Latchways Share Discussion Threads

[yoyoy] 22/7/2010 12:49

that wont please Rex #orton, who must be one of the most highly paid Director of Finance as a % of profit and whose shareholding is next to nothing.

Last year base salary of £200k - total package £254k and his holding is a pathetic 20,000 shares.



From last year's accounts:

"The board of Latchways firmly believes that shareholder value will be created by growing the earnings per share of the group in
a manner that is both challenging but not conducive to excessive risk taking. The annual bonus is structured to reflect this. No
bonus can be earned until diluted earnings per share, after adjusting for exceptional items and tax, exceed the prior year level. As in
2009/10, maximum bonus for 2010/11 will be payable on a 25% increase in diluted earnings per share, up to the following maximum
percentages of salary:
2009/10 2010/11
Director Percentage Percentage
David Hearson 110% 110%
Rex Orton 98% 98%
Alastair Hogg 98% 98%
Whilst the economic climate remains challenging, the committee does not consider it to be appropriate to reduce performance
targets for annual bonuses. Although this makes achievement of bonus targets considerably more difficult, both the committee and
the executive team believe the targets to be appropriate and achievable.
For the year to 31 March 2010, no bonus is payable to any executive director as earnings per share have not increased.

Long Term Incentives
The 2008 review of executive remuneration highlighted, amongst other things, the need for an appropriate long-term incentive plan
for executives and senior management, to bring the remuneration policy into line with best practice. It was not felt to be appropriate
to introduce such a scheme last year, due to the economic climate. However, given the more stable trading environment of recent
months, the remuneration committee is now in the process of developing a suitable plan to be put to shareholders for approval."

[yoyoy] 22/7/2010 12:34

RNS Number : 7509P
Latchways PLC
22 July 2010

?
Issue of circular re Value Creation Plan


Latchways plc, the designer and manufacturer of fall protection systems for
working at height, has today posted a circular to all Latchways shareholders on
the register at the close of business on 19 July 2010.

The circular sets out the principal terms of the Latchways 2010 Value Creation
Plan (the "VCP") and contains the notice of a General Meeting at which a
resolution to approve the VCP will be proposed to shareholders.

The General Meeting is to be held at Hopton Park, Devizes SN10 2JP on Friday 13
August 2010 at 11:00am.

The VCP will operate by granting executive directors and other senior employees
an award of units which have no value on the date of grant but have the
potential to convert into nil-cost options. The value of the shares subject to
the nil-cost options will be equivalent to a proportion of the returns created
for shareholders measured over a three year performance period.

The VCP has been designed so that shareholders must receive an annual return of
approximately 17% over three years before the units will convert to nil-cost
options. Further, performance conditions relating to earnings per share ("EPS")
and comparative total shareholder return ("TSR") must be satisfied over this
period to ensure the participants only benefit from improved corporate
performance, not just external market volatility.

A third of any nil-cost options granted will become exercisable immediately on
conversion after three years, a third one year later and the remaining third
after a further year. In addition, the shares acquired cannot be sold (other
than to pay tax arising under the VCP) unless a shareholding requirement of
twice base salary is satisfied.


Contact:

Latchways plc
Rex Orton, Company Secretary 01380 732 700



Notes to Editors

Latchways plc designs, manufactures and sells a complete range of fall
protection systems offering continuous protection to individuals working at
height. The systems are sold worldwide through a network of trained installers
and are used to provide worker safety on applications as diverse as aircraft
wings, buildings, bridges, commercial roofs, telecommunications towers,
manufacturing plants, entertainment arenas and offshore platforms. Latchways'
equipment may be fitted either to new structures or retrofitted to existing
ones.

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

[yoyoy] 20/7/2010 09:49

'bout time this company was taken over - doesn't seem to be going anywhere.

[jeffian] 07/6/2010 08:33

Have had this on my watchlist for some time. Like the company/products/long term prospects but with the share price on a PE ratio of nearly 14x, there's already a fair amount in the price for a company whose profits and earnings per share have been going backwards for 2 years.

[yoyoy] 07/6/2010 07:13

7 June 2010
LATCHWAYS PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2010

Latchways plc is the world leader in the design, manufacture and sale of
engineered fall protection safety systems, which offer continuous protection to
individuals working at height. Latchways' systems are sold globally through a
network of trained installers to a legislation-driven marketplace. These systems
are used to provide worker safety on a diverse range of applications including
commercial rooftops, wind power turbines, electricity transmission towers,
aircraft wings and industrial plants.

Summary

· Overall Revenue down 8% with specific impact from the recession in the UK
commercial construction sector
· Export revenues up 6% to a record GBP16.7 million (2009: GBP15.8 million)
and now accounting for 66% of product revenues
· Profit before tax reduced by 8% to GBP7.6 million (2009: GBP8.3 million)
· Diluted earnings per share down 5% to 49.12 pence (2009: 51.47 pence)
· Net cash at year end up GBP2.4 million to GBP7.2 million (2009: GBP4.8
million) due to strong cash generation
· Final dividend increased by 15% to 17.97 pence (2009: 15.63 pence)
· Total dividend for the year 25.78 pence (2009: 23.44 pence), a 10% increase
· Further investment in sales resource underway to ensure potential delivered
· Strong start to the new financial year

Commenting on the results, Paul Hearson, Chairman, said

"The past eighteen months have been a challenging period for Latchways, as the
global recession and the lack of credit available for capital projects have
combined to reduce demand across a number of our markets, in particular the UK
construction sector. We have responded to this by increasing our emphasis on
overseas growth, through initiatives involving both new products and new
geographic territories.

Whilst there remains uncertainty in the global economic outlook, current orders
are ahead of the same period last year and we continue to generate cash.

We believe that the targeted additions of new sales resources, together with a
robust pipeline of business prospects, will allow Latchways to resume its
historically successful pattern of growth in the current year and beyond."

[g2am] 18/2/2010 12:16

It's seems this board is extremely quiet

[yoyoy] 09/11/2009 08:04

still showing a healthy profit

generating cash

on track to meet forecasts

interim divi maintained

[yoyoy] 20/10/2009 13:02

thats a 2008 report and the 2008 results and subsequent IMS do not support the "This means Latchways is less exposed to the economic downturn than many companies, particularly as it has a number of long-term contracts in place" view.

With a spread showing at nearly 10% and very little in the way of trades its a LTBH with buying in the dips.

Why does it matter if its AIM or main apart from ISAs. FWIW its main

[jeffian] 20/10/2009 12:00

Is it AIM or main market (re: ISA)?

[g2am] 20/10/2009 11:45

Thanks for that, good bit of research there. I've been holding for a while and intend to do so for a much longer

[plastow] 19/10/2009 19:38

a little old but still intresting

Latchways, for example, is a 34 year-old company with a simple but effective business model. It makes products that protect workers when they are working at height. They could be painting the roof of a building, fixing the top of a railway carriage, repairing an electricity pylon or even fiddling with the wing of an aeroplane.

All these activities involve workers going about their business a long way from the ground and they are required, by law, to use protective equipment.

Some brokers have taken a quick look at Latchways and assumed the company is entirely dependent on the construction industry. But this is not the case. Less than a third of Latchways' business comes from this sector. The group's customer base is much wider, including electricity suppliers, rail companies, the military, oil rigs, telecom businesses and the public sector.

Earlier this month, Latchways produced interim figures for the six months to 30 September, showing an 11% increase in pre-tax profits to £4.87m and a 10% rise in the dividend to 30.1p. Brokers expect profits for the year to 31 March 2009 to rise by 12% to £10.2m and they forecast strong dividend growth from 21.3p this year to 25p in 2009 and 29p the following year. In the interim statement, chairman Paul Hearson said the company was confident about the future and had not noticed any significant downturn in activity, despite keeping a close look-out for warning signs in this regard.

Hearson has been at Latchways for 13 years and his brother, David, is chief executive. A tight team, they expect the company to grow significantly over the coming years both by expanding into new parts of the world and by selling more products in the countries where it is already doing business, such as Britain, Holland and the US.

Latchways has a dedicated research and development team and recently-launched a self-retracting lifeline range - harnesses that workmen can use when they are working on high buildings, bridges and the like.

The key point about this business is that the products it makes are essential for any type of building, repair or maintenance activity. Workmen are obliged by law to wear safety gear when their feet are far from the ground and this type of legislation is not going to disappear. This means Latchways is less exposed to the economic downturn than many companies, particularly as it has a number of long-term contracts in place.

Midas verdict: Latchways shares have fallen from more than 1100p last year to 650p today. But the group is well-managed, it has cash in the bank and a well-defined growth strategy. Paul Hearson bought 4500 shares on Monday, a good sign of his confidence in the company. Take his lead and buy.

[plastow] 19/10/2009 19:30

hope we see some upward movment from here ..

[yoyoy] 16/10/2009 16:59

interims due on 9th

[piedro] 16/10/2009 14:06

... just resting ...

[g2am] 16/10/2009 10:33

Is this post active in any sense?

[yoyoy] 11/8/2009 07:58

cannot see how the recent rise was justified but will have to wait and see.

LTC continues to be cash generating

[dpeach] 05/8/2009 19:02

'tipped' by the naked trader today, should be interesting tomorrow

"I've been trying for ages to get a share I had on the seminar shortlist called latchways (LTC).

It's in the booming health and safety sector and looks to me undervalued by quite a bit. They make health and safety equipment and business looks good. The spread was the problem - often 25pts and so on the seminar day I put in order at the "sell" price on direct access but didn't get any - then I tried all last week and never got any.

Yesterday I finally caved and bought Latchways shares at the real buy price getting 500 at 597.75. Just as well as there was a big buyer at 620 today and the price is motoring! Target 850 stop 550.

I currently have a buy order for another 500 Latchways at 630.5 on the order book which those of you with level 2 should see (for today only!) You never know, I might get them!"

[yoyoy] 05/8/2009 19:01

when its a takeover you have no alternative.

not sure its a "nanny state" driven company - do you wanna try working on the side of a office block without their type of equipment.

[pugugly] 05/8/2009 10:50

What a lovely thread - No posts no ramping and the share price continues to climb.

I rest quietly at night - No worries. Very much a long term core holding even after the rise (imo) Driven by nanny state safely legislation.

OK will never be a multibagger in one year but say over 10 years could be a very nice one for the pension fund

Declaration:- I hold from a lower price but do not intend ot sell.

[walker10] 27/4/2009 10:37

A bit of interest at last !!

[walker10] 16/4/2009 12:29

From the Interim statement dated 5.Feb sounds interesting:

Group cash flow remains strong, and we have significant net cash balances.
Prospects for many areas of the business are encouraging. We are working closely with a number of potential customers, some of which could have a material impact on our business in the coming year.

[mitzis] 03/12/2008 08:23

No support here sell to 250p.

[jeffian] 29/11/2008 13:18

Your wish granted in the blink of an eye! Whoah! What happened there?