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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Forest Sup. | FSS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 8.875 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.875 | 8.875 |
| Top Posts |
|---|
Posted at 18/9/2010 14:45 by topvest Letter received from Hazlewoods this week who have been appointed the liquidator.First dividend (of 9p) to be received asap; i.e. in the next 5-6 weeks I suspect, as there is a 21 day response period on share holdings. Final distribution likely to be marginally lower - £27,500 liability identified which will marginally reduce the proceeds. However, net surplus appears to be 9.6p / share which is marginally higher than the originally indicated 9.5p. |
Posted at 11/3/2010 14:00 by davidosh There seems to be a constant seller. The yield at this level is over 7% so they must think results are going to be worse and the dividend likely to be cut or just desperate for the money or both. It has been a fairly steady performer albeit a microcap. |
Posted at 28/9/2009 19:00 by rossco Excellent performance and dividend held as well.Positive statement going forward. This may be a small cap that comes good. |
Posted at 06/9/2007 21:32 by nickcduk I think all the sells around 8p were mopped up by the 8.75p buys. Obviously a large buyer who is happy to pick up loose stock at the moment. There are obviously a fair few shareholders who are selling out in disgust as well. As long as an equilibrium is maintained share price should hold up relatively well. Nice dividend to look forward to as well. |
Posted at 06/9/2007 13:47 by kenny SW - even if all growth is organic, there is still the good dividend which the directors seem likely to grow at more than the rate of inflation. |
Posted at 06/9/2007 06:45 by nickcduk Results were worth the wait. About 1.5p in earnings if you strip out the tax credit. A dividend yield of about 4% as well. Looks ok to tuck away for a few years. |
Posted at 06/9/2007 06:21 by safman orest Support Services PLC06 September 2007 6 September 2007 Forest Support Services Plc ('The Group' or the 'Company') Preliminary results for the year ending 31 March 2007 I am pleased to report a record Group profit of £279,581 before goodwill amortisation and taxation. This was achieved on a growth in turnover of 31%. As was reported at the interim stage, the first half outcome resulted from better than expected trading at Forest Traffic Signals and Forest Highways and this trend has continued for the full year with both operating subsidiaries contributing strongly to profits. Forest Traffic Signals achieved a record profit for the full year. In particular the depots at Newport and Bristol performed well with trading being lifted by success in bidding for additional contracts including its first Welsh Framework contract, for rural and minor roads. The Winchester depot performed below our expectations, quieter than anticipated trading in the Summer and Autumn eroding full year profitability. A new range of services, branded 'Forest Access and Security', including site fencing and traffic barriers, was launched in January, with start-up costs having a negative impact upon profits for the year. This new service range was launched at the Newport depot and has been well received by customers. Forest Highways boosted both revenue and margin during the second half, and made a strong contribution to Group profits for the full year, with an increasing proportion of the revenue coming from extended duration, large scale contracts, improving the visibility and certainty of workload. Actions to re-position the Forest Highways business continue, with the full year result offering a solid indication of progress. Results The Group earned a record pre-tax profit of £279,581 (before goodwill amortisation of £83,100). This compares with a profit of £44,720 (before goodwill amortisation of £83,100) for the equivalent period last year. Profit after net tax credit of £88,169 (before goodwill amortisation) was £367,750 giving rise to earnings on the weighted average number of shares in issue during the year of 2.0p per share. The tax credit arises due to the recognition of a deferred tax asset for losses brought forward now considered to be recoverable against future taxable profits. Turnover for the year was £6,230,000 (prior year: £4,760,000), an increase of 31%. The balance sheet continues to strengthen with the Group holding cash at the year end of £319,000. Dividend Your Board is recommending a cash dividend of 0.36p per share (prior year: 0.27p). This payment is an increase of 33% and is covered 4.2 times by earnings. The dividend will be paid on the 7 December 2007 to shareholders on the register at close of business on the 16 November 2007. Business Strategy, Current Trading and Future Prospects The Board believes that the principal, medium-term objectives of the Group should be to grow the business and to deepen the resilience of the earnings stream. The ongoing strategy to develop the Forest brand; launching new services, building on our strengths and regional position is being pursued. This is being done primarily via organic growth although this may have a detrimental effect on profits in the short term it has the potential to create long-term value. The Forest Traffic Signals depots at Newport and Bristol began the financial year trading broadly in line with expectations. The launch of Forest Access and Security continues as planned at Newport. It is intended to offer this service range through all existing Forest Traffic Signals depots, providing significant opportunities for future growth. Forest Access and Security is not expected to make significant contribution to profits in the current financial year. The board is encouraged by the improvement in Winchester's trading which has started the year with improved performance. Forest Highways began the new financial year trading at a reduced level compared to the equivalent period last year, with some delays in the start-dates of secured projects. Framework contracts won in the previous financial year are expected to firmly underpin revenue during this and future years. Due to the weaker start to the year the contribution from Forest Highways is expected to be less than last year. Forest maintains a strong presence in Newport, South Wales and recent changes in the Welsh government, coinciding with new contractual arrangements, have caused delays in start dates. These short term effects were anticipated and will not detract from the pursuit of the Group's longer term objectives. Conclusion The full year outcome provides firm evidence of the progress made in repositioning the Group. The Board believes that a continuation of the strategy of organic growth focused on broadening the revenue base of the business, offers the best method of delivering shareholder value. I thank the employees and my boardroom colleagues for their continued efforts and hard work. CC Powell Non-executive Chairman 5 September 2007 Profit and Loss Account For the period ended 31 March 2007 Note 2007 2006 £ £ Turnover 6,233,853 4,758,284 Cost of sales (4,273,078) (3,407,302) Gross profit 1,960,775 1,350,982 Administrative expenses (1,754,359) (1,379,493) Operating profit / (loss) 206,416 (28,511) Interest receivable 9,990 9,143 Interest payable and similar (19,925) (19,012) charges Profit / (loss) on ordinary 196,481 (38,380) activities before taxation Tax on profit / (loss) on 2 88,169 (1,611) ordinary activities Profit / (loss) on ordinary 284,650 (39,991) activities after taxation Earnings/(loss) per share: 3 Basic 1.5p (0.2)p Basic excluding goodwill amortisation 2.0p 0.2p Diluted 1.5p (0.2)p Balance Sheet As at 31 March 2007 2007 2006 Group Group Company (Restated) Company £ £ £ £ Fixed assets Intangible assets 958,683 - 1,041,783 - Tangible assets 1,027,842 - 915,706 - Investment in subsidiary - 1,586,892 - 1,586,892 companies 1,986,525 1,586,892 1,957,489 1,586,892 Current assets Debtors 1,877,111 1,561,833 1,154,402 955,596 Cash at bank and in hand 319,230 189,179 511,711 419,630 2,196,341 1,751,012 1,666,113 1,375,226 Creditors: amounts falling due (1,374,546) (230,449) (1,120,971) (66,460) within one year Net current assets 821,795 1,520,563 545,142 1,308,766 Total assets less current 2,808,320 3,107,455 2,502,631 2,895,658 liabilities Creditors: amounts falling due (188,650) (66,658) (125,087) (94,235) after more than one year 2,619,670 3,040,797 2,377,544 2,801,423 Capital and reserves Called up share capital 935,350 935,350 935,350 935,350 Share premium account 1,513,530 1,513,530 1,513,530 1,513,530 Profit and loss account 170,790 591,917 (71,336) 352,543 2,619,670 3,040,797 2,377,544 2,801,423 Cash Flow Statement For the period ended 31 March 2007 2007 2006 £ (Restated) £ Net cash inflow from operating activities 251,186 699,800 Returns on investment and servicing of finance Bank interest received 9,990 9,143 Bank interest paid (12,152) (13,587) Interest element of finance lease payments (7,773) (5,425) Net cash outflow from returns on investments and servicing of (9,935) (9,869) finance Capital expenditure Purchase of tangible fixed assets (406,957) (455,709) Sale of tangible fixed assets 11,870 9,646 Net cash outflow from capital expenditure (395,087) (446,063) Equity dividends paid (50,509) (46,768) Management of liquid finances 280,000 (185,000) Decrease/(increase) in short term deposits Net cash inflow before financing 75,655 12,100 Financing Bank loans advanced in the year 150,000 - Bank loans repaid during year (82,342) (55,408) Share issue costs recovered - 17,377 Capital element of finance lease payments (55,794) (100,093) Net cash inflow/(outflow) from financing 11,864 (138,124) Increase/(decrease) in cash 87,519 (126,024) Notes 1 Accounting Policies Accounting convention The accounts have been prepared under the historical cost convention and in accordance with applicable UK accounting standards. Basis of consolidation The accounts of the Group consolidate the accounts of the Company and its subsidiaries up to 31 March 2007. Goodwill Goodwill arising on consolidation (representing the excess of the fair value of the consideration given over the excess of the separable net assets acquired) is capitalised save to the extent that there is considered to be an impairment in value in which event the loss is charged to the profit and loss account. Amortisation is provided over 20 years on a straight line basis, the estimated useful life of the goodwill. Turnover Turnover represents amounts invoiced to customers for services rendered excluding VAT. Turnover relates to the group's principal activity and arises wholly in the UK. Tangible fixed assets Tangible fixed assets are stated at cost. Depreciation is provided at rates which are expected to write off the assets to their residual value over their expected economic lives. The principal rates used are as follows: Motor vehicles 33% straight line Plant and machinery 17% to 50% straight line Office and computer equipment 33% straight line Leasehold property Over the term of the lease Amounts previously included in stock have been re-designated as fixed assets as the nature of these assets is that they have a useful economic life of more than 12 months. The directors have reviewed the useful economic life of certain items of plant and machinery. Those that were previously depreciated over 2 years are now written off over a period of 3 years which has led to a reduction in the depreciation charge for the year of £97,431. Those that were previously depreciated over 6 years are now written off over a period of 8 years which has led to a reduction in the depreciation charge for the year by £49,683. The new rates have been applied so as to write off the net book value of fixed assets at 31 March 2006 over the new remaining useful lives. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Group's taxable profits and its results as stated in the accounts that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the accounts. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. Deferred tax assets are recognised where recovery is more likely than not. Pension scheme arrangements Payments to defined contribution pension schemes are charged to the profit and loss account in the year in which they are made. Lease commitments Assets held under finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. Interest on finance leases is charged to the profit and loss account over the period of the lease or contract. Rentals paid under operating leases are charged to the profit and loss account as incurred. Share based payments The fair value of employee services received in exchange for the grant of options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. This estimate is revised at each balance sheet date and the difference is charged or credited to the profit and loss account, with a corresponding adjustment to equity. 2 The Group has a liability to UK corporation tax of £18,129. The remaining balance of the movement in the year relates to deferred taxation. Taxation 2007 2006 £ £ The tax charge for the year comprises: Corporation tax on profit/(loss) for the year 18,129 - Movement in deferred tax (see note 14) (106,298) (1,611) (88,169) (1,611) Factors affecting the tax for the year The tax assessed for the year differs from the profit/(loss) for the year at the small companies' corporation tax rate of 19% (2006 - 19%). The differences are explained below: Profit/(loss) on ordinary activities before taxation 196,479 (38,380) Profit/(loss) on ordinary activities multiplied by the small companies' rate of UK corporation tax of 19% (2006 : 19%) 37,331 (7,292) Effects of: Disallowed expenses 9,585 5,693 Utilisation of tax losses (43,016) - Capital allowances in excess of depreciation (1,560) 1,229 Other timing differences - 370 Goodwill amortisation not deductible 15,789 - Current year charge for taxation 18,129 - The movement in the deferred tax is made up as follows: Origination and reversal of timing differences 1,419 Adjustment relating to estimated recoverable amounts of (107,717) deferred tax assets -losses not previously recognised (106,298) 3 Basic (loss)/earnings per share is based on the (loss)/ profit for the year attributable to shareholders and on the weighted average number of shares in issue during the year. The number of shares used for calculating basic (loss)/earnings per share was 18,706,961 (2006 - 18,706,961). Basic earnings per share excluding the effect of goodwill has been disclosed in order that the effect of goodwill amortisation on reported (loss)/earnings can be fully appreciated. As the exercise price of the share options granted by the company exceeded the average market price of the shares during the current and prior periods, there is no dilutive impact on earnings per share in either period. 4 The financial information on the Group set out above does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Information relating to the year ended 31 march 2006 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31 March 2007 will be delivered to the Registrar of Companies following the Company Annual General Meeting. 5 The preliminary announcement was approved by the Board and authorised by them for issue on 5 September 2007. 6 Copies of the 2007 Report and Accounts will be posted to shareholders shortly. Copies will be available from the Company's registered office at Forest House, Broad Quay Road, Felnex Industrial Estate, Newport, Gwent. NP19 4PN. 7 The directors recommend the payment of a dividend of 0.36p per share (2006 - 0.27p). saffy.. |
Posted at 05/9/2007 15:34 by thecornishman2 Hi SW,Spoke with the brokers again yesterday. They sounded like they might be getting a few shareholder enquiries about FSS at the moment. As far as they are aware, the results are imminent and indeed the gentleman I spoke with seemed to think that they should be due in the next day or two, although he couldn't be 100% about exactly when. In recent days, I have been thinking of selling down my holding due to this notification delay and that lack of information given by the company for it. It would not have seemed unreasonable to me for them to release a RNS saying that the results were going to be delayed and explaining the reason, especially as they have had to release the Rule 26/website notification in the meanwhile, but I have said this several times already, so it's just getting boring to keep repeating the same thing. If anything bad was going on then I would have thought that this would have been absolutely necessary, given earlier RNS's suggesting an above expectations improvement in profit but really who knows. I would like to be a long-term and supportive shareholder in my AIM holdings, but long-periods of silence from previously timely companies are not conducive to sleepless nights. I will hold now until the results but any hint of disappointment, combined with this recent silent-streak will lead me to end my association with this particularly company I think. That's a shame and it's not the kind of shareholder I want to be, but it's a two-way street and I'm not sure the directors are currently upholding their end of the bargain. Regards, TC |
Posted at 28/6/2007 09:29 by nickcduk The spread is a bit of a killer on FSS. Even the RSP's are only quoting 0.25p inside on the bid. More liquidity should present itself around results time and then hopefully spreads will narrow somewhat. I wouldn't buy at 11p though with the spread being the way it is at the moment. I would wait until results and for the spread to narrow a little. The MM have stock to shift as well so will likely drop the price as soon as a sell hits the books. |
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