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  1. #1121
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    CEO going and also now the CFO......!!

    https://www.nzx.com/announcements/428417

    Today Scott Technology (NZX: SCT) announces that CFO, Cameron Mathewson, has resigned to take up another CFO role.

    Mr McLauchlan noted “Earlier this week I announced that Scott Group CEO John Kippenberger had decided to step down at the end of May 2024 from his role leading the global company. With the departure of our CFO in the near future, John has offered to delay his departure as CEO and director. We will work through with John over the next few days the details of an appropriate transition that is in the best interests of the Scott Group. The board is grateful to John for his immediate offer to put his own plans on hold.”

    “I want to stress that the two resignations are completely unrelated and in no way signal that there are any matters that are of concern to the board with the Scott Group’s performance. It is simply an unfortunate coincidence that the two senior resignations came in the same week”.

    The Scott Group does not normally provide guidance however the half year results to the end of February are due to be announced on 16 April 2024. Under the circumstances the board determined it is appropriate to give an indication of the operational and financial performance that the business has achieved during the six months.

    “The business has been performing well during the period and we are expecting to announce double digit growth at both the revenue and EBITDA level. Borrowing, depreciation and lease costs will be higher than for the same period last year due to the positive momentum of the Scott Group’s underlying growth and performance. The company continues to experience positive growth drivers across all core sectors. Further information will be provided when we announce the half year results” commented Mr McLauchlan.

  2. #1122
    Speedy Az winner69's Avatar
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    No worries … they say

    .” “I want to stress that the two resignations are completely unrelated and in no way signal that there are any matters that are of concern to the board with the Scott Group’s performance. It is simply an unfortunate coincidence that the two senior resignations came in the same week”.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #1123
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    Quote Originally Posted by Sideshow Bob View Post
    CEO going and also now the CFO......!!

    https://www.nzx.com/announcements/428417

    Today Scott Technology (NZX: SCT) announces that CFO, Cameron Mathewson, has resigned to take up another CFO role.
    That role is CFO at THL (Tourism Holdings). Cameron starts on July 1st.

    https://www.nzx.com/announcements/428400

    SNOOPY
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  4. #1124
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    Price sensitive when leaving, not price sensitive when being hired.

    The hiring announcement was before the resignation announcement......

  5. #1125
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    Quote Originally Posted by Sideshow Bob View Post
    Price sensitive when leaving, not price sensitive when being hired.

    The hiring announcement was before the resignation announcement......
    I think the 'price sensitive' bit from Scotts would have related to the financial information disclosed accompanying the announcement, rather than Cameron moving on.

    As for the timing of the respective messages, think how long it takes for a messenger pigeon to travel from Chairman McLaughin's loft in Dunedin to NZX HQ in downtown Wellington. By contrast THL would only have to stick a bloke in a camper-van, and get him to drive the message from the Wellington Airport precinct to downtown. A much speedier process. When the respective notices were published doesn't necessarily reflect when they were sent!

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  6. #1126
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    Quote Originally Posted by Snoopy View Post
    I think the 'price sensitive' bit from Scotts would have related to the financial information disclosed accompanying the announcement, rather than Cameron moving on.
    Given the price sensitive information released on 26th March and the subsequent 'soggy share price' I thought my interpretation of what was said (below) might be of interest:

    "The business has been performing well during the period and we are expecting to announce double digit growth at both the revenue and EBITDA level. Borrowing, depreciation and lease costs will be higher than for the same period last year due to the positive momentum of the Scott Group’s underlying growth and performance. The company continues to experience positive growth drivers across all core sectors. Further information will be provided when we announce the half year results” commented Mr McLauchlan."

    I am not surprised that lease costs will be higher, given over the last year Scott Europe have moved their Czech Republic unit to a much more spacious site in Podivin. Furthermore Rocklabs seems to have moved to a new leased site in the Auckland Airport precinct, from what I believe were company owned facilities also in Auckland. I am not sure of the fate of the company owned industrial premises in Auckland following this move. Under IFRS16 reporting standards, what used to be called rent has been 'split reclassified' as both a finance expense and a depreciation of a right to lease asset. This has the effect of increasing EBITDA in comparison with pre-IFRS16 reporting periods. This in turn means that any capital transaction that increases rent will likely increase EBITDA as well, because the earnings benefits of the more productive new premises flow straight to EBITDA but the associated increased costs do not.

    Chairman McLauchlan was careful not to mention 'net profit after tax' in his announcement. That and the fact that the last major contract win (something that Scott's are usually keen to 'get out there' by way of a press release) was announced in the previous half year (3rd August) would suggest that even if Scott's have been 'trucking along fine' for six months, the next year may have a more sombre growth profile. So I would not be surprised if earnings go into a 'holding pattern' for the next 12-18 months. Adding to my speculation here is McLauchlan's use of the word 'core' as in:

    "The company continues to experience positive growth drivers across all core sectors."

    It is well known that under Chief Executive JK's leadership, the appliance production line business, that used to provide the majority of company earnings not that many years ago has been labelled 'non-core'. So if all of those clever engineering staff that put together these things are not being fully utilised, we have a temporary hit on profits right there.

    This share is another of my 'silver anniversary' holdings, where I have held the shares for more than 25 years (albeit not in the quantities I do now). So even though I have 'lost money' on the shares I purchased at $3 the other day, my average holding price has only increased to 95.1c per share (excluding all dividend payments over the years). Having said that, I have now built my holding up to a level where I want it to be. So I won't be in the market for any more SCT shares myself for the foreseeable future. My estimate is that Mr Market is pricing these shares where they should be priced on an earnings basis for now. SCT today is what I would call a classic 'hold'.

    SNOOPY
    Last edited by Snoopy; 26-03-2024 at 09:29 AM.
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  7. #1127
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    Oh, and here is a belated ditty showing that even engineers can have a sense of humour. (note the 'nicking of the cookie' on the LH side of the screen)





    SNOOPY
    Last edited by Snoopy; 26-03-2024 at 09:42 AM.
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  8. #1128
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    Jeez Snoops you been a shareholder since last century

    Old papers in my box.of goodies shows in 1999 their sales were $27m and profit was $2.9m

    They come a long way since eh

    When tech was the rage around the turn ofvthe century one broker no long around was always touting Scott as a great tech company
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  9. #1129
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    Quote Originally Posted by winner69 View Post
    Jeez Snoops you been a shareholder since last century
    Old papers in my box.of goodies shows in 1999 their sales were $27m and profit was $2.9m
    Yep my 'scruffy paper records' confirm your figures and here are a few more. Share price on 30-09-1999 was $2.24. There were just 19.590m shares on issue then. And the historic PER on that reference date was 15.1. Back then the company was largely a 'one trick pony' manufacturing appliance production lines. Now it is a global tech company across multi robotic disciplines with factory business units in China, Europe and the USA as well as Oz/NZ. Yet on a PER basis, SCT is cheaper today than it was back then. And some people say there is nothing worth buying on the NZX these days. Go figure!

    Quote Originally Posted by winner69 View Post
    They come a long way since eh
    When tech was the rage around the turn of the century one broker no long around was always touting Scott as a great tech company.
    SCT saved me from going down various tech rabbit holes in the dot.com days. Any new investment I make has to stand out against a reference investment, and in the case of using SCT as a 'tech reference', none of those dot.com temptations did. It took me until 2015 before I found another tech company that beat my SCT comparative investment hurdle. You may have heard of that company. It goes under the moniker 'Skellerup'.

    SNOOPY
    Last edited by Snoopy; 27-03-2024 at 08:50 AM.
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  10. #1130
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    Quote Originally Posted by OutToLunch View Post
    At a PE of 12.5 and further down the profitability track than WDT, for example - surely SCT is a screaming buy?

    By the way, (although I haven't spent much time studying them in great detail aside from when I held WDT), surely F&P appliances, SCT and WDT have a lot in common when it comes to developing small appliance technology? I wonder what SCT and WDT could do if they worked together, say if WDT provided the small motor technology and SCT worked on the production line side of things. Surely a combo of these two would be appealing to the big manufacturers. Hmmmm... any thoughts, anyone?

    Disc: Hold none of these, wish I had some $ to grab a few SCT though
    First post on this thread in 2004

    Think SCT has done better as a company than WDT ..now AOF ….and probably as an investment

    You still around OutToLunch ..whst your thoughts 20 years on?
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

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