Share Name Share Symbol Market Type Share ISIN Share Description
Swp Grp. LSE:SWP London Ordinary Share GB00B010NX28 ORD 0.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 8.75 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 13.19 1.29 0.86 10.2 17
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 8.75 GBX

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Date Time Title Posts
29/10/201609:55SWP with Charts & News175
25/1/200613:27swp goup about to fly147
17/11/200411:31About time22
13/6/200311:46SWP - reverse take over59

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SWP Group (SWP) Top Chat Posts

trentendboy: Got my cheque. The SWP journey comes to an end.After 25 years I came out only 50 percent down although there were a couple of dividend payments.I would like to say it was a pleasure....
somerset lad: I also agree. Price seems reasonable. The irrevocables are hard.
norbert colon: cash offer.
norbert colon: I have been a holder for a number of years now and clearly it's been very disappointing for all involved due to what seems like a lot of bad luck i.e. mixed / variable trading across their various business, having to get rid of Crescent (a good thing in my opinion), oil price over the last 12-18 months and most recently the failure of the new ULVA GRP machine. I agree with Rhomboid that there is a very good chance that they will delist although nothing is certain.I have mixed feelings about management who seem to have failed to secure the additional middle management they have needed for a parts of their business, namely Fullflow, for long time. No news still on the funds from the liquidator and no news on their specific plans for the property from their Crescent business.I will as ever be keen to see the next set of results.Tangible book value circa 3.5p
trentendboy: Owned SWP for 20 years lolSP still lower than my but in priceStill hold out hope
kemche: Half yearly report should be announced soon. Let's see what movement there has been on the property front, getting a new production line, and news from the liquidator/administrator etc.: "As mentioned in earlier reports, based on an Asset Sale Agreement entered into with the liquidator of Ulva Ltd when SWP purchased the business on 28 November 2007, SWP remains entitled to any excess funds arising from the liquidation beyond 100p/GBP. All creditors have now been paid out the requisite 100p/GBP and the liquidator has acknowledged the efficacy of his legal obligations (with the assistance of the Court). The liquidator has stated that he is continuing to collect the proceeds of asset realisations which we are monitoring. The exact timing and quantum of any receipt remains uncertain but appears to be advancing towards a conclusion. This will be accounted for as and when payment is virtually certain as per IAS37." Curious trade.....
kemche: Compelling price at this level. All IMHO and DYOR etc
sammy_smith: LISTEN: SWP Group (SWP) - Half yearly results Click here to listen
kemche: End of March nearly upon us and the price nudges up - how curious! Aherm.
norbert colon: SWP Plc Notes of AGM – 30th January 2014 AGM attended by: Alan Walker (Chariman), Colin Stott (MD), David Pett (FD), Martin Bell (NED), Alan Smith (NED) + around 10 others including myself (PIs etc) Q. Given the recent departure of the MD of the Fullflow business, please update us on the status of finding a replacement? A. Colin Stott noted that their last MD did not meet their high expectations. Finding a suitable candidate was proving very challenging and Colin and the BoD noted that their time was being absorbed in the Fullflow business when they should in fact be spending their time on ULVA etc. Q. Please provide an update on the appointment of a sales team for the Middle East / Africa (MEA) region. A. The BoD noted that they had not yet found a suitable candidate for this role but they were actively looking. Q. Can the BoD clarify why there were real estate assets written down (£411k) in the Y/E 30th June 2013. A. David Pett explained that this was just a revaluation of their property assets to reflect current valuations in-line with IAS. Q. What % of the cost of the capital expenditure project (new ULVA machine) had been met by Group resources and what were the terms of the lease? A. David Pett confirmed that 75% of the cost (circa £1.2m) had been paid by Group with the remainder being essentially a hire purchase but with a very quick pay-back period expected to be less than 3 years. Q. Once specified, what % of ULVA projects turn into firm orders? A. Alan confirmed their conversation rate was "pretty good" but with all things in the construction / O&G industry, nothing is a dead cert. Q. What is the demand for the hard shell ULVA –GRP product that is being developed? Is it a lower cost alternative? A. It was explained that a hard shell on the insulation is a preference by some clients, namely Shell DEP (Design and Engineering Practice) and in the LNG (Liquefied Natural Gas) arena. Hence they are providing clients with what they want (meeting demand). It is in fact a more expensive product than the conventional ULVA Shield and needs further investment by the business to ensure the final product is robust. Q. Who are the major competitors for ULVA? A. It was explained that there are some competitors, namely suppliers of nitrile rubber insulation who now also provide a coating system similar to ULVA Shield although it was noted that the ULVA product is superior. There is also a supplier of GRP coatings whom the BoD stated they had entered discussions with in respect to acquiring them but the owners pulled out and this was not taken any further. Other general notes which I made under each business: Crescent • David Pett was introduced as the new man at the helm of Crescent • After a prolonged period of cost cutting, they are currently recruiting to meet demand. • Historically they have not specifically targeted London as a seam of new work / orders but this was now a focus are given the potential and buoyant housing market. • They have recently secured an order for a £500k helical staircase for the office of a Hedge Fund although it was noted that these don't come along often. This is equivalent to 36% of 2013 revenue! • David noted that they are talking to architects to try and secure further orders and build on their reputation. • A standard spiral staircase typically costs £10-15k. A specialist or helical staircase typically costs £60-70k. • The BoD have no current intention to sell the Crescent business. ULVA • Oil and gas market is busy / buoyant. • They currently don't have enough projects to smooth out revenues and efficiencies. Typical gestation period for ULVA (specification to installation) is 5 years. • They have broken into a new market (LNG) and this has lots of potential. • Good progress had been made in the USA and Scott Sinclair (USA Sales Manager) was praised very highly for his hard work. Scott had recently secured an order for a Naval Vessel which is again a new market for SWP/ULVA. • India and Russia (O&G) were seen as markets with lots of potential but this needs the right sales team and the MEA area (see Q&A) was already proving challenging in respect to resources. • They have one project in China but this again is a target area. • The new ULVA 'machine' in Telford is being installed in February 2014 and will be commissioned in March 2014. The complete operation is on time and budget. The BoD noted that this machine will create huge cost efficiencies / savings and a specific point of interest was the high proportion of waste material from the manufacturing process (previously discarded) that will be saved as any off-cuts can be essentially fed back into the process. • 97% of the market is currently metal jacketed insulation hence there is huge potential for growth but efforts are needed to convert ends users and specifiers to non-metallic jacketing. The new GRP product will help bridge this. Typically metal clad insulation needs to be completely replaced every 7 years whereas the ULVA product has a much longer economic life. The BoD noted that the cost of replacing this insulation was in fact very small compared to the operational costs to the client caused by the replacement works. Fullflow • "Good profits" are being made in France. • Now have a presence in Brazil and their system has been used for the new Chrysler / Fiat JV building. • Need to secure a new MD (See Q&A section) • Are market leader in the UK and offer a full turn-key solution, particularly installation. • The US market is constrained by the Building Code which does not recognise syphonic rainwater systems although they have been specified on projects exempt from the Building Code. Summary • The BoD were very upbeat and positive and noted that the upcoming half year results were expected to be good. • Debt had almost been eliminated from the balance sheet • They were hoping to move back to a progressive dividend policy. • Business is very cash generative, specifically ULVA, and once the new machine is operational this will improve further. • A date was not discussed but half year results should be released around the end of March 2014. I certainly came away from the meeting very positive and look forward to the half year results.
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