strapuk
20 Feb 2017
Re: So Sorry, meant to add if Final is passed, and next year's interim is halved with next year's final same as that interim, yield becomes c.3.5%, which is roughly the average for FTSE350 (I think).Saves 2 lots of £25M in about 14 months. That would go some way to help out.
strapuk
20 Feb 2017
Re: So Wouldn't be surprised if divi was actually passed this time round!145.7 M shares at say 17p divi foregone = c.£25M saved.
Gooffy
20 Feb 2017
So The whole of facilities management is struggling.Surely some consolidation price increases will occur???Any thoughtsDoubled at -80!!!!Small holding though, fortunatly and traded previously so about even, dividend bound to be cut in my view though last update said bad uk was compensated for by overseas and pound weak as well should improve earning.Fingers crossed, don't want to double again!!!!
Gooffy
20 Feb 2017
Re: Overdone? Just listened to the podcast, what a shower.Er dunno,Best thing is get rid of lot of them and get someone who does is my view.80000 employess led by Mr Dunno, sad isn't it.Seems to be a buyer at 240 and holding will be interesting to see what it ends on huge fall today.
musker ron
20 Feb 2017
Re: Glasgow contract The provision is what it is partly because of litigation as outlined in the RNS. In other words IRV are being sued, mightily.
Gooffy
20 Feb 2017
Glasgow contract [link] contract was only worth 146 million, any ideas why provision is 160 million.This had already been badly knocked when it announce the termination.Anyway something has to give with support services, consolidtion or higher fees.Anyone any idea why this wasn't released with the results next week??
Gooffy
20 Feb 2017
Overdone? Update next week?I wish ceos had common sense release this with the update.this sector out of favour at minute. Has 80000 employees worldwide. See if we get to 214!!!!!
Omaha man
20 Feb 2017
Re: Energy from Waste Update Well in January I suggested there might be more bumps in the road but this is more of a mountain than a bump. I am somewhat incredulous that you can be out by more than 100% when publicly announcing the costs you expect to incur on a business you are closing.The management here has been abysmal, both of the business and the flow of news, and it is essential that they get a new CEO in place as soon as possible. His first task should then be to replace the finance director who clearly has had no grip on things. In both cases I trust we will not see sizeable pay-offs given the mess they have left and losses to shareholders.I'm not going to sell in the hope that on a two year view we can manage a recovery; but couldn't dispute the decision of anyone who chose to do so. Would any of us be surprised if new management were to find more problems?
Gooffy
20 Feb 2017
Re: Energy from Waste Update HmmmTrading in line with expectations recentlyOk 9% divi might have to be cut but it's a seperate company involved.Hoping it bounces a little!
NickDog
20 Feb 2017
Re: Energy from Waste Update Jumped ship at £2.51 having bought at £3.50. Don't normally react to bad news but this just seemed so bad. May be I'm being a sheep today and the price will recover and everyone will get their nice big dividend in May.
idontwanttolose
20 Feb 2017
Energy from Waste Update They must have known about this for a long time!!!!Profit warnings also come in threes and the loss on this one looks like it could finish themInterserve, the international support services and construction group, today provides an update on its exited Energy from Waste (EfW) business and on certain financing arrangements, prior to announcing its Preliminary Results on 28th February 2017. In November we were served notice of termination on the Glasgow Recycling & Renewable Energy project. We have considered the implications of this development with our legal advisers and expect a lengthy period of litigation to ensue. Alongside this exercise we have continued to undertake a detailed review of operational developments on the other contracts in our exited EfW business, including the impact of the entering into administration by our principal gasification subcontractor, Energos, together with the likelihood and timing of potential recoveries and claims from third parties.In the light of these developments and of the continuing uncertainties in relation to the final conclusion of our EfW contracts, the Board has concluded that the exceptional provision of £70m announced in May 2016 is no longer adequate to reflect the incurred and anticipated losses associated with this business. Consequently the Board has determined that it is appropriate to increase the exceptional provision for exiting this market and the associated contracts to £160m. We expect to complete substantially the construction and commissioning of the projects during 2017, although our contractual obligations in respect of warranties, and the resolution of claims will continue for a period thereafter. Further cash outflows of c£60m are expected during 2017 as the income statement charge is utilised. Managing the challenges of exiting from these projects and of pursuing our entitlements to recoveries and claims from third parties remains the focus for the large, experienced team of commercial, operational and legal experts we have deployed and will remain an area of critical focus for the foreseeable future.The adverse cash impact of the EfW business was substantially offset in 2016 by tight control of working capital throughout the rest of the Group, resulting in year end net debt at the previously announced £270-£280m level. However the cash outflow on the EfW contracts has had a significant negative impact on our average net debt, which was £390m during 2016, and which is anticipated to be approximately £450m in 2017.In response to the additional short-term funding requirements through to completion of the exited EfW business (which will be influenced by the resolution of our claims and recoveries), we have put in place, at no material additional cost, new banking facilities with all of our existing, and some new, lenders. As a result of this exercise, our debt capacity has been expanded by an additional £66m of committed facilities, and extended in duration by approximately 2 ½ years to a weighted average expiry of July 2021. This, combined with our USPP facilities, gives the Group a total secured, committed debt facility of £573m, which we consider is adequate to meet all of our existing and anticipated future commitments.
musker ron
01 Feb 2017
Re: Back to 320s IMHO you are right to be cautious.The p/e ratio is meaningless as it is based on 2015 results now over a year old. The interims showed a loss per share of 25p. The Free cash flow in those interims shows 25.1p per share. We know the debt is likely to come out about the same as last year at £320-330M. Margins are very tight at less than 3%. To maintain the dividend either revenues have to substantially in H2, margins substantially increase, debt increase or capex substantially reduced. None of the latter are forecast in the guidance so a dividend cut is most likely. How big that cut will be we will know when the final results come out on 28th February.The Company is in trouble but I believe it CAN get through this - hopefully
Uncle Doug
01 Feb 2017
Re: Back to 320s Up to 333p today, and big volumes. Biggest riser on my watchlist and portfolio of shares I own. Would be buying if I had more confidence but will stay holding as markets still look a bit toppy.NB Were 470p a year ago so I think they're undervalued.
Krayl
24 Jan 2017
Re: Back to 320s I am well down on this and should really have sold with any sensible stop-loss in place. Trouble is that when I look at what I would buy with the money IRV would be close to the top of the list.
Uncle Doug
24 Jan 2017
Back to 320s Read that Peel Hunt today cuts to a "reduce" investment rating and TP dropped from 400 to 320.
