Gyg Share Discussion Threads

[maddox] 29/1/2004 11:12

Gyrus have reported an £8m Profit before Tax and Amortisation of goodwill (PBAT). So it should come in with a healthy looking bottom line profit of around £5m, albeit after a large tax credit.

The revenue at £78m is still being hit by the Dollar, and could have been around the £82m mark with an exchange rate at previous years levels. Is the Dollar going to remain at these levels with the US economy charging ahead? Probably not, so we may see Gyrus' bottom line benefiting from its healthy organic growth rate and a recovering Dollar.

Regards, Maddox

[gre] 29/1/2004 08:24

Good to see that growth remains on track despite the current weakness of the dollar. With interest rates in the US likely to rise sooner rather than later following the FOMC meeting yesterday the slide in the dollar should be reversed this year. Given that scenario and today's trading statement then profit growth at GYG should accelerate in 2004.

Obviously Deutsche Bank take this view because they increased their stake yesterday by purchasing another 69,000 shares on top of the 150,000 which they bought last week.

The future looks bright!

[pacman88] 28/1/2004 14:17

Evolution Beeson Gregory 100 Wood Street, London, EC2V 7AN 020 7071 4300
Gyrus Group (GYG) Add (unchanged)
Mkt cap: £150m Net cash: -£16m Update Price/Target: 181p/192p
A question of currency
In anticipation of Gyrus' pre-close statement tomorrow, we believe the
overriding issue for the company will be (you guessed it) currency.
Continued dollar weakness leads us to reconsider forecasts.
With the dollar showing continued weakness against a range of currencies,
Gyrus' exposure to exchange rates presents the company with some
challenges. We anticipate tomorrow's pre-close statement will give an
indication of the impact for the current financial year, with preliminary
results scheduled for 29 March 2004.
The key issue for Gyrus will be one of separating underlying performance
from currency impact. At the group's interim results in September, revenue
growth of c6% was seen on a constant currency basis, although in real terms
this translated to –2%. Having recently revised our current-year forecasts,
the continued currency movement prompts us to review our forecasts again.
On this basis, we take this opportunity to move our top-line expectation
from £80m to £77m, delivering a pre-tax profit of £7.8m (previous est. £8.2m).
In terms of new product introductions, we gather that RetroX has been
reasonably well received – however, currency impact will again be
inevitable. With this being the first sales cycle that Gyrus will have for the
product, we estimate a revenue contribution of c£0.5m from RetroX.
Assuming the dollar remains broadly around current levels, our previous
estimates for 2004 now look somewhat optimistic. On the basis of dollar
weakness continuing for a significant portion of 2004, we anticipate revenues
to be closer to £88m than our previous forecast of £100m, and revise our pretax
profit forecast from £13.8m to £9.0m.
We emphasise, however, that our revisions are based almost entirely on
currency. We look towards tomorrow's statement to provide further colour.
The key for Gyrus in the near-term will be one of focusing on underlying
business growth, and positioning itself to take advantage of opportunities as
they arise. We have seen Gyrus expand its presence in Europe – as a strategy
to dilute the dominance of the US this makes sense. However, if the dollar
remains weak, we speculate that this could prompt Gyrus to assess
acquisition opportunities in the US, as they did with their ENT business.
At this point, we make no change to our Add recommendation, but will
review the position post tomorrows trading update.

[ok,yah] 25/1/2004 14:07

Baird 22/09/2003 NEUT 6.800 8.000 10.200 7.96 9.59 12.00 0.00 0.00 0.00
Nomura Research Institute 12/09/2003 BUY 6.800 9.100 15.400 8.10 10.90 16.40 0.00 0.00 0.00
Panmure Equities 25/11/2003 BUY 0.000 0.000 0.000 8.05 9.78 12.99 0.00 0.00 0.00
Rowan Dartington 29/12/2003 BUY 6.770 7.800 10.490 8.06 8.91 11.36 0.00 0.00 0.00
Evolution Beeson Gregory Ltd 06/11/2003 ADD 6.700 8.200 13.800 8.10 9.70 15.00 0.00 0.00 0.00
Investec Securities 15/12/2003 HOLD 6.770 7.820 10.780 8.05 9.23 11.98 0.00 0.00 0.00
Numis Securities Ltd 10/11/2003 BUY 6.700 8.500 11.500 8.00 10.00 12.50 0.00 0.00 0.00

[orvis] 21/1/2004 16:06

Today's RNS on an institutional buy would seem to indicate that the dollar fears are overdone. Perhaps the word is that sales growth more than compensates for this.

[pacman88] 21/1/2004 14:21

DB are still buying.

fRNS Number:4715U
Deutsche Asset Management Group Ltd
21 January 2004



FORM SAR 3

Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are acquired.


Date of disclosure

21/01/04...............................................................


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")


Date of acquisition

20/01/04...............................................................


Acquisition in (name of company)

GYRUS GROUP


1. Class of voting shares (eg ordinary shares)

ORD GBP0.01...............................................................


Number of shares/rights over shares acquired

150,000........................Shares........................Rights


If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights

...............................................................


2. Resultant total holding of voting shares (and % of total voting shares in
issue)

12,515,005.......... 15.0230%


Resultant total holding of rights over shares (and % of total voting shares in
issue)

.......... ..........%


Total percentage

12,515,005.......... 15.0230%


3. Party making disclosure

DEUTSCHE ASSET MANAGEMENT GROUP LIMITED


4. (a) Name of person acquiring shares or rights over shares

DEUTSCHE ASSET MANAGEMENT GROUP LIMITED


and, if different, beneficial owner

...............................................................


(b) Names of any other persons acting by agreement or understanding (see SAR 5)

...............................................................


Signed, for and on behalf of the party named in (3) above

...............................................................


(Also print name of signatory)

HUGH MALE ...............................................................


Telephone and extension number

020 7545 7153...............................................................


Note 1. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

Note 2. The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section. Tel. No: 020 7638 0129.

Email:[e-mail]

[maddox] 19/1/2004 14:47

Just speculating but there is a new FD at Gyrus and there is a good chance he'll be doing the rounds of the City and as an ex-City corporate financier he should go down well.

"Simon Shaw, aged 38, joined Gyrus on 1 October, 2003 as Chief Financial Officer.
He has financial and management experience gained both in the City and Industry.
His last post was Chief Operating Officer of Profile Therapeutics plc a medical
devices business, which he joined in 1997 and was responsible for its flotation
in 2000. Prior to that he was a corporate financier with Hambros Bank Limited,
and previously WestLB, where he advised on flotations, fund raisings and
international mergers and acquisitions. He qualified as a Chartered Accountant
with Arthur Andersen & Co. in 1990.
Simon Shaw was a director of Profile Therapeutics plc, from July 1997 to April
2003."

On the Trading Update there is a good chance of a positive set of results despite the dollar weakness. The trading update in September spoke of accelerating income in the 2H and they should be strongly cash positive - so we may see a maiden dividend??

All in all, there may be enough to persuade investors that these have been over-sold.

Regards. Maddox

[ok,yah] 18/1/2004 21:28

Coxwellinn

Dollar strengthening/ bull market/ shares oversold /buying ahead of trading update at end of month, chartist buying in, take your pick - Dont think anything specific

[thecoxwellinn] 18/1/2004 12:44

Up 9 pts on Friday.
Stupid question I know and very pleased to see it, but anyone know why?

[m.t.glass] 12/1/2004 14:10

Got themselves a stand at the big ARAB HEALTH show in Dubai next week:

[polythene] 08/1/2004 15:46

Notice of a trading update. Is that unusual?

[ok,yah] 06/1/2004 20:01

Are we beginning to see a bull market for Gyrus. Its looking more positive than in months

[orvis] 06/1/2004 16:51

Looks to me very like an institution has been buying today for its funds - deal sizes too large to be linked to Techinvest recommendation / private investors?

[dr darkstar] 05/1/2004 20:16

solid rise on rising volume

[orvis] 05/1/2004 17:17

Some large purchases today

[johnroger] 05/1/2004 13:24

Techinvest January issue "worthwhile hold on two year view"

[ok,yah] 05/1/2004 12:45

MArket maker buy of 25,000

[dr darkstar] 30/12/2003 12:39

small rise today and MACD buy signal

[vixen] 23/12/2003 16:42

bounced & motoring by the look's of this. Maybe some tipping to come to light over the weekend?

[dr darkstar] 23/12/2003 15:53

Looks like we've bounced

[vixen] 23/12/2003 15:50

serious M trade!

[ok,yah] 23/12/2003 14:17

Well RNS just released Scottish widows have just bought over a million shares. looks shrewd to me

[vixen] 21/12/2003 09:43

Tend to agree Czar. Not much downside risk left in my opinion.