence of any specific warnings.
Anyway, as I had taken some profits at 150p in 2021 and not replaced the shares on the drop in 2022, I was comfortable to topped up again at 97p, which I think is probably a good price.
I actively manage my exposure to my different shareholdings, so rises and falls do present opportunities to take profits and reinvest, which on average I find beneficial... |
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