Share Name Share Symbol Market Type Share ISIN Share Description
John Lewis Of Hungerford LSE:JLH London Ordinary Share GB0004773148 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.00p 0.90p 1.10p 1.00p 1.00p 1.00p 0 06:31:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Household Goods & Home Construction 8.3 0.1 0.1 16.7 1.87

John Lewis Of Hungerford Share Discussion Threads

Showing 626 to 649 of 650 messages
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DateSubjectAuthorDiscuss
12/1/2018
17:37
Thanks David, I will definitely aim to attend on 6th Feb. I spent a good part of yesterday reviewing the previous 10 years RNS and summarising the Financial Information therein. I certainly now have a better appreciation of the number of times a promising year of progress was quickly reversed the following year...usually excused in the RNS as being due to "forces beyond our control". The damage which two designer resignations did in 2014 was particularly long lasting and scary. In total over the last decade the Total Loss Before Tax was £750k, with six loss making years out of ten, and having spent £2.8m of Capex over the period. One of the most stark factors is how much the Gross Margin% has declined: In 2007 it was 61.5% and ten years later by 2016 it was 12% points lower at 49.7%. Much though some of the margin% degradation must to due to competitive pressures and the general environment of the last decade, it is nonethless sobering to thing that 12% points of margin lost on an annual sales base of £8.5m is c£1m of annual profit! On a positive note, the margin did recover by 1% point in 2017, and the EBITDA of £412k was the best since 2007's £414k. Net Cash of £909k in 2017 compared to Net Cash of £501k in 2007..and the share price back then was three times higher at 3.13p on publication of the 2007 Results. Lets hope with a different Team at the helm now, that the promising 2017 numbers convert to a more sustainable improvement and progress. I note from the last Annual Report that Freeholds (Factory and one showroom) had a cost value of £1.7m, and with 2% depreciation pa on the Buildings, had an NBV of £1.3m in the books. The vast majority of Freehold Value must be in the Factory, as the showroom was acquired for £150k during the last decade. Anybody with a view of fair value of the Factory Freehold?
simso
10/1/2018
15:31
Simso....the opposite. The directors are always very happy to discuss operations and strategy at length and last year held a meeting for investors at the interim stage too. The RNS is here.... https://www.investegate.co.uk/john-lewis-of-hunger--jlh-/rns/notice-of-investor-meeting/201705101605087749E/ That said only three of us turned up to the interim results meeting but at Agms usually held at the Fulham or Chiswick stores we have had as many as 20 shareholders attend so they do know we are keen owners. Defo worth attending.
davidosh
10/1/2018
14:42
Thanks Graham, fair points...and I am sure there will be a strong Seasonality with the Cash/Debt too, and that year end net Cash of £902k is probably a high point in the year, and indeed was a small net debt number at the half year. An excellent year of generating cash last year, though. I am sure I heard somewhere that the AGM was traditionally a whistle through of resolutions (like FCCN!) rather than a great opportunity to spend time with Directors and learn more about the business. Have you Graham and David found it worthwhile...in which case I am definitely keen to come down from Yorkshire on 6th Feb!
simso
10/1/2018
13:53
The next Annual General Meeting of the Company will take place at the Crowne Plaza London Kensington, 100 Cromwell Road, London, SW7 4ER.at 2.00 p.m. on 6 February 2018. That is going to be a dash for me as I am due at a ShareSoc event in Birmingham at 5pm but will certainly be at the Agm. I think we have a few new shareholders this time so a presentation will be useful.
davidosh
10/1/2018
13:36
Do not get me wrong, I am an enormous holder, so very committed. One thing, the EV is greater than £1m. The £1.5m of cash held is not all “their” money as a lot of it is customer deposits ( there is a corresponding liability on the balance sheet for the kitchens “still to be delivered”). As JLH do not split out the different monies, you cannot actually see whether they have net cash or not. As always, follow the cash, and look at the interest charge. There is an interest CHARGE of £40,000 ( on long and short term debt of c£700,000). I know they would get negligible interest on cash balances, but the fact their is an interest charge does suggest it is not as simple as netting off the two amounts, cash and debt. Anyhow, the EV may be closer to £1.5m which is still only 4x EBITDA Re the stock ranks, it can be a bit of a blunt instrument ! Anyhow, I am hoping the company will do a presentation at the AGM on 6 Feb. Come and meet them and ask all yr questions !!
graham1ty
10/1/2018
09:14
Simso, I hope you are right, but we must not jump ahead of ourselves ! I would love there to be £0.5m PBT but I think that may be a way off. It is consistent with the c2013 stated target of £10m revenue and 10% operating margin. However, there is still work for them to do to get anywhere near there. A couple of other things to consider. 1H has almost always been unprofitable, in fact every year since 2014. This year’s interims were £300,000 better than the year before, but still a £140,000 loss. So, the next figures may show improvement, but they will do well to post much of a profit. Then 2H is much shorter this year and, vitally, misses two of their busiest months July/Aug. So, 2H 2017/18 is unlikely to match the figures just reported. We will only know next cSept whether the ten month period was profitable overall. The first “clean” period will not be until June 2019. Secondly, they say in current trading that the sales booked/order book is well ahead this year, but some extra sales were booked after Aug 31 ( though this does mean last year would have been even more profitable had they got into last financial year) so the like for likes do not necessarily give an accurate steer for this year. Anyhow, I am not being negative, but this is work in progress: all in the right direction, but not yet PBT of £0.5m !
graham1ty
09/1/2018
18:44
I agree this was a pleasing Statement, and I was particularly pleased to see Current Trading + Orders for the first 18 weeks being up over 10% v LY. As David points out above, I could see the potential for £500k+ PBT this year from 3 possible sources: 1) Even if LFL Sales turns out to be +5% on LY for the Full Year (vs >10% in first 18 weeks)then that would give an additional £400k of Sales which would give £200k of £ Margin. 2) Furthermore, they managed to increase Gross Margin by 1% last year despite COS Headwinds from Currency, and are clearly very focussed on improving that. Another 1% on the Margin in 2018 would increase profit by around £85k. 3)Admin Costs were lower than previous year £186k as they are clearly making efficiencies. Interestingly the second half was also lower than first half by almost £200k. Hopefully this signifies that savings are ongoing and hopefully realistic/prudent to hope for at least another £100k reduction in Admin Costs 2018? That gets you to PBT of £500k and does not seem fanciful...to me at least!! A final point is that the Depreciation Charge of £244k was £80k lower than a year earlier. I hope this will continue to be lower again in 2018, given the relatively modest Capex Spend of recent years. Does anyone know even approximately how the £2376k on the Balance Sheet for Property, Plant & Equip splits between Freehold Property and Plant and Equip?
simso
09/1/2018
15:48
Generating £653,000 with a market cap of less than £2m will not stay that way if they can do it consistently. Very good work from the new team but they need to keep that momentum going now...
davidosh
09/1/2018
15:38
Pretty good results. £500,000 swing from last year. But most importantly, generated £653,000 in free cash. After capex and repaying debt, still increase in cash in bank of just shy of £400,000. That gives them a stronger balance sheet and flexibility now for selective investments. Well done the new team.
graham1ty
09/1/2018
12:05
For the first time in a number of years the results and statement actually read like management know what they are doing and how they can realistically hit targets. The last management team were shockingly poor and whenever we questioned them at meetings and AGMs they gave little confidence that they knew how to improve and build the business. This is a vast improvement and looks very positive now for shareholders. They are actually generating cash now and it only takes a 5% improvement in sales and the current savings on costs to see £500k profit coming through....The share price could then double or triple depending on the optimism shown and potential for new stores opening in the London area would give an extra kick to sales revenue
davidosh
09/1/2018
07:29
I actually enjoyed reading that statement, gave a real sense of where they are and what they are trying to do. Well done so far.
fozzie
09/1/2018
07:17
looks good to me. Return to profitability. Revenues up. Current trading positive.
someuwin
08/1/2018
16:01
Well it moved down for no reason so I guess it can move back up without really having any news but tomorrow and the final results will be important
davidosh
08/1/2018
15:19
Moving up ahead of results tomorrow.
someuwin
13/9/2017
09:51
Well, profit and JLH in the same sentence......not seen that for a while. Let us hope a small operating profit for the year is the start of a renaissance for JLH. Well done the new team.
graham1ty
14/12/2016
07:40
Lord C......but it does, and existing shareholders want the quote retained while this gets back to profitability I was at their presentation yesterday along with other interested shareholders. There is new management, new enthusiasm and a new desire to get this back to where it was, profitable and cash generative. There have been significant management and Board change adn £330k of overhead has been taken out. JLH is tiny, but in reputation punches way above its weight. There is lots to be done, but IMHO, they have given themselves as good a chance as they can of getting this back on track. We will all wait and see whether they can deliver.
graham1ty
07/12/2016
16:10
This old dog shouldn't have a quote
lord c.
19/11/2015
12:34
Someone has paid 1.3p and 1.5p for reasonable size ( for JLH). You could have paid under 1p very recently. Seems odd to chase is higher and pay so high when patience would I am sure have brought a seller at a much lower level.....
graham1ty
13/11/2015
02:06
Just for the record the Christmas Ad cost JLH absolutely nothing except the time of the staff to allow the filming as they were approached by the Agency who wanted to create it and add to their library of work. I presume that the hundreds of thousands of hits are proof that they can get to an audience and it will certainly have raised the company profile. I do not think John Lewis partnership will take offence as it does not detract from their brand and the advert for JLH is set in one of their kitchens so appropriate for a kitchen company. Anyway no complaints so far...
davidosh
12/11/2015
21:39
sorry sm thought it was someone n a wind up.
glennborthwick
08/11/2015
20:58
The JLH business is unlikely to benefit whatsoever from such a prank, but their silly carry-on may result in a law suit that wipes out equity. IMO, another sign of a business that has totally lost focus on what matters, and lacks direction.
briangeeee
08/11/2015
20:49
Glenn - did you view the link...? (it's a JLH advert, put out the day before John Lewis released their £7m one)
strollingmolby
08/11/2015
20:13
Wrong John Lewis but don't let a good story in the way of facts. Don't hold here though.
glennborthwick
08/11/2015
15:19
So that's where the tiny bit of profit they occasionally make gets waisted :-) CR
cockneyrebel
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