Heywood Williams Share Discussion Threads

[robertspencer] 31/8/2004 08:16

Note JP Morgan Disposal on 24th . Ultra Frame bad results..
Selling the better parts of the business makes it harder to recover

[daisymax] 24/8/2004 19:53

Obviously not. Now it ticks down. Why?

[daisymax] 23/8/2004 19:24

A couple of ticks ups recently but no-one on the BB to discuss.
Anyone out there?

[robertspencer] 14/7/2004 22:54

I have been short for a while ... see no need to change at present .. another Henlys?

[quinn20] 08/7/2004 16:46

waldron -i'd be interested to hear from anyone who has a position in this stock, i can see nothing but another profits warning coming before September post Bristol Pipe disposal.

[waldron] 08/7/2004 07:40

RNS Number:6221A
Heywood Williams Group PLC
08 July 2004


Heywood Williams Group PLC
HYWD
Circular posted


Thursday, 8 July 2004





Heywood Williams Group PLC

Posting of circular and notice of EGM

Heywood Williams Group PLC announces that it has posted to shareholders a
circular relating to the proposed disposal of the business and trading assets
and liabilities of Bristolpipe Corporation, a US subsidiary of the Group, which
was announced on 1 July 2004.


The circular contains a notice convening an Extraordinary General Meeting to be
held at 2:00 p.m. on Thursday, 29 July 2004 at the Cedar Court Hotel, Ainley
Top, Huddersfield HD3 3RH.




Enquiries:

Heywood Williams Group PLC Tel: [phone]
Robert Barr
Group Chief Executive


Financial Dynamics
Sally Lewis Tel: [phone]




This information is provided by RNS
The company news service from the London Stock Exchange
END

CIRQVLBBZDBEBBE


Heywood Wms.(HYWD

[quinn20] 06/7/2004 23:25

T & G most recently downgraded following Bristol Pipe fire sale.
Enterprise value circa £100m for loss making co before exceptionals kick in clearly unsustainable.

Heywood Williams today announced the sale of US subsidiary Bristolpipe Corp for $33m in cash. The move itself didn't surprise the market as the company is in the middle of a massive restructuring exercise at the moment; more worrying was the admission that the sale will "significantly" reduce the group's earnings this year.

Another major development was the news today that finance director Laurence Campbell has decided to leave the group and go to a big law firm. That completes a clean sweep of senior management changes over the past year as the chief executive resigned last July and the chairman followed him in October.

Things certainly went very wrong last year. The group recorded a pre-tax loss of £3.4m, compared with a profit of £16.7m, after real problems in its Plastics and Fabrication divisions which led to the sale of the loss-making Coldseal business, amongst others. The new chief executive, Robert Barr, finally started on June 1st and certainly has his work cut out to get the group back on an even keel and trading profitably again.


The company's core business is supplying components to PVC window, door and conservatory manufacturers. The windows and doors are mostly for the replacement market which is reckoned to be worth around £3.3bn. Heywood Williams is the market leader in the UK but a significant proportion of its sales are in the US where it is the market leader in the supply of building and plumbing products to the manufactured home and recreational vehicle industries.

The UK operations are split into three divisions: Components, Plastics and Fabrication. The Components business looks healthy enough with sales up 7% last year, but management has had to take drastic steps to get the other divisions back on track, including reducing the wage bill by 15% and downsizing, closing or selling unprofitable companies. Despite all of this, analyst David Taylor at Teather & Greenwood believes the Plastics division will not return to profitability until 2006.

The US business - what remains after today's disposal - is benefiting from a recovery in manufactured housing and the RV sector remains healthy. The main problem is the weakness of the dollar.

The balance sheet at the end of December showed gearing of 60% with net debt running at £35m, but that should improve dramatically after today's news. The company has arranged new banking facilities and should be able to generate reasonable cash flow from the continuing operations.

One of the biggest shocks last year was the cutting of the final dividend after four consecutive years of better-than-average income. It was hardly surprising given all the financial problems, but to go from 15p to 5.25p was a nasty surprise for investors.

Before today, the consensus among brokers was for a dividend of just 2.8p this year, but even that now looks in jeopardy. Following the disposal, house broker Cazenove said that it is now forecasting pre-tax profit for the current year of £4.8m, which is £2m below yesterday's consensus among other brokers.

That consensus implied earnings this year of 5.3p, rising to 9.3p next year, putting the shares on a forward PER of 16, falling to 9 in 2006. With those EPS figures unlikely to be matched, however, the real rating is much higher and the shares are hardly cheap. As the business cuts costs and the restructuring changes feed through, profits should certainly improve. Even so, investors would do well to watch this one from a distance.

[quinn20] 05/7/2004 13:38

That analyst 'upgrade' looks decidedly dodgy to me.

On 5 May HWYD said
'The UK, PVC windows, doors and conservatory market has been weaker than
expected in the first four months of 2004 and PVC resin prices have been higher, but US markets have been in line with our projections. The manufactured housing market enjoyed its first growth in March since early 2002 and the PVC pipe market is enjoying improved margins as PVC resin prices have risen in recent months. Overall, at this stage of the year, we continue to work towards successfully achieving our full year objectives.'

HWYD have since disposed of the profitable Bristol Pipe business.

[grupo guitarlumber] 10/6/2004 06:46

LONDON, June 9 (New Ratings) - Analyst Stephen Rawlinson of Arbuthnot upgrades Heywood Williams (ticker: HWYD.L) from "sell" to "hold."

In a research note published this morning, the analyst mention that the company is witnessing a turnaround in its UK plastic operations. Heywood Williams’ door and window accessory operations in the UK have become profitable, the analyst points out. Arbuthnot expresses its optimism regarding the company's performance in the near future, with the return of Bill Schumuhl as the head of the US operations.

[ursus] 21/5/2004 08:27

these are back down to yr purchase price fred - still keen on them (you old lab destroyer)?

[ursus] 07/5/2004 12:31

did you count down like this in the school chemistry lab?

[ydderf] 07/5/2004 12:03

i'm really surprised that there isn't more excitement about this rocket.....6......5......4......3......2.........

[ydderf] 06/5/2004 09:27

getting serious about this now, all the ratios point in one satisfying direction, a gem for accounting sophisticates but should be out of bounds for muppet thickwits!

[grupo guitarlumber] 05/5/2004 08:43

LONDON (AFX) - Heywood Williams Group PLC said the UK market for PVC windows
and doors was weaker than expected and PVC resin prices have been higher in the
first four months of the year.
In a statement at today's AGM, executive chairman Roger Boyes said the US
markets, however, have been in line with projections.
He said the manufactured housing market enjoyed its first growth in March
since early 2002 and the PVC pipe market is enjoying improved margins as PVC
resin prices have risen in recent months. Overall, at this stage of the year,
the group continues to work towards successfully achieving its full year
objectives, he said.
The plan to return Plastic Systems to profitability continues to be
progressed. The key objective is to regain market share, which has been lost
over recent years.
Boyes also said cash management remains a major focus in every part of the
group, driven by strict management from the centre, and new banking facilities
have been successfully agreed and put in place, for the period to June 2005.

[e-mail]
slm/

[ydderf] 22/4/2004 09:13

this is probably a good time to get in, although recovery plans always seem to take longer than envisaged, a market cap of 60m and sales of 350-400m, modest gearing, good cash generation, and a modest prospective dividend, means that earnings of 6p then 12p seem easily attainable over the next two years, a propsective p/e of 10 on the 12p before then, seems a comfortable target, which translates into a gain of 60% - good enough for me!

[a3477681] 12/3/2004 07:25

HYWD Results today seem positive nand determined to return to profitability:

Roger Boyes, Executive Chairman, comments:

"The challenge in 2004 is very clear; we must continue to devote our main
efforts to returning the Plastics Systems Division to profitability.
Significant progress has already been made, but much remains to be done.

"Currently, we are trading broadly in line with our operating plans and the year
ahead will see the board and management of Heywood Williams concentrating on
restoring profitability to the group, in preparation for future growth. The
board's overriding priority is to ensure that value is delivered to
shareholders."

Anyone out there still following this one?

[hvs] 05/1/2004 21:21

Still looking very good. Hang in there.

[hvs] 02/1/2004 20:52

Nice uptick agin today .

[hvs] 31/12/2003 17:21

Hi me,

happy New Year to you. No wonder you are still smiling with the wonderful ride
on HCU

[this_is_me] 31/12/2003 13:30

Definate prospects to make me more money!

[mitzis] 31/12/2003 09:55

And Happy new year to you hvs...

[hvs] 31/12/2003 09:49

mitzis,

Hi, Happy New Year to you. I see it as a strong recovery candidate for next year. Maybe a takeover candidate.

Yes, todays movement looks good for next year.

[mitzis] 31/12/2003 09:22

Must have been tipped somewhere judging by todays action ..

[hvs] 21/12/2003 12:36

This is a bargain , see it go up 50% next year, and dont say I didnt say so.