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  1. #2141
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    MPG have performed marvelously well. Unfortunately the outlook of NZ construction is bad thus we can't expect SP will recover any time soon.

  2. #2142
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    Av to good results just about confirms the recovery,especially with Aus becoming an asset instead of a liability,valued at only $40m I can't see management staking a takeover yet given the current level of debt,but a SPP could change everything,interesting year coming up possibly or just a steady as it goes year,time will tell.

  3. #2143
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    Just listened to the earning call. Loved Trevor (who owns 1% of the company) talking about the bloated wage bill increasing as the company slides into the toilet.

    Was a little disappointed with the insight of the preso. No forecasts and thoughts about the 20% reduction in construction on company revenues and margins.

    Debt reduction is great, still a long way to go. Holding my small parcel of shares and will see what happens

  4. #2144
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    Finally wrote down their ridiculously high Goodwill by $86.5m, about a year too late IMO but signs of sanity emerging. Next to face the enormous market uncertainty, predictions are only guesses, same for every company right now...
    All science is either Physics or stamp collecting - Ernest Rutherford

  5. #2145
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Davexl View Post
    Finally wrote down their ridiculously high Goodwill by $86.5m, about a year too late IMO but signs of sanity emerging. Next to face the enormous market uncertainty, predictions are only guesses, same for every company right now...
    Even the three guys who gratefully took the $350m private equity offered them for Metro years ago thought it was ridiculous. That’s how far back the ‘goodwill’ goes.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #2146
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    Regular communication is something most companies can do better, certainly in uncertain times. So, I appreciate today's announcement.

  7. #2147
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    Quote Originally Posted by Lease View Post
    MPG have performed marvelously well. Unfortunately the outlook of NZ construction is bad thus we can't expect SP will recover any time soon.
    Quote Originally Posted by steveb View Post
    Av to good results just about confirms the recovery, especially with Aus becoming an asset instead of a liability, valued at only $40m ....
    Quote Originally Posted by Leemsip View Post
    Just listened to the earning call. ... No forecasts and thoughts about the 20% reduction in construction on company revenues and margins.

    Debt reduction is great, still a long way to go. Holding my small parcel of shares and will see what happens
    This from NZSA for their members FYI.

    Revenue was down 5% at $254.9 million, EBIT was ($69.5 million) including a $86.5 million impairment in
    New Zealand goodwill and $4.6 million NSW Australia restructuring costs. This compares to an EBIT of $15.7 million in FY19. The Net Loss after Tax was $77.9 million compared to a NPAT of $5 million in FY19.

    We note
    that Debt to Equity is 106% compared to 56% in FY19.


    Lots of warnings here.... Take care holders. ( Disc - don't hold)




  8. #2148
    DFABPCLMB
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    Do we know if the fall in the NZ Commercial revenues from $52m to $40m per the 2020 AR was a planned event? i.e. are MPG wanting to get out of this sector? If so, are they switching off the tap (so to speak), or are they letting this decline gradually by not pursuing sales in this sector? Or is this decline a consequence of a supposedly soggy construction sector? I say supposedly because 3 of the 4 reported quarters saw an annual increase in GDP for Construction, for an overall positive value for the 12 months ended March.
    Last edited by Ferg; 16-08-2020 at 11:17 AM.

  9. #2149
    Speedy Az winner69's Avatar
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    Ferg, you answered correctly. They said this in half year profit announcement

    CEO Simon Mander said: “The group’s FY20 results reflect a solid result in challenging market conditions. In New Zealand, we maintained consistent revenue in our key residential segment but had a decline in commercial glazing revenue as we reduced our risk exposure on large scale projects. In Australia, we have begun to make clear progress on our turnaround plan, growing revenues and delivering a positive EBITDA result for the second half.”
    Last edited by winner69; 16-08-2020 at 03:03 PM.

  10. #2150
    DFABPCLMB
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    Thanks for that. I should have read the interim report...!

    One would hope this makes sense. I expect the margins on commercial jobs are lower than residential so we should see an improvement in GP% - and I would also expect a number of other costs to reduce (e.g. sales efforts and/or subbies etc). The question is have the fixed costs reduced by more than the lost gross margin? I would also expect to see an increase in the inventory turnover which would free more cash.

    What is disappointing is the employees sent home get full pay during COVID (not 80% like others), the bankers get their cash back faster without covenant breaches but what do the shareholders get? Maybe a dividend in fiscal 2022, or calendar 2022. Disappointing IMO. And I struggle to understand the levels of salaries for a simple organisation.....

    edit:typo

    Quote Originally Posted by winner69 View Post
    Ferg, you answered correctly. They said this in half year profit announcement

    CEO Simon Mander said: “The group’s FY20 results reflect a solid result in challenging market conditions. In New Zealand, we maintained consistent revenue in our key residential segment but had a decline in commercial glazing revenue as we reduced our risk exposure on large scale projects. In Australia, we have begun to make clear progress on our turnaround plan, growing revenues and delivering a positive EBITDA result for the second half.”
    Last edited by Ferg; 16-08-2020 at 03:26 PM.

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