Pipehawk Share Discussion Threads

[glitter2] 01/5/2015 16:47

As has been said so often and by so many of the, admittedly few, posters, this is forever a "jam tomorrow" company. It is one of the few AIM companies that really deserves to succeed, IMHO of course. How many years of profit will it take to pay back Gordon's loans to the company? Or will he continue to be the white knight and take share in lieu?

[glennborthwick] 01/5/2015 15:59

True but I wonder if the pipeline for qm is good. Last rns suggests this and at market cap like this it could easily multi bag if they announce a profit end of year.

[glitter2] 01/5/2015 15:56

I agree. Last time It happened and there was nothing reported I contacted Gordon Watt. I got a reply which was nice but response showed that they didn't watch their share price on a day to day basis.

[glennborthwick] 01/5/2015 11:11

There's definitely setting going on weeks without trades then a flurry in two days.

[glennborthwick] 30/4/2015 08:56

What's going on here then. But of interest today.

[glennborthwick] 27/3/2015 07:56

Market cap only 1 million.

[shanklin] 26/3/2015 14:13

OK, thank you Glenn

I will keep an eye on PIP.

Cheers, Martin

[glennborthwick] 26/3/2015 13:36

Hi Martin,
They have an interesting division called QM systems which build production lines.
This seems to be growing well. They doubled factory size and have added key personel and say the pipeline of business is good.
I'm hoping this is the driving force.
Small microcap appeal for me as RTC was. It's easier to go from making 50k to making 500k.

Glenn

[glennborthwick] 26/3/2015 08:22

I'm still here and thinking about a small top up. Will possibly wait for full year. I do think qm looks good.

[glitter2] 26/3/2015 08:06

Jam next week more like. Gordon and co keeping faith which is something. Nothing much seems to happen which in the present climate for small companies is a plus.
Anyone else still invested?

[glennborthwick] 26/3/2015 07:58

Interims out. Look ok. Turning point or more jam tomorrow.

[glennborthwick] 02/3/2015 17:50

Just a few of us

[glitter2] 18/2/2015 16:22

Good timing, NTV, but I don't see any announcement. So what has happened?

[glitter2] 16/2/2015 16:21

Hi NTV. Good to hear from anyone about this share. Any reason for your optimism?

[ntv] 16/2/2015 10:45

added some more recently

[glitter2] 12/12/2014 12:55

Thanks Nigel for producing such a detailed report and taking the trouble to attend the AGM. There is much to admire about this company but whether they will ever make money remains in doubt.
The information flow to shareholders ought to be better.

[gnnmartin] 12/12/2014 12:16

The message was (to paraphrase drastically) that this year was a blip, and the coming year should be much better. They had a number of difficulties which they hope are one off which reduced the profitability of QM Systems. These included the need to go outside for control engineering staff, whose work proved unsatisfactory and required rework, plus the Caterpillar project in India required a lot of staff visits which reduced flexibility. Office accommodation was tight. The push into home grown software and electronics did not go well, and the person hired to drive that has left.

The question for those thinking of investing will ponder, is are these one off's, or will there be similar but different problems in future years. They have doubled their office space, which will presumably up the fixed costs but reduce the chance of chaos induced costs.

They said in their report that current trading is in line with director's expectations, which you could take to mean that by mid November they still had not hit any more problems. I was a bit disappointed that we did not get a progress report in an AGM announcement, but I did not ask for one: I do not think it is fair to ask for information that the directors ought not to give. Anyhow, if one does ask for such information the answers are unreliable, since you don't know whether you are being told what the directors think the market believes or what they themselves truly believe.

My assessment is that there is lots of promise, but I am more cautious than I was after the last AGM. I think they are sincere in their optimism, but it is possible that they still have not fully assessed the difficulties of negotiating the sort of work they do. Rather like a bespoke building project, or a bespoke software project, there is inevitably some variation of the requirements as the project progresses and further considerations become apparent. These variation cost, and who pays the cost and how it is assessed potentially have a very significant impact on the profitability of the contract. We were told that the first consideration for QM Systems is that the customer should be satisfied, which is commendable. In the longer term, it is as important that QM Systems are satisfied as well.

It is too early to say whether Espade is a commercial success. The annual report said that 24 out of the first batch of 50 had been sold, and we were told these are largely sold to people who will buy a lot more if they like them. We can make in batches of 50 at the moment. We are applying for an EU grant (the Horizon 2020 fund) which if given would provide 70% (if I remember correctly) of the cost of building a facility that would allow volume production at a significantly lower cost. We won't know if we have the grant until around September 2016, but the process of applying includes a feasibility study which is something we would want anyhow, so this is not a case of waiting 2 years. Again, Pipehawk are very enthusiastic about Espade, and think it is a winner, but it is early days yet.
Nigel Martin

[glitter2] 11/12/2014 16:34

AGM today. I didn't know it was happening. Anyone better informed who could report on what was said.. if anything?

[glitter2] 20/11/2014 10:58

So two very substantial purchases by Peter Lobbenberg and his wife. His is a Forensic accountant who clearly likes to take a significant slice a companies
hxxp://www.investorease.com/company.php?disp=major&epic=TRT&holder=Peter%20Lobbenberg
Friend or foe?

[glitter2] 14/11/2014 07:51

As ever, jam on the horizon still but not tomorrow and certainly not today.
Gordon still has faith so I will hang in there with what little remains.

[123prezzie] 13/11/2014 10:17

Thanks Nigel, and I'm no less worried. I guess the delay could be caused by satisfying the auditors about solvency and G G Watt's loan - note 18, 2013 accounts. Mr & Mrs P Lobbenberg seem to have confidence, having brought their holding up to 4.09%.

[gnnmartin] 12/11/2014 15:40

Michelle Webb of Pipehawk tells me that "Our figures will be released within the next few days."

[gnnmartin] 11/11/2014 12:13

Still no results. :-(

[123prezzie] 05/11/2014 09:31

No results today - that's worrying.