This is an alternative thread to the one on ADVFN as that has been proving unreliable of late.

Results out in 3 days (March 20th)

Hi GSG - yes, had never heard of this site until bartender mentioned it - looks an OK alternative to ADVFN if that goes belly up.

Keeping my fingers crossed we see a solid set of results on Thursday - are you beginning to feel a little tense?

Dave

Info from the analysts meeting 20/3/03 - much more upbeat than the RNS results!

Europower
Results

Operating profit of 82k for 9 months to December 2002 (2001: Loss of 0.8m)
Cash generation of 1.1m before exceptional costs of 0.6m
Significant restructuring on track, with strengthened management
Headcount reduced from 485 to 386
Significant strength of Europower brand in hydraulics market, with clients including Caterpillar, JCB and Komatsu


Outlook

Sales below expectations in first 10 weeks Operating margin strongly ahead of last year and expectations
Trading profitably in Q1 2003 (2002: Loss of 0.5m)
Further rationalisation identified

Automotive
Strategy The strategy to create market awareness for the technology by developing alliance (licensing) partners in automotive continues
Gates Vulca Application turbo cooling (water). Final testing at Volvo to be completed by end of Q1 2003, with production launch H2 2003
Dana Development and test programme underway on power steering. Licence agreement to be finalised following completion of testing (possibly by end Q2)
TI Product development under way for air conditioning and braking applications


Industrial
Testing now commenced with global construction equipment manufacturers:
CAT

JCB Negotiations benefit from the Europower connection

IBP
Results
Operating profit of 110k for year to December 2002 (2001: Loss of 5.5m)
Cash generation of 6.9m before exceptional costs of 5.2m
Restructuring continues: Tipton closure timetable agreed (30 June), Giessen machining closed, Warehouses closing 2003
Customers include all main European distributors over 20%
market share in metal plumbing fittings
Headcount down to 924 full-time working employees from 1,203
Service issues now resolved
Outlook
Sales below expectations in first 10 weeks Operating margin strongly ahead of last year and expectations
Trading profitably in Q1 2003 (2002: Loss of 168k)
Further rationalisation identified

Oystertec
Created business from concept with zero sales in February 2001 to sales in 2002 of 100m (excludes tube)
Key acquisitions of IBP and Europower, providing routes to market and vertical expansion of product applications
Turn-around and restructuring of heavily loss making IBP and Europower businesses completed within 12 months further progress expected this year
Future potential from licence revenue
Strong balance sheet; cash generative; low debt
Experienced management team

With thanks to a poster on another BB

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Good Luck

Dave the Horse, straight from the Horses Mouth

Was in/out of this stock around 60p level initally looking for long term play, but got out and now looking at it again around these levels.

Since when has this one had a strong balance sheet! How can a company make losses year, after year and still keep going.......

I've been waiting for it to go bust, but it just keeps hanging on. The only reason it's kept going is because the directors keep buying issued but not paid up shares to (guess what) keep the balance sheet looking good by increasing cash flow without borrowing from banks.........

If they don't start making a profit soon, someone will have to take the plunge and pull the plug.

Net asset value of the company stands around 22p a share - current price 14.5p - must be under threat of a hostile takeover IMO - ie Tompkins.