Slow burner this one..all the news about business going under..once furlough gets pulled is when this will jump |
M&S buy jaeger. Sales for Edinburgh woollen mills and ponden homeware in progress |
M&S negotiating to buy jaeger, part of Edinburgh woollen mill through FRP |
This is literally the only stock showing blue on my monitor this morning |
Came out last week on Companies House that FRP Advisory have had to extend their administration investigation into Koovs by another year, after telling shareholders it was nearly complete. Apparently new information has come to light from shareholders that FRP did not investigate. The FCA & Insolvency service are also investigating. Labour Peer Lord Waheed Alli is their client. |
Encouraging comment in the report saying they continue to grow market share despite backdrop of Government support suppressing insolvencies in the sixth month period. Bodes well for future growth. |
I think it mail definitely be different this time around unfortunately |
Featured in today's Investor's Champion update:
FRP Advisory: adjusted, underlying EBITDA (another cracking term!) was up 7% to £9.7m but operating cash flow was a negative £2.5m, resulting in period end cash of £15.4m.
As has been the case with AIM peer Begbies Traynor (LON:BEG), ever since its listing in 2004, the much anticipated tidal wave of insolvencies has yet to materialise, but perhaps it will be different this time around. |
"Half year revenues up 14%
"The Board declares an interim dividend for the first half of 1.6p per eligible share. This dividend will be based on shareholders per record date of 19 February 2021 and will be paid on Thursday 18 March 2021.The board intends to adopt a quarterly dividend payment schedule commencing in 2021
"The Board believes current trading is on track to comfortably achieve full year expectations" |
Solid results.. |
Results in just five days' time.
Looks like the market is beginning to anticipate some decent figures.
Either that, or the last remnants of 'Project Fear' and perceived increased prospect of insolvencies.
And it's the first full six months' earnings from which to payout a dividend. |
FRP Advisory secures international acquisition for energy firm
Yorkshire energy management software firm becomes part of Australian listed technology company
We are pleased to announce that Skipton-headquartered energy management business Optima Energy Systems (Optima) has been acquired in a £6.4 million deal by the Australian technology firm BidEnergy.
I imagine the fees accruing to FRP from this £6.4 million deal would be quite attractive - and all good for reputation. |
Reminder of the dividend forecast in Midas article from May. Annual 3.9p would be a healthy 3.8% yield at current share price. Half that for the interims would be 1.95p, but we don't know how they would plan to weight interim against final.
"A dividend of 0.7p is forecast for the year just ended, rising to 3.9p for the current year.
FRP intends to be generous on the dividend front, making half-yearly payments this year but moving to quarterly distributions in 2021" |
Not much of a risk..BEG increasing significantly more which I don't understand..this share seems a no brainier come the new year... |
A reminder that FRP announce their interim results on 16th December. Note this will be the first full 6 months earnings since IPO, on which to base a dividend payment. |
Sky News Breaking just now on Twitter:
Debenhams has confirmed that its administrators FRP Advisory will start a wind-down of the UK business whilst continuing to seek offers for all or parts of the business. |
May be a bit flippant, but somebody early yesterday afternoon had a better idea what to do with £50k....... Risk at FRP? or Opportunity elsewhere? (Coincidentally we have got a kitchen planner visiting outside this afternoon) |
Why the drop? |
(Bloomberg) -- Over half of Europe’s small and medium-sized businesses say they face bankruptcy in the next year if revenues don’t pick up, underscoring the breadth of damage wrought by the Covid-19 crisis. One in five companies in Italy and France anticipate filing for insolvency within six months, according to a McKinsey & Co. survey in August of more than 2,200 SMEs in Europe’s five largest economies.
(UK is one of those five largest European economies surveyed) |
Holding FRP seems a reasonable hedge against what's coming, when you see figures like these:
'Earlier this month, the Bank of England forecast that the jobless rate would rise to nearly 8% by the middle of next year ...' |
https://www.telegraph.co.uk/business/2020/11/21/aston-boss-stroll-f1-bribery-row/ |
https://www.randrlife.co.uk/aston-boss-stroll-has-been-withdrawn-to-serve-in-india-court/Geoff Rowley being sued He is suing the team managers, two notable FRP Advisory figures, including Geoff Rowley, CEO, for allegations of negligence and breach of trust in the sale process. The son of Mr. Mazpin is also a racing driver. |
https://www.retailgazette.co.uk/blog/2020/11/frasers-group-warns-edinburgh-woollen-mill-administrators-against-unfair-deal/ |
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