Nth.Mid.Cons Share Discussion Threads

[cc2014] 11/1/2018 09:56

I guess the real question is where the MM sourced 50k shares from yesterday because that's 0.5% of the total share capital

Shareholders are:

Moyle Family 48.0%
William Morris Settlement 8.4% (have held for the last 40 years or so and Moyle family have first rights on purchase)
Charlton 8.4% - been buying since 2005 but more agressively over last year
Capital 4.7% (wonder if Charlton sourced the 50k from here)
Other directors 3.0%

Total 72.4%

[moneygenxyz] 11/1/2018 09:47

Mmm, very good. Learning from the masters. Well glad I’m on the same ship as him. Onwards!

[cc2014] 11/1/2018 09:43

Mr Charlton is extremely good at this but you wouldn't expect anything else as an ex MD of Merrilll Lynch.

He buys all those 10k nice and slowly to take him to 7.9% and then boom to 8.4% so he can now buy another 60k without informing the market.

His total portfolio is about £10m so he can afford plenty more. Grins.

[moneygenxyz] 11/1/2018 09:41

Welcome aboard Thomas Charlton! 8% stake initiated. What do you think his intentions are?

[qs99] 11/1/2018 09:08

BOOm well done all patient holders

[jaf111] 11/1/2018 08:55

Results not due until end of March but maybe a Trading Update possible (as in 2016)?

Certainly should be a good story here

[junior21] 11/1/2018 08:48

Well done CC2014, you were right about Mr Charlton!

[qs99] 11/1/2018 08:42

Well blue open

[cc2014] 10/1/2018 17:22

Late 50k trades. Away from desk atm. Will consider what this means later

[qs99] 08/1/2018 11:48

Let’s hope so!

[battlebus2] 08/1/2018 09:39

And a HNY to you, NMD continue to recruit so i'm guessing we are progressing as expected with the new contracts etc....

[qs99] 08/1/2018 09:37

Indeed BB and likewise. HNY by the way

[battlebus2] 08/1/2018 09:24

Yes patience is required, just sitting tight....

[qs99] 08/1/2018 08:56

Hopefully start of claw back ahead of next news. Trouble is with NMD it goes very quiet for a while so patience is required! GLA

[junior21] 05/1/2018 23:51

Thanks for your considered response CC2014.

Like you I'm also interested in the next couple of years. Our CEO stated last year that his aim is to achieve 5% margin with revenue of £500m by 2021, and in particular 3% by 2019. For this to be realistically achievable I'd expect margins of nearer 2.5% this year and revenue of nearer the £350m mark. This would imply a fairly substantial increase in earnings. Let's hope the interview wasn't just all talk.

[qs99] 05/1/2018 15:14

at last blue!

[cc2014] 04/1/2018 12:08

Hi Junior,

I think your numbers are likely to be pretty close.

The profit before tax in 2016 was 2.062m and we know they have eliminated the telecomms loss part of £2.591m so that would take the profit to £4.653m if nothing else happens.

We also know the companies order book is significantly higher than last year from the article in the Sun and the amount of recruitment they are doing. Hard to know how much margin is in this but competitors in the industry have been reporting improved margins consistently.


To be honest though I'm more interested in 2018 and 2019. The construction industry although expanding as evidenced by the PMI data, has been consistently struggling for the last 10 years apart from arguably a good patch of about a year prior to the Brexit vote

It's taken a while to pull out of the 2008 recession and government spending has been restrained due the national debt.

I believe we are approaching a point where investment is going to accelerate. You can only sweat assets and defer investment so long and it's been going on now for 10 years.

Globally things are picking up especially in Europe and in the UK the national debt is becoming let us say "manageable" - certainly low enough that the government will be increasing investment although at what rate and how soon is yet to become clear.

In summary, I believe there to be considerable pent up demand awaiting a trigger to get things moving. This could be a resolution to trade with Europe, or it could just be a slow gradual increase in confidence in the economy. Also, as the unemployment rate falls and labour becomes a scarce resource this should also lead to capital investment.


The question is how much of this is in the share price already and I don't think very much. I think a company turning £5m profit, £10m net cash, a load of assets, growing at 20-25% a year and no pension deficit is worth more than £32m.

I perceive the dividend yield may be holding things back at present. I expect the directors to double the final dividend as they did the half year, taking it to 9p. This would be a yield of 2.8%, which although not great seems pretty respectable to me for a company that wasn't paying one at all a couple of years ago.

[junior21] 03/1/2018 21:38

Well it seems like this share has been largely forgotten about. We still have another couple of months until the results and I don't think we'll see any catalyst for an upward movement in the share price until then.

I'm expecting eps of at least 50p based on no legacy costs during 2017 and a cash balance of at least £10m. Based on them figures the EV/earnings multiple will be less than 5 which would be too cheap for a company heading in the right direction.

Anyone else have any thoughts on 2017 numbers?

[cc2014] 11/12/2017 17:38

I see Mr 5k has turned into Mr 10k today.

Nice to know this buyer continues to soak up all the sells.

[xajorkith] 05/12/2017 11:46

Patience in short supply these days CC2014, but glad to see some out there taking a longer term view.

Good things come to those who wait........

[cc2014] 05/12/2017 11:12

I see Mr. 5k buyer is back. he's so patient. I take my hat off to him

[cc2014] 30/11/2017 13:52

Well another week goes by and although the price popped up for a while on the back of some decent buys we seem to be back to some trickle sells going through for no apparent reason.

All very frustrating. I shall have to resign myself to the view that the sellers can only sell their shares once.

[cc2014] 22/11/2017 18:21

And some rather unusual late trades Of no real consequence as not large but cannot understand why they are delayed