AEA Technology



Provides consultancy, technical services and products to three markets: Rail; Environment and Portable Power . AEA operates from 50 locations worldwide, including Harwell, Derby, Thurso, Glasgow in the UK, with offices also in the US, Canada, the Netherlands and Germany.




http://www.aeat.co.uk/

AEA shares plunge and chief executive quits on profits warning

Matthew Holehouse, 20:58, Wednesday 16 November 2011

Andrew McCree, the chief executive of AEA Technology (Xetra: 903021 - news) , has resigned as the energy consultancy sounded its second profit warning in seven months.

Shares plunged 88pc on Wednesday, closing down 1 3/4 at 0.23p.

The US government has awarded to rivals several contracts expected to go to PPC, the company's Washington subsidiary, while others were placed late or deferred. It means full-year profits will be "significantly lower" than forecast, the company said.

Peel Hunt, the company's broker, downgraded its full-year pre-tax profit forecast from 8.7m to 5.1m.

"We've got signed orders from customers to do the work, and we will get the work, but the question is when," said Kevin Higginson, the chief financial officer.

"We had an issue. Andrew, being a man of honour, felt he had to take responsibility for that and with reluctance the board accepted his decision. There's a lot of sadness, but there's been no fall out," he said.

He said he did not expect "significant" job losses.

Lloyds, AEA's sole banker, is holding discussions with the group over its facility and covenants. The group has a large pensions deficit and 30m of debt.

AEA warned in August that uncertainty over US federal budgets over the summer, as Congress wrangled over the debt ceiling, could delay contracts.

That followed a profit warning in April as Britain's austerity programme caused a "significant drop" in UK sales.

The group said yesterday order intake elsewhere in the group is "strong" and performance at AEA Europe and ERG (MDD: ERG.MDD - news) , its Boston business, were in line with expectations.

The green energy consultancy, which sold its nuclear technology and engineering software businesses, has seen a steady decline in market value since it was spun out of the UK Atomic Energy Authority more than a decade ago.

Analysts at Peel Hunt said AEA holds a "superb" market share in a growth industry, but slashed the target price from 3p to 1p due to the risk of Lloyds pulling out. "An earnings miss and the unexpected departure of Andrew McCree brings significant uncertainty," they said.

Sorry gibby, just seen you had posted here.

no problem dc keep posting - main reason i do not see lloy pulling the plug is that it is gov controlled - last thing gov needs now is 900 + redundancies - pension is in hand and a yearly payment schedule is in place - i am in at just over .2 & .3 - quietly confident of a quick turnround profit here over 20% shares traded today (mainly pis) and i believe circa 80% are in the hands of iis - this to me adds up to kerrrrrrrrrrrrchinnnnnnnnngggggggggggg quickly from these levels additionally barron @ peel hunt has reduced pre tax profit target today by 41% to 5.1M - note that is profit not a loss - total debt is only around 24M i believe but check that for yourself for peace of mind - gl if really lucky may get a quick multi bag of 2 to 3x - we'll see - hang on - where me rose tinted glasses gone.... :-)))))

936 employees &...

Institutional shareholdersMoversTop HoldersHolder Shares % Held
Schroder Investment Management Ltd.
as of 11 Aug 2011 269.40m 18.75%
M&G Investment Management Ltd.
as of 04 Oct 2011 252.25m 17.22%
J.O. Hambro Capital Management Ltd.
as of 11 Aug 2011 151.68m 11.04%
Invesco Asset Management Ltd.
as of 11 Aug 2011 115.28m 7.93%
GAM London Ltd.
as of 11 Aug 2011 97.45m 7.46%
Legal & General Investment Management Ltd.
as of 24 Aug 2011 92.97m 6.25%
Artemis Investment Management LLP
as of 11 Aug 2011 108.34m 6.01%
Henderson Global Investors Ltd.
as of 11 Aug 2011 67.53m 5.05%
Schroder Investment Management North America, Inc.
as of 01 Oct 2011 34.72m 2.20%
Herald Investment Management Ltd.
as of 01 Oct 2011 31.33m 2.16%
84.06%
Per cent of shares
held by top holders


good enough for me

:-)

this great fun :-)))))))))))))))))))) lol

real price is .26 / .28 now lol

yeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

what a fantastic dayyyyyyyyyyyyyyyyyyyyyyyyyyyyy :-)))))))))))))))))))))

:-)) all the panic over lloy is making me smile - normal procedure and just aea being proactive - these opportunities dont arise every day.........

AEA has a three year bank facility expiring in November 2012,

which includes a 39.0 million (2010: 42.0 million) revolving

credit facility (including an overdraft facility of 7.0 million) to

manage periods of working capital fluctuation and a

5.0 million bonding facility to support the obligations of

members of the Group arising in the ordinary course of

business.

These banking facilities are sufficient to cover the Groups

anticipated funding requirements for the foreseeable future

and the Group would expect to re negotiate the banking

facilities during the calendar year 2011.

Net debt at 31 March 2011 was 28.3 million

(2010: 26.2 million). The detailed analysis of the Groups

borrowings is shown in note 27 to the Financial Statements

very strong buying - and lunchtime madness about to start!!!

looks genuine http://content.screencast.com/users/Harkin/folders/Default/media/d8f8a006-aa9b-44fd-9b90-a7a70f0b3e47/untitled.JPG

or


http://www.screencast.com/users/Harkin/folders/Default/media/d8f8a006-aa9b-44fd-9b90-a7a70f0b3e47

yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

lol lol lol

kerrrrrrrrrrrrrrrchinggggggggggggggggggggggggggggggggggg

roll on .5 :-)))))))))))))))))))))))))))))))))))))))))))) then 1p!!!!

i would not wanna be otta aat at the next rns lol!!! which will be 30/11/11 or earlier

:-))))))

excellent day - roll on tomorrow :-))))))))))))))))))

lol lol got more just over .23 opportunity keeps knocking here!! :-)))

:-)))))))))))))))))))))))))

waste of money.