The Fulham Shore Share Discussion Threads

[addict] 08/5/2009 15:42

Overlooked share heading north.I'm expecting excellent results next week.DYOR

[ansc] 05/5/2009 08:38

A dullish Bank Holiday motivated me into completing a long-overdue update of the thread's header. Doing so revealed significant changes to (i) the list of 'significant' shareholders - now holding between them over 60% of issued share capital - and (ii) totals for directors' holdings, now up to 8.0%; with the company's share price bumping along near it's all-time low, both revelations came as a somewhat comforting surprise.

FUL's broker - a pity it's the dreaded Seymour P - has not changed their earnings forecast for the year just ended of 0.5p/share which currently equates to an undemanding p.e. of 4.8. If growth has continued (as, no doubt, we all hope), I see no reason why that rating should not be revised upwards.

I understand the company is hoping to publish their 'Interim' figures a week earlier than last year's announcement which is not normally an indication of imminent bad news. Fingers xd!

[ansc] 30/4/2009 11:19

For some reason, FUL's quoted mid-price of 2.375p appears to be a false one; the actual online dealing prices - for 25k shares - is 2.05/2.35p which equates to a more realistic 2.20p. I can't think of a valid reason for this 'mirage', as the MMs normally take great pleasure in dropping prices at the merest sniff of a chance, but at least it confirms my suspicion that the recent so-called 'sales' recorded at 2.35p are indeed 'buys' at that price - three this morning already!

The results announcement creeps ever closer ......

[mountain man] 23/4/2009 17:24

ansc

Like I believe FUL will come good in due course. Directors have bought at 3.5p and I took heart from the last set of results as they appear now to be making good progress.The staffing level has since increased from around 100 to 140 very quickly and I can't think of any companies doing that at the moment! It will be interesting to see the precise reason for it. As far as platts is concerned - I was trying to tease a response from him and the reply is not what I expected!

platts

I've held for about the same length of time - I'm a patient man when my gut feeling is to stick with a share. I'll be holding for a long time yet. Looks like you will too - good luck!

[platts] 23/4/2009 13:50

mountain man:re your question: I have held ful now for over 4 years and frankly the share price goes nowhere. at the same time the company continues to improve its performance - Japan etc. I wonder what needs to happen for this company to fall out of its bunker. I have no intention to sell (it's to cheap to do so.) I don't believe in pumping a stock as other people seem to want to do (see above)

[ansc] 23/4/2009 11:28

That's asking a bit much, m m, for a 'one liner' to justify their negative remarks; I've always put such postings down to those of a sore loser venting their spleen and throwing their toys out of the pram trying to get their own back. Best ignored imho.

It's good to know that gimeabreak and I are not the sole supporters of FUL. I, like you, have been adding steadily over the past couple of months - 300k at various prices but all below 2.35p. Not much longer to wait hopefully before we know our fate for this year!

[mountain man] 22/4/2009 20:40

platts

I'm a long term holder and will remain so - I bought more recently - just curious as to the reasoning (or rather, purpose) behind your comments.

[platts] 22/4/2009 11:39

dead in the water

[gimeabreak] 15/4/2009 21:17

Movement. Break out, if only!

[gimeabreak] 14/4/2009 17:45

Never given the option to really buy or sell this share just feel locked into it

[platts] 30/3/2009 21:28

I agree: ful is incapable of achieving any traction for years and years!

[ansc] 25/3/2009 10:43

In spite of the market's predictable gloomy performance, my glass is still half-full as regards FUL.

Looking for crumbs of comfort: (i) their half-year finished almost four weeks ago and no sign YET of a profits warning - dare we assume, therefore, that these will be as per market expectation .... or even better! (ii) Sterling is still struggling which, according to FUL's last AR comment, benefits their bottom line; (iii) I've read recently that Total UK have finally accepted liability for the Buncefield depot fire (December '05 which destroyed FUL's intended new offices) and Total's Insurance is in the process of paying claims - over 70% cleared so far which (hopefully) includes FUL's and will have added to their coffers; (iv) three, yes three, reasonably-sized buy trades yesterday!!

Grasping at straws I know but one has to try to remain cheerful &(:->)

[ansc] 10/3/2009 08:17

I'm not very keen on share consolidations, welsheagle, I've yet to be involved in one which has turned out to be of benefit to its shareholders. No, the simple solution is for MMs to stop treating us small-cap investors as mugs and start being realistic with their trading spreads - I can stomach a 12-15% markup for illiquid stocks as is FUL but 33%, no way!

[welsheagle] 09/3/2009 21:38

Time for a cosolodation to reduce the spread.

[ansc] 09/3/2009 12:16

Times are hard, gime, and the MMs have got to earn a crust somehow. After all, a Rolls-Royce doesn't run on water alone you know! Anyway, a mere 33% markup isn't that bad is it ......

[gimeabreak] 09/3/2009 12:08

Why such a spread between buy and sell if you were to buy £1000 of stock you would be immediatley be £300 in the red.

[ansc] 13/2/2009 10:45

I haven't looked at the company's website for ages so decided to have a quick peek this morning. I don't know how long it's been changed but, wow, what a difference from the old one; now quite modern, informative, easy to move around and, dare I even say, jazzy. Very impressed.

I must resist but feel another buying urge coming on ......

[unionhall] 29/1/2009 22:36

thanks for that ansc - good points......

[ansc] 29/1/2009 22:00

Hi unionhall, no confrontation from me simply responding to your question re possible future growth (and, at the same time, probably trying to convince myself that I'm not chasing the rainbow's end!).

I know that, because of the unicus acquisition, the periods are not strictly comparable. Given the initial hiccup caused by unicus following it's amalgamation with Quadramed, however, I'm not sure how much of a contribution was made by them in the end and am hoping that there's more in the locker to come. According to the AR, any sterling weakness adds proportionately to the company's profit - a 10% weakening = £176k increase - and we both know how our beloved Pound has been faring recently. Finally, the company's vision [Fulcrum Pharma will be the most admired, pioneering and professional service company in our selected fields], besides sounding impressive, gives management something to get their teeth into.

Am I hallucinating when I believe FUL's directors knew what they were doing when making their recent share purchases? Time will tell but I honestly believe that the pharmaceutical sector is as good a defensive play as any in the present economic downturn.

So saying, I'll no doubt become increasingly anxious as the next figures announcement (in May) approaches .....

[unionhall] 29/1/2009 15:10

Hi ansc - I'm trying to discuss - not argue....

I say the revenue has been stable over the last three six month periods because they were something like £6.7m, £7.3m and £7.4m.

I pointed out that the gross margin percentage increase is driving the growth figures at profit level over that period since the unicus acquisition, not top-line growth.

The figures you quote compare a period with a full year contribution from unicus vs a period with only a partial year's contribution from unicus.

It looks like a good company but it needs growth imho if the share price is to advance and I wonder where it will come from in this climate.

[ansc] 29/1/2009 14:41

kph, I can't believe that the 50k recorded yesterday was yours - at a price of only 2.12p!

unionhall - I'm not sure how you can state 'Seems to be stable since the acquisition of unicus'. Looking at some of last year's figures: sales - £14.8m (up 29%); EBITDA - £1,139k (up 99%); PBT - £454k (up 201%); EPS - 0.19p (up 90%); headcount has again risen, from 105 to 140 at year end. Stable?

The chairman's statement also looked quite encouraging to me. With cash in the bank standing at a healthy £2.903m plus those non-execs post-figure purchases, I've been quite happy to pay my money and take a chance.

It won't be the first time I've ended up with egg covering a very red face!

[unionhall] 29/1/2009 13:33

Where do you think the growth is going to come from ?

Seems to be stable since the acquisition of unicus with increasing gross margin over the last three half-years.

Market cap of 4.25m for PAT of less than £400k seems well priced in the current climate.