gretel
03 Sep 2015
News of major new JMP appointment This sounds like very good news:[link] "JMP appointment on HCA multi-disciplinary panel Submitted by Kelly Rose on Thu, 27/08/2015 - 11:12 JMP forms part of the Tibbalds CampbellReith Multi-disciplinary team on the Homes and Communities Agency’s (HCA) panel. Running from 2014 to 2018, the framework provides a range of technical development-related services to a wide variety of public sector bodies. This will support the HCA’s expanding land role, whilst also helping other public bodies dispose of land their more quickly. The panel will be used to procure up to £100 million in development related services including planning, architectural, engineering, infrastructure and project management advice, and property consultancy The HCA panel is available for use free of charge by other public sector bodies, and offers a quick and efficient means to procure high quality, good value technical services, including transport, engineering and planning expertise. Through our lead partners, the groups of specialists have a wide regional coverage throughout England, enabling bespoke teams to be brought together with the best skills to suit each individual project, with genuine local knowledge and contacts, and a focus on placemaking and delivery. The core skills covered by JMP are Transport Planning, Traffic Modelling and Highway, Structural and Water Engineering, with seven offices in England covering all HCA regions (Birmingham, Bristol, Leeds, Liverpool, London, Manchester and Newcastle). Further details are provided on a bespoke website prepared by the Tibbalds CampbellReith team, below: hxxp://tibbaldscampbellreithjv.com/ etc"
gretel
28 Jul 2015
JMP continue to grow ....opening a new office in Reading - "in order to meet the demands of our growing client base and order book":[link] "Stacey joins, to head new Reading office Submitted by JMP News on Mon, 27/07/2015 - 09:36 JMP has opened a brand new office in Reading, coinciding with the arrival of new Director Richard Stacey from RPS Group. Richard, who has over 25 years experience gained with Devon County Council, Oscar Faber (now AECOM) and WSP was employed by TPK/RPS for 16 years where he was an Operational Director managing the Transport and Highways teams in London, Birmingham and Oxford specialising in development planning for the private sector. He has worked across a broad sector range on a national basis including residential, commercial, retail, leisure and energy projects – as well as public inquiry expert witness and Appeal work. Alan James, Executive Director at JMP said: “We are delighted to announce the opening of the Reading office. Each of our offices across the country is positioned to enable us to support our specialist service offer with local knowledge, expertise and contacts. Reading was the next logical step for JMP in order to meet the demands of our growing client base and order book. Recruiting Richard to head up the new office is also a major boost for us as we seek to further strengthen our business in the south.”JMP now has eleven offices nationwide, covering London, Reading, Bristol, Birmingham, Leeds, Manchester, Liverpool, Newcastle, Glasgow, Edinburgh and Aberdeen. Richard Stacey, said: “I am pleased to be joining such a progressive company at this exciting time for the business. Reading presents an excellent opportunity to expand our geographic coverage and client portfolio and I look forward to working with the team in ensuring the success of the new office”."
gretel
30 Jun 2015
AGM summary Went to the AGM this morning, and very interesting it was too.Four shareholders there - me, another PI (good to see you again mate), an.other PI, and Michael Marks, who said he spoke for around 10% of the shares (which if you add in Zimmerman's shares he almost would). Buchler was absent ill unfortunately (stomach complaint), so Board representation comprised the Landers.We all noted our congratulations to the Board on the performance of the company, particularly re Shire Foods.As regards the business itself, points of interest were: - Shire Foods : the advance was due to winning new business and of course VLE's efforts in turning the business around. Shire's business comprises the "winners" in the supermarket battle, which I think we can take to mean Lidl, Aldi etc rather the Tescos and Sainsburys of this world, and Morrisons as well I think?But the very noteworthy point was that the new contracts started only in July'14, so last year had only 6 months' maximum contribution. This year will therefore see a full year's contribution, so draw your own conclusions... Shire still has more capacity available for further contracts. And Shire's net assets alone were quoted at "more than £1 per share". - JMP : the sector environment in general is "buoyant" for this company. It's worth noting the various framework and other wins for JMP outlined in the results narrative. - Impetus : not much to say other than that, like the others, it's a very well-respected company with a good trading history. It lost a contract prior to VLE's acquiring it, with the holding company going into administration, resulting in a small loss pre-acquisition. The hard work of turnaround starts here. There was a predictable discussion about the large share price discount to NAV (let alone the true value of the investee companies), and how it can be addressed/closed, share liquidity etc etc. Buybacks, paid-for research reports etc were talked about. I've raised these previously with JL and don't propose to write about this in detail here now as it's a well-worn path!Hopefully the above is accurate, though naturally subjective.
gretel
24 Jun 2015
Re: Ridiculously undervalued Will take a look at PHSC wise owl.Online for VLE looks good - one can only buy a maximum 2,500 shares at the full 365p offer, whereas sellers can get a premium at 355p for 3,000 shares.
the wise owl
03 Jun 2015
Re: Ridiculously undervalued You obviously like value asset stocks.If you not think it is unethical, could you let me know what you think of PHSC .I belive it should be rerated and it has a yield.I have been a holder for years, just like VLE!Am I missing something or is Mr Market taking its time.
the wise owl
02 Jun 2015
Re: Ridiculously undervalued Agree 100%.See my last post.
gretel
01 Jun 2015
Ridiculously undervalued VLE's current market cap is £14.6m at 358p, with 4.086m shares in issue.This compares to £19m of tangible net assets at 31/12/14, i.e 431p per share at that time (before subsequent share buybacks), including £13.1m of cash, i.e 320p per share. The 2014 prelims have just been released.Add in realistic valuations for VLE's investments in JMP Consultants, Sira Defence, Shire Foods and Impetus Automotive - all of which could be sold at any time as per prior sales of companies which have been turned around - since their valuation in the accounts is negligible, and one can reach a valuation much in excess of the current m/cap .Based on the potential disposal values below, which equate for JMP, Shire and Sira to an additional £14.7m or 360p or so per share, and subtracting say 100p per share for assets disposed of, one could value VLE at around 700p per share.Adding in say an eventual £10m of additional value for Impero, based on even less than one times' revenue, i.e almost 250p per share, and you're looking at a valuation of around 1000p+ per share.VLE now comprises: (1) The £19m of net assets, i.e 431p per share (2) 76% of JMP Consultants (100% acquired May'13, less 24% then issued to management via shares), which has proven an absolute bargain imho. This could be worth say an additional £6m (see below) (3) 80% of Shire Foods - could be worth £8m (see below) (4) 100% of Impero Automotive - could be worth say £11m upon turnaround (see below) (5) 100% of Sira Defence (see below) - could be worth £0.7m (see below)JMP is one of the UK's leading independent transport consultancies. It has 150 professional staff providing services in transport planning and related services. It works from a network of nine offices in locations across the UK:[link] the 12 month period ending 31 March 2014, JMP's unaudited revenue was £11.8 million with an adjusted PBT of £0.6 million. Yet VLE acquired JMP for just £415,000 in mid-May'13 following working capital financing problems.In the next year or so JMP could well be worth £8m to a larger consultancy company imo given these figures. At 76% ownership this would be worth £6m to VLE on a sale.Shire Foods, which manufactures frozen pies, pasties and other pastry products for retailers and food service customers, is now seeing the fruits of its turnaround post-acquisition in July'11 for £0.5m, with £12.1m turnover in 2014 and a £0.8m PBT. Shire also owns substantial £m's of freehold property and equipment. Including the latter, Shire could be worth say £10m to a purchaser, i.e £8m to VLE.Impetus Automotive (IAL) was acquired in March'15 for only £1.26m. For this VLE got: - £1m of net assets - £12m-£15m of turnover - a company previously making £1.5m PBT who appear to have had a bad year in moving to a small £0.1m loss.IAL provides "consulting services to the automotive sector, including vehicle manufacturers, dealerships and national sales companies. The company, which has UK offices in Warwick and Cranfield, employs approximately 200 people serving clients in the UK and a number of other international markets. Further information on IAL's activities can be found at[link] Defence has around £2-300,000 of annualised revenue and made £80k PBT in 2014. As a provider of hardware and software surveillance solutions to the UK Police, judiciary, local councils, gambling industry etc, its solutions - developed in liaison with the Home Office and Met Police - are very slowly gaining traction and usage. Sira Defence could be worth say £0.7m.
gretel
29 May 2015
Great results today Wow 
)) - 431p per share and £19m of net assets - £13.1m of cash - almost £1m of PBT, and £24m of revenue, up 50% - JMP achieve a £0.6m PBT - Shire Foods achieve a £0.8m PBT - even Sira is now achieving almost a £0.1m PBT - and Impetus Automotive is still to come following its recent purchaseShire Foods is looking fantastic now, much better than my expectations. And JMP's appointments as outlined promise a bright future.Will do calculations later, but we must be looking at a "real" NAV including the true value of the subsidiaries getting towards 600p or so.
gretel
27 May 2015
Prelims likely this week Prelims should almost certainly be this week, or next week at the latest. Good to see some buys today and yesterday, evidently in the belief that the results will show decent progress.
gretel
27 May 2015
Devolution of power benefits JMP A very encouraging article about JMP and recent successes, with further thoughts on the positive implications of the Government's plans for devolution of power to local areas etc:[link] Yorkshire appointment confirms JMP progress in the English city regionsSubmitted by JMP News on Tue, 26/05/2015 - 09:16 Chancellor George Osborne, in his first post-election speech focused on the development of a Northern Powerhouse, confirmed plans to give English cities more powers, including over transport funding and decision making. JMP is increasingly a part of this story on transport, and has now added the West Yorkshire Combined Authority to its clients in the English city regions.JMP’s success in West Yorkshire, in an appointment to help develop a new Bus Strategy for the West Yorkshire Combined Authority as part of its Single Transport Plan, means that the company is now working in all six major English city regions in providing technical support and transport policy advice as metropolitan Britain moves towards taking control of powers and funding to deliver transport systems that meet their unique needs. It is expected that a City Devolution Bill will be in the Queen's Speech later this week, building on announcements over the last 12 months to devolve powers to Greater Manchester, Leeds and Sheffield city regions. Other English metropolitan authorities within city regions centred on Birmingham, Liverpool and Newcastle are, to a greater or lesser extent, also pursuing additional powers and funding.London, under the auspices of the Mayor and Transport for London has successfully taken control of its own transport destiny over the last decade, developing services and investment programmes to meet the needs of Britain’s growing world city in the 21st Century and as framework consultants to TfL we have been and continue to be involved in this process.Now JMP is a part of the story as the English regions move towards similar models. In addition to the exciting new opportunity to work with West Yorkshire Combined Authority as it develops its approach to supporting the role of buses in meeting future travel needs in the city region, we provide advice on major transport investments and travel behaviour change programmes for Transport for Greater Manchester; in the Greater Birmingham city region we have supported Centro in delivering sustainable travel programmes for the last four years; in the North East of England we advise the North East Combined Authority on its major transport investment programme; in the Sheffield city region we have been working on rail network development projects; and last but not least, we have recently been appointed to the Merseytravel framework to provide a wide range of transport advice.JMP has considerable experience advising local areas on their major transport investments across England, with a decade of knowledge going back to advising the English regions. Most recently, JMP has advised Local Transport Bodies in the Humber, Swindon & Wiltshire, the South East Midlands, and the North East, and continues to advise Local Enterprise Partnerships in the Humber and Swindon & Wiltshire on their devolved investments, as well as the North East Combined Authority, as local areas deliver their Local Growth Fund programmes."
gretel
20 Apr 2015
Encouraging news re Sira Defence Well, well....encouraging stuff...Sira have recently established a technology partnership with a Californian "leading provider of image processing and computer vision software", MotionDSP, whose clients include Scotland Yard, Raytheon and the United States Air Force:[link] Launches Ikena Forensic 5.0 to Uncover the Truth in Video Surveillance_February 4, 2015Commercial Industries Benefit from Military-Grade Software Burlingame, CA – FEBRUARY 4, 2014 – MotionDSP, a leading provider of image processing and computer vision software, today announced Ikena Forensic 5.0, the most advanced version of the company’s military-grade software that applies multiple advanced algorithms to improve video fidelity. Organizations serving a number of industries, including law enforcement and commercial security, can now deploy the same video data mining technology used by Scotland Yard, Raytheon and the United States Air Force.“Ikena Forensic 5.0 changes the way we see crime videos,” said MotionDSP CEO and founder Sean Varah. “Hours of video are captured from a variety of security cameras, and often they are unusable due to poor fidelity. Using Forensic 5.0, what used to take weeks to see can now be identified in a matter of seconds, so law enforcement can act quickly.”MotionDSP are pleased to announce a technology partnership with an established UK based company Sira Defense and Security Ltd who have developed a universal digital image viewer called SiraView, that will play back current and legacy formats of CCTV, body worn camera and mobile phone exports. SiraView enables users to view many different image formats using a single, easy-to-use user interface without the need to use each of the manufacturer’s proprietary viewers. It also preserves the evidential quality of CCTV footage. SiraView software has been adapted so that it interfaces directly with Ikena Forensic 5.0 to offer a seamless analytical experience.Using SiraView as an integral part of Motion DSP’s Forensic 5.0, law enforcement agencies can now view and act on video files taken from both current and antiquated cameras. In addition to Ikena Forensic 5.0, Motion DSP is also introducing Ikena Measure, a new photogrammetry tool that enables users to measure objects or people from their videos. Ikena Measure can extrapolate the height, width, distance and angles of an object or mass from any video frame with just three measurements, versus eight or nine needed with other applications. Users are able to measure objects in their video that cannot be re-measured after the fact, either because they are no longer present (e.g. suspects, skid marks, blood stains), items were overlooked during initial inspections or because the site where the video was shot is no longer accessible. This innovative technology is yet another way that MotionDSP helps customers find essential facts and truths in their video. “All the features in this software are a direct result of our close partnership with customers. We work closely with them, and we are analysts ourselves. Most of us having spent years working to get to better answers faster through video analysis,” commented Varah. Video plays an important role in our lives, from identifying a suspect in a robbery to finding the source of a forest fire. MotionDSP software provides experts with the ability to use video and its data to gain valuable insights about what’s happening around the world. Combining the efficiency and speed of image processing and computer vision with the nuance of human experts creates a unique approach to finding truth in video that may not be able to be captured with just a computer, or just a human. The combination of expert eyes and software is powerful. About MotionDSPMotionDSP is a leading provider of advanced imaging processing and computer vision s
gretel
13 Apr 2015
Contract win news Prestigious new work for JMP:[link] of the Traffic Commissioner Service for the Department for TransportSubmitted by JMP News on Tue, 31/03/2015 - 09:58 Over the last few months, JMP has undertaken a review of the Traffic Commissioner Service for the Department for Transport. Traffic Commissioners are the independent regulators for the road passenger and freight industries, responsible for licensing and taking action against companies that are non-compliant. Our report was published on the Government website on 26 March 2015 and can be viewed at [link]
the wise owl
30 Mar 2015
Re: Bargain acquisition I agree 100% and have been invested for many years going back to the £1 days and adding from time to time.For me this could be similar to Warren Buffett's Berkshire Hathaway.
gretel
30 Mar 2015
Bargain acquisition VLE acquired JMP Consultants - with £10m turnover - for just £0.4m. At the time it also seemed an incredible bargain. And it was.VLE appear to have struck a similar cracking deal for IAL.The article about the acquisition on the IAL web site is well worth reading if you haven't already done so:[link] "Impetus Automotive announce its acquisition by Volvere plc, providing direct support to the company’s ambitions for continuing its global growth. Impetus Automotive continues to expand its global footprint with new offices now open in Germany, China and Japan, building upon a solid foundation delivering Sales and Aftersales solutions for the majority of Vehicle Manufacturers in the UK. Additionally, the two core solutions for accessories and parts sales are delivering impressive revenue growth for an increasing number of clients across a growing number of markets..... ......This change in ownership is a further exciting development in the evolution of the business and places it in a perfect position to support its clients with comprehensive solutions delivering real business benefits on a global scale. Julian said, “Over the last year, we have been developing some very innovative aftersales solutions for automotive clients around the world. This, with Volvere’s support, will drive Impetus forward over the next few years."
gretel
27 Mar 2015
Vastly undervalued imho To summarise, VLE's m/cap is only £14.1m at 340p, yet they now have: - a cash pile of say £11m-£12m - £17.1m of net assets, i.e 420p per share, as at 30/6/14 - 100% of IAL, acquired yesterday with £12m-£15m of turnover - 80% of Shire Foods, with £9m-£10m of turnover and £5m of property and plant - 75% of JMP Consultants, with £11m turnover - 100% of Sira Defence JMP and Shire have been held for some time now, and both are certainly ripe for disposal soon imo assuming the forthcoming 2014 results confirm their turnaround.
