Macfarlane Share Discussion Threads

[jtjh] 12/9/2007 08:42

handycam

I think you have made a mistake. If you look at note 7 in the interim report you will see that discontinued operations made a small loss and taking that together with the impairment figure of £1.8m gives the total loss of £1.989m.

[hvs] 11/9/2007 18:25

NIts been a wait but it will pay off for the patient.

I am looking buy more on any weakness. I like what they are doing.

DYOR.

[jtjh] 11/9/2007 16:26

handycam

If, as you show from the figures, the discontinued operations lost £1.989m. How do you make the 2.5m profit figure? Thanks.

[handycam] 11/9/2007 15:40

Profit/(loss) for the
period from continuing
operations 8 266 (718) 1,158

Discontinued operations 7
(Loss)/profit for the
period from discontinued
operations (1,989) 990 893


The Board has clearly separated the businesses going forward. The £1.8m impairment hasn't happened yet.

[jtjh] 11/9/2007 12:48

handycam

I cannot see from where you derive your figure of £2.5m . At first reading the impairment charge of £1.8m gives rise to a negative eps, only when you remove this do you get the eps stated. Have I made an elementary error?

[handycam] 11/9/2007 11:43

Parts of manufacturing to fetch £8m. If these had been excluded in this period, then profits would have come in at £2.5m.

At first reading, these would look like a sell as there is no sign of an upward shift in earnings. But minus the drag of the co's on the block and there may be a future in these things yet.

[gorse] 11/9/2007 09:47

I agree. I'll hang on, although the dividends will, as before, be invested elsewhere.

[jtjh] 11/9/2007 09:37

It looks like those who got in for a fast buck headed for the exit when the market opened. The tip in the Mail probably brought on board some traders and now they are leaving. I don't see the share price going much lower, the promise of being nearly debt free and the ca. 6.5% dividend should provide a floor around this level.

[jtjh] 11/9/2007 07:45

The headline results are not going to set the world alight. A small profit, but not enough to cover the dividend. A reduction in the debt and could be almost debt free with the planned disposals. Pension deficit reduced, but that was probably before the recent market turmoil. Mixed results from the various trading areas.
Unfortunately I cannot see these results producing positive action in the share price and so it's back to taking the dividend and hoping for a better end to the financial year!!

[jtjh] 10/9/2007 12:09

Next month will mark the 4th anniversary of Peter Atkinson's appointment as CEO. I am hoping that we will see a definite improvement in the company's performance when the interim results are published tomorrow. If the results are disappointing then I'm afraid that the buck stops with the CEO; 4 years is enough time to stamp one's authority and style on the company.

[jtjh] 03/9/2007 09:05

The interim results are out on 11th September, a little later than last year.

[jtjh] 31/8/2007 08:36

Interim results should appear next week if the timing is the same as last year. We know that they will announce a profit and my guess is that they will want to cover the dividend. Going by what was said at the full year results I would expect that net debt will have been reduced by ca. 1m - if there had been an acquisition then the debt reduction figure would be much lower - and say an interim profit of 1.2m. If this is accompanied by a positive outlook for the second half, normally the stronger period, then this would represent a very good result. The pension deficit will probably have been hit by the market turmoil and is likely to have increased slightly. If we take these figures as a benchmark then anything better will see a sharp increase in share price and anything less will put pressure on an already weak share price.

[jtjh] 09/8/2007 13:34

Thanks for the information sandlab. Hardly any volume today, or yesterday, to suggest an institution selling, unless there are delayed trades in the pipe-line.
The MACF chart is a good simulation of Jaws!!

[sandlab] 09/8/2007 12:03

One of the papers, I forget which one, mentioned that an institution was a heavy seller of several stocks yesterday, including SMDS. That selling has apparently continued into today. The market seems very weak in some areas, judging my my own portfolio's performance, but there are some strong spots e.g. certain oils (even though oil is well off its recent high which should give some benefit to Macfarlane). Looks to me more like we have some very selective trading going on to take advantage of probable future market volatility.

Or maybe it is MACF completing the next tooth on the chart? ;-)

[jtjh] 09/8/2007 09:36

It looks like we are following the BPI and SMDS trend this morning. I'm not sure what the reversals are due to, perhaps the unseasonal weather recently has hit the silage plastic stretch film market where BPI are strong.

[jtjh] 07/8/2007 12:13

Bungo you are probably correct that we will see a bit of retrenchment after the Mail tip rise, but I wouldn't expect it to be of much significance. The proposed acquisitions are expected to be small add ons in the distribution sector and, as such, they are unlikely to move the share price dramatically. Also being small in size they should be more readily assimilated.
How many did you sell?

[bungo] 07/8/2007 10:20

I'm out this morning (trade still not showing). Nothing against MACF but I'm happy to sit out for a month or so and it seemed a good time to switch to cash which I have been doing since early July on other holdings. With dealing costs I made a £1.01 loss but picked up the recent divis which is what attracted me to MACF. Might buy back in later in the year as now holding more cash than stock in my account. I expect this to slip back a little once the initial response to Sunday tip falls away but I'm often wrong and still expecting this to be a good recovery play in time. Wary of MACF over doing it with acquisitions though.

[hvs] 07/8/2007 08:41

Think it says loads for him to have mentioned , like you would say picked it from the many shares they hold.

Nice to see blue. maybe an acquisition to be annouced soon.

[jtjh] 07/8/2007 08:22

John McClure runs the Unicorn UK Income Fund. It's a small fund, ca. 4.5m, and MACF does not appear in their top ten holdings in the fund, presumably they hold a fairly small stake.
I'm not a chartist and wouldn't place much emphasis on the fact that we seem to have moved out of the trading range of the last year or so, but it is nice to see some positive momentum.

[hvs] 06/8/2007 19:16

It looks like this share is now being noticed.

[hvs] 06/8/2007 14:22

We know that already. Do you have anything new to say ?

Looking for further upticks up.

Acquisition on the way ?

[hvs] 06/8/2007 11:48

Nice to see an uptick on a RED DAY

[hvs] 04/8/2007 13:02

If Unicorn think they are good, they are very good.

Patience needed.

[l376233] 04/8/2007 12:28

I have read an artical in the Daily Mail 4th August CITY & FINANCE
John Mcclure of Unicorn Asset Management selects Macfarlane Group One of its attractions is the dividend yield of 6.6%