Johnson Service Share Discussion Threads

[sunshine on leith] 20/8/2009 13:29

Bluesky

JPR, YELL, TW.

Also hold LLOY and RBS.

Sunny

[bluesky1st] 20/8/2009 12:59

Sounds good Sunny, cheers.

Out of interest Sunny and sorry off topic, are you in any other shares in addition to UNIQ, SDIG, STY and of course JSG ?

Thanks

Bluesky

[sunshine on leith] 20/8/2009 10:54

Bluesky

It is indeed. I like the look of this Company. Mr Talbot seems a cool operator - the fact they have rebranded some of Johnsons as Greanearth and latched onto the 'green agenda' is a smart move imo.

Good luck

Sunny

[bluesky1st] 20/8/2009 10:09

Morning Sunny

I'm in these as well, small world. Good post by the way, John Talbot and Dean Merritt sound like real assets to JSG.

Cheers

Bluesky

[busthief2] 20/8/2009 09:08

Nice one SUNSHINE.

Be patient chaps. When do MM's ever make it easy! Just the word dividend will make JSG near double....

[sunshine on leith] 19/8/2009 21:58

Chrysippus

Excellent thread and research. Mr Talbot is a experienced practitioner which bodes well for JSG's future. He seems to have brought in a couple other guys to assist with restructring the Company. Taken from the Talbot Hughes McKillop site:

John Talbot
Special Adviser

John is one of the most respected and experienced corporate restructuring practitioners in the UK with over 20 years corporate finance and restructuring experience. During that time he has led some of highest profile UK and European restructuring assignments.

Major Experiences

John co-founded Talbot Hughes McKillop in 2001. He was previously global head of Corporate Finance and Corporate Recovery at Andersen.
His sector expertise includes telecoms, technology, manufacturing, property development, leisure and retail.
He has worked in a large number of geographic markets including Continental Europe, North America and South East Asia.

Major Recent Projects

Executive Chairman of Johnson Service Group plc.
Adviser to the Ad Hoc Committee of creditors on the £6.2 billion restructuring of the Eurotunnel Group.
Adviser to the surety creditors on the £350 million financial restructuring of Jarvis plc.
Chief Restructuring Officer of Cordiant Communications Group plc.
Chief Restructuring Officer to Marconi plc (£5 billion restructuring).
Financial adviser to Kiekert Holding Group GmbH (€480 million financial restructuring).
Financial adviser to the board of TMD Friction (€1 billion financial restructuring).
Financial adviser to the bondholders in US$2 billion restructuring of Energis plc.

Dean Merritt
Partner

Dean has 20 years experience specialising in financial restructuring, operational restructuring and business reviews, working on behalf of corporates, creditor groups and investors.

Major Experiences

Prior to joining Talbot Hughes McKillop in January 2004, Dean was a Partner at Ernst & Young and Arthur Andersen, specialising in Corporate Restructuring
Dean's experience covers financial restructuring and workouts, strategic, financial and operational business reviews, and hands¬-on crisis stabilisation and management. Dean has significant experience across the manufacturing, construction and engineering, distribution and logistics and the business services and retail sectors. Dean has worked in the UK, US and across much of Continental Europe, as well as having spent considerable time working in South East Asia.

Major Recent Projects

Acted as Chief Restructuring Officer of Johnson Service Group plc, working with the CEO and CFO to develop and implement a recovery plan.
Anthony Place
Director
Anthony has 13 years experience working with stressed and distressed corporates primarily in Europe and Asia.
Major Experiences
Prior to joining Talbot Hughes McKillop, Anthony worked in the corporate restructuring practices of Andersen and Ernst & Young.
He has advised across a broad variety of industries for a range of stakeholders including corporate boards, bank syndicates and shareholders. Anthony has also spent a year on secondment in the London Acquisition Finance Department of a major European bank, which included acting on the steering committees of several high profile restructurings.

Major Recent Projects

Advising the board of Johnson Service Group Plc on its restructuring and recovery plan. This included the implementation of a group wide cash reporting process.

I agree with other posters spread seems to be delaying potential buyers - intriguing!

Sunny

[chrysippus] 19/8/2009 21:17

Hi all -

It is hard seeing other candidates roar ahead... trouble is, if you move from one that hasn't gone yet to one that's already away you can end up chasing rises and risking pull backs... there is a strong argument for patience and waiting for the ones you pick to go.

No change in the very good reasons for confidence in fundamentals, profitability this year, good mgt etc

Recent price rises definitely brought a seller out and the share price now is in a funny place... the spread has to be putting buyers off... I'm going to stay for now since the market won't ignore this value indefinitely... if we get another volume breakout without the heaving selling this could go fast...

Should get rising interest into results too

Good luck all

Chrysippus

[goodwill3] 19/8/2009 21:12

chrysippus i value your thoughts and input here and put my money where my mouth is yesterday with a £10k investment. gl all

O.t chrysippus please read my research on the SDIG thread it IS the next multibagger! Also another Rainmaker tip..

[boobly] 19/8/2009 20:47

This has been frozen out with that huge spread for weeks .
.....I wonder why ?.......... :>)

[wolterix] 19/8/2009 20:42

tomorrow is it?

[love it] 19/8/2009 20:41

Yes missed out on too many of late rushing around. Ill wait 3 weeks to results but the MM;s dont help massive spread.

[knitcraft] 19/8/2009 20:39

Likewise. Cash could be better utilised elsewhere at the moment BUT tomorrow could be the day they double, so i`ll stay put for now.

[love it] 19/8/2009 20:22

Bit dull here? I'm a holder when does the action start?

[boobly] 19/8/2009 14:36

Very srtange pricing , and very strange that we should be stuck in Auction so frequently .
I wonder if there are about to be `Developments` ?
Fingers Crossed .

More great posts , Thanks Chrysippus , much appreciated !

[chrysippus] 18/8/2009 18:09

5dally -

Cheers, appreciated.

20p does seem a significant barrier... here's hoping

Best wishes

Chrysippus

[5dally] 18/8/2009 12:35

Good post chrysippus Let's get through 20p on the run up to results

[chrysippus] 18/8/2009 12:23

Hi all –

Sorry couldn't post yesterday – real life intruded!

As a mentioned on Sunday, I've been going through the 'exceptional items' to trace the story of JSG's decline and recovery with a view to getting some assessment of the impact on performance this year.

The 'Adjusted profit' line of the five year record is the best means of establishing how the company is performing on an underlying basis. This is because it takes out exceptional items, amortisation etc. and is based on continuing operations.

To give a flavour of where the co has travelled, the Adjusted profit in 2007 was £18.1m that converted to a loss before taxation of £47m due to loss making divisions and a massive £40m of exceptional items – not least of which was £16m due to writing off a duff ICT project.

The 'Adjusted profit' of JSG in 2008 was £17.4m and this was translated into a profit before tax of £6.5m. What were the exceptional items?

The biggest was the banking and move to AIM which took £6.7m, alongside £3.4m of redundancy costs and costs associated with moving to the processing plant at Hinckley.

The other important issue is that the £16 -17m mark adjusted profit represents the low point of the cycle for JSG. The earlier work on the best case/ worst case I think shows this going up this year since the 'modest' declines in revenue will be more than offset by the efficiency gains of c. £4m already baked in and the cost of finances is going to be a lot lower this year.

Because of this, Investec's forecast of £12m profit before tax could be at the cautious end and the fact that the company has the double benefit of not carrying loss making operations and not bearing the costs of restructuring could send it higher.

Once again, this is before any economic recovery is factored in.

Be interesting to see how it really goes...

Good luck all.

Chrysippus

[love it] 17/8/2009 17:42

Only joking on a dull day RSI.

Sorry

[master rsi] 17/8/2009 17:41

love it

re - chop,chop

    patients is a virtue

[boobly] 17/8/2009 16:29

Early Auction .....mmm....

[boobly] 17/8/2009 15:53

Cazenove just tidying the shelves : - 145000 .
Still holding 11.63% which is a nice little `Bargaining Chip` .

[love it] 17/8/2009 14:36

chrysippus!


Sort this out this is my only holding RED share today Chop chop. lol

[chrysippus] 16/8/2009 20:05

Cheers CR -

[cockneyrebel] 16/8/2009 17:30

replied to your question on my thread chrysippus but here's the numbers again anyway:


Investec forecast (7 July 2009)

2009: pbt £12.0m, 3.27p eps, 0.90p div, £247m sales
2010: pbt £13.3m, 3.63p eps, 0.95p div, £253m sales

CR