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TST Touchstar Plc

90.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Touchstar Plc LSE:TST London Ordinary Share GB00BD9YDB55 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 90.00 85.00 95.00 90.00 90.00 90.00 5,000 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electronic Components, Nec 6.74M 558k 0.0678 13.27 7.4M
Touchstar Plc is listed in the Electronic Components sector of the London Stock Exchange with ticker TST. The last closing price for Touchstar was 90p. Over the last year, Touchstar shares have traded in a share price range of 80.00p to 115.00p.

Touchstar currently has 8,225,077 shares in issue. The market capitalisation of Touchstar is £7.40 million. Touchstar has a price to earnings ratio (PE ratio) of 13.27.

Touchstar Share Discussion Threads

Showing 1001 to 1024 of 2325 messages
Chat Pages: Latest  45  44  43  42  41  40  39  38  37  36  35  34  Older
DateSubjectAuthorDiscuss
04/6/2020
21:50
Why is noone updating us about the meeting?
likitorma
04/6/2020
17:36
Any updates from the call today?
likitorma
03/6/2020
10:38
b_t, As a shareholder I've done a fair bit of research but my figures can sometimes feel rather inconclusive as I don't have any real info on the recurring revenue figures.

As a ball park figure it would be nice to know what percentage of revenue in 2020 is independent of new orders and new contracts.

pavey ark
02/6/2020
07:56
All, in case you cannot attend the call, please feel free to post your questions here. Depending on time limitations, I can try and ask Ian/Mark about those during the call.
bio_tango
01/6/2020
12:14
It could be that since the company is clearly showing signs of turnaround, they are willing to engage more with shareholders. Nice :).
jeevsje
01/6/2020
08:43
I have just been informed by another investor that there is a Zoom call by Ian this Thursday to discuss the results. Apparently, you have to email "Aimee.McCusker@whirelandcb.com" to register.

Who is planning to attend?

bio_tango
01/6/2020
08:22
Agreed Pavey Ark. Good to see £5k of buys cause a tick up, with buying at around the full offer price.
rivaldo
31/5/2020
11:32
Anyway...back in the real world.

I've been looking at the ADMIN figures and Martin did say that they entered 2020 with a reduction of c. £500k not sure how to use this figure but if you go to "continuing operations" figure of £4.04m and take off the exceptional cost of £179k I'm happy to go with an admin figure of c. £3.8m.

This was going into 2020 not going into Covid Lockdown so I can only assume that the figure is now even lower.

All looks safe and sound.

One final thought is that if a company like TST ended up in trouble what would the rest of the economy look like ?!!

EDIT: "At the year end the order book stood at GBP1.2 million (FY 2018: GBP254,000) and it has subsequently increased to approximately GBP1.7 million by the end of January 2020."

pavey ark
31/5/2020
11:20
Really !!?

"Even without this loan the balance sheet remains robust, we have no net debt and cash in the bank of a similar level to just before the C-19 crisis impacted the UK economy."

This is so silly that I feel rather embarrassed responding to it.

pavey ark
31/5/2020
09:39
I don't see the improvement in revenues continuing for the rest of the year though thanks to the lockdown.

As they say themselves:

"We, like other businesses, have seen a reduction in new business enquiries and are planning that this rate of decline will increase.

They also say:

"We believe that Touchstar should meet the eligibility requirements of the Coronavirus Business Interruption Loan Scheme, being a UK incorporated company that makes a material contribution to economic activity in the United Kingdom. We intend to approach our banking partners to determine the most effective overall solution.

arthur_lame_stocks
31/5/2020
09:33
I don't see that. The company has been trading profitably for the first 4 months of 2020? With what appears to be minimal impact from Covid 19 thus far? Net cash positive - don't appear to be in desperate need of government support?

I see a business that has turned around with growing revenues, lowered cost base, growing order book and a move to profitability - look promising signs to me?

king suarez
31/5/2020
09:15
Personally I think there is a distinct chance this will go bust without Government support in the form of a loan.
arthur_lame_stocks
31/5/2020
08:18
KS, direct comparison with last year is complicated by the new accounting rules(lease payments, liabilities and contract liabilities).

As has been said before, a large sum has been produced from working capital reduction with c. £300k from inventory reduction which could be permanent given the sale of one of the units.
A second amount £600k comes from the simple balancing of amounts receivable to amounts payable...good housekeeping I would have thought.

So with all the accounting stripped back the company has incurred a £412k cost from closing a unit down (detailed breakdown of these costs in accounts)has invested in the business as per the three year plan and ends the second year of this three year plan with :-

"As of 31 December 2019, the Group had net cash of GBP850,000 (FY2018: GBP296,000).

I have often referenced the cash generative nature of our business. In 2019 we generated GBP554,000 of free cash. This was achieved even after a further GBP1.1 million was invested in new product development and a sizeable cash outflow arising from exceptional costs of GBP412,000 (FY2018: GBP334,000) associated with the restructuring and the well-timed sale of our loss-making airline business. We entered 2020 with a cost base lowered by GBP571,000."

EDIT: I hadn't picked up on this before but now he mentions it the sale any airline business was a bit of a lucky break given the current situation.

pavey ark
30/5/2020
19:59
Hi AVW,

I don't know the business, but just looking in after your posts on the Wanobi thread. Not sure why people often refer to accountancy as 'dark arts' lol, there are rules and standards that must be adhered to ;)

Your analysis is correct as far as I can see.

The cash flow has really come from corporation tax (some kind of rebate from R&D expenditure?).

If those exceptional restructuring costs lead to a significant cost reduction going forward, as Parvey says, then things look quite good for next year imo.

king suarez
30/5/2020
19:20
"This stock has been a dog for years".....hmmmm...not the sort of phrase I would use (ever) but let's press on.

Any person who has any real knowledge will know that these results represented only the second full year of the major three year reconstruction and investment programme undertaken by the TST.

To produce these results at this stage and to give such a positive current trading statement under current market conditions is very impressive.

But let's look at this "heavily loss making" company ...sorry "dog".

There was indeed a 900k gain from working capital but there was also a £690k investment in the company.
as a result of restructuring (for those who don't actually follow the company: the onboard unit was causing problems and was closed down).
This restructuring cost £415k as a one off exceptional cost but there has been a £500k reduction in overall admin cost which should show in the next set of results.
This decisive but costly action will be appreciated by shareholders.

So in the second year of this very major restructuring the company is moving on at speed and on budget.

As far a turnover and ultimate profits (shareholders rewards) most of us appreciate that the company has been built round the fact that the software solutions and expertise can be scaled up easily ie not much difference between supplying to a fleet of 10 vehicles or 200....one warehouse or ten.
The very considerable increase in the order book would suggest that things are going well.

Another point not probably gleaned from a quick dip into these results is that a big part of the business revenue is built round recurring revenue. There is a recurring license fee paid to TST by companies using their software.


These and other reasons are why people are invested here.

Perhaps some people are basing their opinion of TST on the old Belgravium and it's "almost there but not quite"history.
An understandable mistake (and it is a mistake) but perhaps a less dogmatic approach would have seen some steered more gently to the correct viewing angle.

pavey ark
30/5/2020
19:06
I've always seen accountancy as one of the dark arts, so please explain if I'm seeing this incorrectly.

Growth in Total assets - Growth in Total liabilities shows a £501,000 loss (noted in the accounts as loss after tax). £412000 of this was attributed to exceptional costs (business turn around plan etc), so an operating loss of £89000 (noted as after tax and exceptional costs).

Cash went up by £554000, of which £966000 were from Trade receivables and reduction in inventory, but cash and cash equivalents were largely unchanged (so moved from one part of the balance sheet to another). The difference between the rise in cash and the drop in receivables etc? That figure of £412000 again, which is in the accounts. The rest is showing on the cash balance, so still the company's asset.

Nothing seems untoward to me and all accounted for. Much of the improvement in the business was in the second half of the year, subsequent to the turn around plans, which we have been informed are still going well. We only have the Companies word for that, so it's up to each of us as to whether we believe it or not.

allviewswelcome
30/5/2020
17:27
Cash generated from operations of £975k includes a $647k reduction in trade receivables and £319k reduction in inventory?

If you look at the balance sheet you can see total liabilities increased by more than total assets, so they did not generate organic free cash flow, they simply converted some of their trade receivables into cash (working capital movement).

This is what Arthur is trying to highlight..

king suarez
30/5/2020
16:50
I just have you fool.
arthur_lame_stocks
30/5/2020
16:48
Again, you are not telling us what you see as window dressing.
likitorma
30/5/2020
16:41
The working capital movement giving the impression that they like to shout about that the company is cash generative despite being heavily loss making.
arthur_lame_stocks
30/5/2020
16:33
I did and it looks fine. Tell us which bits are window dressing.
likitorma
30/5/2020
16:28
likitorma

Read the cashflow statement.

arthur_lame_stocks
30/5/2020
16:15
ALS, show us how you get the 900k favourable capital movement and then we discuss.
I am the deramper here and even I see the cash generative nature of the business. Pretty big accusation by stating the results are window dressed.
Likitorma

likitorma
30/5/2020
15:27
There's nothing ill informed or poorly researched about my post.

There was a favourable working capital movement of over 900k.

Without this, and they can only pull that stunt so many times, the company would have burnt cash and would be sitting with net debt.

The results have been window dressed but the company lost money hand over fist and without significant top line growth will remain an overvalued dog.

arthur_lame_stocks
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