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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Produce Invest | PIL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 186.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 186.50 |
| Top Posts |
|---|
Posted at 11/9/2018 08:27 by castleford tiger PIL paid 15m for Jersey potato co back in 2014.The share price was 260p The winner here is the buyer as long term holders will have lost money. I think they issued shares at 220p to buy JPMO. Short term traders get a cash exit and the market expects this to go through. Tiger |
Posted at 18/8/2018 15:19 by topvest It will be interesting to see whether they can continue with their dividend strategy following the well flagged impairments & therefore losses in the current year. |
Posted at 18/8/2018 09:33 by castleford tiger IMPENDING massive shortages.Good or bad for PIL? These remain largely unchanged, though the unseasonal conditions in the first months of the second half underline the Group's exposure to adverse weather. THAT SUGGESTS bad? TIGER |
Posted at 22/5/2018 18:14 by topvest Yes and no. They didn’t own up to it at the interims as they were still aiming to hit market expectations. Think the big issue is the impairment charges at Rowe and Swancote. This is going to be c£10m and will need booking at the parent company as well. This could be a dividend block unless they can get some dividends out of Greenvale or Jersey Royals before the end of March. As always, this company is normally a buy at close to £1 and a sell at £2+. I’m happy to have stepped out at £1.50 as it’s been a serial disappointment. To have made a profit is, in the circumstances, fortunate! |
Posted at 22/5/2018 08:17 by topvest I'm out. Lost my patience here. Its a poor business. Quite frankly, I'm amazed to get out at a profit overall + dividends on top. Its been one disaster after another. That's farming I suppose!What the RNS doesn't say is that it looks like the final dividend will have to be canned. The parent company doesn't appear to have sufficient distributable reserves to pay a dividend if the impairments are booked. They will need a capital reduction in my view. Indeed, the 2016 final dividend looks like it was borderline illegal anyway given the company had negative P&L reserves at the end of the year. It also doesn't say whether the Net Debt to EBITDA covenant is breached or at risk of. Last year 2.0 versus 2.5 covenant. To be honest, I think this is fixable as the company does have lots of valuable assets to secure their borrowings. Nevertheless, it points to the final dividend being canned. Swancote Foods is an absolute disaster and needs close to a full impairment and possible closure. Metal potatoes and just incredibly low margin, even with free / outsized potatoes! Will keep on the watch list as a value play, but its not the best business of all time. Selling commodity products to supermarkets. UPDATE - somewhat surprised this hasn't moved down further today. I was expecting it to tank to 130p or less. Still happy to be out as more downside risk than upside risk for the next 6 months. |
Posted at 22/3/2018 10:34 by mach100 Same dilemna for me Jimmy . I bought at 230p and it has blighted my PF ever since a rise and a retrace. It does pay a divi so I am happy to have some (potato) skin in the game but the share price is trending down so you have to keep your eyes peeled! I woud be happy to let the share vegetate in my PF if I could be the sure we are at the bottom now. I will probably plough on for now but with a weary eye on the weather. |
Posted at 02/3/2018 18:52 by battlebus2 Still holding these. Like the dividend and the fact Zucker are invested. |
Posted at 28/10/2017 18:53 by pugugly Why ?? Fair price Could this be why price moving down again?" 20 October 2017 - Produce Investments plc (AIM: PIL), a leading operator in the fresh potato and daffodil sectors, discloses that Neil Davidson, Chairman of the Group, on Friday 20 October 2017, sold 130,400 Ordinary Shares at 192p per share. Following the transaction, Mr Davidson no longer has an interest in the Company's issued share capital. " |
Posted at 17/9/2017 11:55 by battlebus2 Waiting patiently for developments on the new acquire and build policy while in the meantime I'm expecting the current business to be ticking along and able to continue with that sizeable dividend. The debt position will of course be of interest given the new policy and how any purchase might be funded. |
Posted at 04/1/2017 17:09 by jon123 stole this from another boardBy Edmond Jackson | Tue, 3rd January 2017 - 10:20 Stockwatch: Buy this share on the dips Last December's £633 million takeover of Fyffes by Japan's Sumitomo Corporation was frustrating in that I had drawn attention to it some years before, arguing that fruit and bananas in particular were a long-term growth market, even if Fyffes' stock performance was quite irregular and off-radar for most investors. I then let it drop off the map, like most, but value was eventually affirmed by Sumitomo. So I wonder the extent of parallel with AIM-listed Produce Investments (PIL), a British potatoes and daffodils supplier, considering how the Jerry Zucker Revocable Trust (named after a late Israeli-American entrepreneur) held 11.8% in Fyffes, and last 7 December raised its stake in Produce Investments from 6.5 million shares to 6.9 million or 25.7% of the equity. Such extent of ownership of a £47 million company means this trust is locked in, taking a long-term view until a trade buyer makes a move. Either that or the fund manager has special confidence in Produce Investments, currently priced around 175p at the high end of a two-year range of 120p to 190p, albeit down on the 300-320p range the stock reached in 2013 and 2014. The volatility is explained mainly by variable cropping and a squeeze on supermarket pricing, but management says it has restructured to cope. I should also clarify, hedge fund Toscafund did reduce its stake from over 10% to 4.1% last October to November, but at the same time asset manager Ruffer went to over 5%. So Toscafund takes a more sceptical view or believes in a better switch. Double-digit profit surge Produce Investments is "vertically-integrat The group hasn't updated on trading since September, when results for the year to 25 June 2016 showed a 4% rise in revenue to £185.1 million and a 14% improvement in operating profit to £9.2 million, helped by more stable retail market conditions. Pre-tax profit dropped 41% to £3.3 million, however, due to the closure of a packaging site in Kent costing £4.6 million and metal contamination causing a product recall. The matter has been fully resolved and management has now created a supply chain model "more closely aligned" to current market conditions, which can also offset any fluctuations - the closure of a Kent packing facility has removed surplus capacity, for example. When the chairman of 10 years retired last October, he said: "The business model is more resilient, more diverse and well placed to handle any pressures that it might encounter." This coincides with supermarkets introducing fresh food price increases as competition eases from the discounters - as if Aldi and Lidl have borrowed from German government subsidies to expand, long enough. Unjustified valuation A forward price/earnings (PE) multiple of around 7 times is in line with the stock's annual average historic PE of recent years, although the rating should improve if management de-risks the business with more consistent results. The prospective dividend yield is nothing special at 4.5%, but forecast earnings cover this an ample three times. Yields in the region of 5% or more tend to be covered below two times, so this is yet another sign the stock is being priced cautiously in case of setbacks. The table also shows a strong cash flow profile, some years in excess of earnings, which bolsters security of the dividend. Capital expenditure is obviously grabbing a share of this and management is on the outlook for further acquisitions, despite a lowly cash position last June. But the overall profile hints more at upside rather than downside, further supported by a strong net tangible assets per share value and operating margin improvement from 3.9% to 6.3% in the last financial year. So, while Produce Investments isn't exactly an exciting new business and supermarket suppliers are usually a turn-off for investors, key financial metrics hint at a positive risk/reward profile at around 175p. Flexibility for M&A My chief concern is that management want to diversify into more food service providers and possibly venture into other markets through acquisitions; but the cash/debt position doesn't imply much flexibility. At the last balance sheet date of 25 June 2016, cash had run down from £2.8 million to £0.7 million; admittedly after repaying £7.0 million of longer-term debt during the year. Short-term debt rose from £16.5 million to £18.9 million. This leaves net gearing of 35.4% with intangibles representing 31.5% of net assets and net interest charges clipping 11.9% of interim operating profit in the last financial year. Fair enough, but the board needs to better clarify its funding facilities in annual results like this, especially when it entertains acquisitions as a key plank of development strategy. As things stand it will benefit from a fresh long-term debt facility. Even the 2016 annual report doesn't clarify the group's funding flexibility under present arrangements. This is a side-step, but I recall Warren Buffett once disclosing how he'd taken out a low-cost debt facility in an annual report, because its terms were attractive and he wanted to demonstrate flexibility for acquisitions even though nothing attractive was in sight. Weather chief risk Management says it has upgraded its IT systems partly to cut the risk of failure - migrating to an external cloud-based provider from in-house servers - and doesn't envisage any major impact from Brexit in the short term, although immigrants represent a significant portion of the workforce - a risk if tougher controls ensue. Weather is the chief factor management can't control, however, and any investor would need to be convinced that climate change won't mean freak weather upsets at key times for the business. But, as the 25.7% shareholder appears to believe, any drop in share price is an opportunity to accumulate for the long-term prize. For more information, visit the website. Produce Investments - financial summary Consensus estimates year ended 25 June 2012 2013 2014 2015 2016 2017 2018 Turnover (£ million) 154 206 192 178 185 IFRS3 pre-tax profit (£m) 6 7.6 8.6 7.3 3.5 Normalised pre-tax profit (£m) 5.6 7.7 10.2 6.1 10.8 8.6 9.3 Operating margin (%) 4.4 3.7 5.8 3.9 6.3 IFRS3 earnings/share (p) 23.1 26.9 31.7 19.8 11.6 Normalised earnings/share (p) 20.4 27.3 38.1 15.6 36.7 24.3 26.4 Earnings per share growth (%) -0.2 33.7 39.7 -59.1 135 -33.8 8.8 Price/earnings multiple (x) 4.8 7.2 6.6 Annual average historic P/E (x) 7.5 7.4 7.9 7.2 6.8 Cash flow/share (p) 37 15.6 42.4 34.4 32.6 Capex/share (p) 12.5 12.5 29 13.6 14.3 Dividend per share (p) 5.5 3.6 5.9 6.9 7.2 7.6 8.3 Yield (%) 4.1 4.4 4.7 Covered by earnings (x) 4 7.8 7 2.3 5.2 3.2 3.2 Net tangible assets per share (p) 71.5 72.7 117 128 129 Source: Company REFS PIL 167.25p -7.75 (-4.42%) |
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