Share market news needed
Discussion
draft said:
Does anyone on here know the best place to get upto date info on Shares.. I need to find out if the shares of a particular company have been suspended.. Have tried googling and the like but no luck..
All advice would be appreciated.
What info do you need ? (can look it up here realtime for you)
>> Edited by shadytree on Tuesday 31st January 12:42
draft said:
Ok I would like to know if the shares in Eliza Tinsley Group have been suspended this am... and if so why??
If anyone could tell me where to look thats not a subscription site I'd be grateful!
Yes they have been suspended.
"LONDON (AFX) - Eliza Tinsley Group PLC, the engineering group, has suspended trading on the AIM pending the outcome of talks with its bankers.
The company said it has identified a "significant" short term cash requirement and has suspended trading while the discussions progress."
>> Edited by kalman on Tuesday 31st January 13:02
>> Edited by kalman on Tuesday 31st January 13:03
Bloomberg said:
LONDON (Dow Jones)--Eliza Tinsley Plc said Tuesday that it has identified a
significant short term cash requirement and is in dialogue with its bankers
regarding the necessary facilities. Whilst this process is ongoing the board
has requested that trading in the Company's shares is suspended.
draft said:
But why???
it looks like they gave a profit warning on the 23rd November and are now struggling.
Edited Press Release
LONDON (Dow Jones)--Eliza Tinsley Group PLC Wednesday said that short-term
weaknesses in the U.K. engineering market will dampen trading in the current
year.
It noted that in recent weeks the Group has continued to see the strong
progress in its overseas businesses, as outlined at the Annual General Meeting
in October.
"Equally, since then and as widely reported, the market for U.K. engineering
has shown signs of weakening," it added.
"Although within the Group's U.K. Off-Highway operations new business enquiry
levels are significantly higher than they have been for some while, the
short-term weaknesses will impinge on the current year's trading," it said.
"The Group is already responding to this slow-down by actively de-stocking
and this action will lead to an under recovery of fixed overhead."
"In the Consumer Products Division, the on-going weakness in the DIY and
Retail sectors continues to suppress volumes with the exception of the Berlyn
business which has seen a surge in demand for its outdoor heating products in
"The Group will continue to maximise the growth opportunities open to it in
its overseas markets whilst minimising the impact of the on-going challenges in
the U.K. by reducing costs and working capital."
The combined effect of the changes in market conditions will necessarily
impact on the Group's profit outlook for the current financial year, it said.
The company said that Paul Hill, the Group Finance Director will, in the near
future, step down from the Board and leave the Company.
It is anticipated that he will remain with the business for a short period
while his replacement is being sought, it said.
The Chairman said:
on 20th Dec
CHAIRMAN'S STATEMENT
"In the six months under review, and like many other manufacturing
businesses, the Group faced a number of interesting challenges, both positive
and negative. Outside of the U.K., the Group's operations saw excellent growth
based on new contract wins from earlier development initiatives which
contributed significantly to profitability with operating profits in these
areas virtually doubling.
"In the Consumer Products Division, the Berlyn business completed its first
twelve months within the Group and has become more fully integrated into the
Division following the completion of the Tinsley business relocation in August
2005. Sales volumes suffered in this Division in the face of a much publicised
difficult retail environment being some 9.5% down on the prior year.
"A two percentage point improvement in margins mitigated against this volume
loss, the main benefit arising from a combination of cost control and, at
Berlyn, initial savings from resourcing from the low-cost supply areas where
there is more to come.
"The greatest challenge remains the U.K. engineering operations, which,
following earlier actions, now represent a significantly smaller proportion of
the Group's activities.
"Following its recent restructuring, the Smithson plant, based in
Wolverhampton, produced a useful improvement in performance whilst conversely,
at the Evenwood and Milcutt facilities, based in County Durham and Bedfordshire
respectively, the deteriorating margins available in the market-place
necessitated further surgery which has been costly in the short-term.
"As shareholders will be aware from earlier announcements, Evenwood has been
subsequently down-sized to remove its third shift, thereby reducing the cost
base in order to produce a business that will generate cash on a lower level of
turnover.
"The opportunity is being taken to jettison low margin business that ties up
working capital. Following the success of this programme, a similar approach is
now being adopted at Milcutt.
"During the period, the Group incurred some exceptional costs in
restructuring the U.K. engineering operations, together with the anticipated
revenue costs of relocating the Consumer Products Division.
"Additionally, a number of business units incurred some idle labour costs
when a major customer suffered a third party quality control issue and
suspended production without notice for some three weeks. The net exceptional
cost arising in the period was GBP0.67 million.
"Ahead of the re-financing exercise, which was completed in September 2005,
the Group saw an increase in interest charges partly arising from the seasonal
increase in overall debt in the first half of the year, but more notably, from
the increased costs of borrowing and the impact of the adoption of FRS 17 with
its "imputed notional interest".
"The Board is not recommending the payment of an interim dividend."
On appointments, he announced the appointment of Paul Skertchly to the Board,
with immediate effect.
It is intended that Paul Skertchly will assume the role of Chief Financial
Officer, replacing Paul Hill in January 2006. Paul Skertchly has extensive
experience of business turnaround and restructuring, having worked in
engineering and similar businesses across Europe over a number of years.
The Board believes that this appointment strengthens the Company's ability to
deal with the challenges of the year ahead and is a significant step in
positioning the Company for delivering value to shareholders.
Have a read of the half-yearly figures for 2005, that was published at the end of December.... I'm not qualified to judge, but there's plenty of info in there that rings bells (not least turnover up but running at a loss, against the previous year running at a decent profit with lower turnover; new CFO due to start this month who has "extensive experience of business turnaround and restructuring" ) ...
www.etgplc.co.uk/20dec05-interim-results.pdf
edited to take out an unintentional smiley
>> Edited by bigandclever on Tuesday 31st January 13:22
www.etgplc.co.uk/20dec05-interim-results.pdf
edited to take out an unintentional smiley
>> Edited by bigandclever on Tuesday 31st January 13:22
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