From their interim results in Dec 2006.

'CHAIRMAN'S STATEMENT



I am pleased to report that profit on ordinary activities for the six months
ended 30 September 2006 was #347,000, a positive movement of more than #1.2
million over the previous year's loss of #870,000. Approximately #900,000 of
this gain arose from improved margins and operating efficiencies in the
continuing businesses, and #300,000 from the elimination of losses at the Peter
Guild subsidiary sold in October 2005.



Sales rose to #21.1 million, compared with last year's #20.4 million. Strong
performances from Airsprung Beds and Gainsborough more than recovered the sales
shortfall of #955,000 arising from the Peter Guild disposal. The like-for-like
sales increase for the Group was 8.5%.



Group cash balances rose from #26,000 at the year end to #709,000 at end
September, contrasting with the previous year's performance when the cash
balances deteriorated by #1.6 million over the period.



With regard to the remainder of the current year, raw material charges for
steel, foam and timber are rising internationally, which will put pressure on
gross margins, but management is continuing to find ways of improving buying and
operating efficiencies.



The directors believe that, barring unforeseen circumstances, the company will
also show profits in the second six month period. As reported at the AGM in
September, the board intends to continue to bear down on the pension deficit,
while rebuilding distributable reserves, and to resume dividend payments to
shareholders at the earliest practicable date.



Stuart R Lyons CBE

Chairman

5 December 2006'

Where are the land and buildings, newbie?

The company is in the Furnishings sector and it was highlighted by a respected trader/investor on @dVfN that on page 24 of their 2006 accounts that land and buildings were last valued in 1997. Sizeable volume was traded today.

http://www.airsprung-furniture.co.uk/images/downloads/2006_reportaccounts.pdf

I am sharing some of the info on here because there was no thread. I am still doing further research to understand how this impacts the MKT Cap of the of the company...and this extract from their results helps...

'Property

The Group's bed and mattress operations are centred on a freehold site at the
Canal Road Industrial Estate in Trowbridge, Wiltshire, which covers
approximately 9.5 hectares (23.5 acres). This includes a main factory site of
5.8 hectares, the Gainsborough factory covering 0.8 hectares, and a support
services area to the west of the main site of 2.9 hectares. The Board
commissioned an independent firm of industrial real estate specialists to work
with management and has now approved Phase 1 of what is expected to be a
three-year programme. In this phase, the intention is that some of the land and
buildings away from the main factory site should be vacated and prepared for
sale or let. Given the Group's improving operational efficiencies and greater
reliance on outsourcing, the Board believes that in the long term the core part
of the site will be sufficient to accommodate all or most of the Trowbridge
operations and that the surplus areas should be released to generate revenues
for the future. It will be open to the Group, as these revenue streams open up,
either to retain them as extra income or to convert them into capital for future
investment in the site, with a view to delivering higher future returns.'

Any comments/views are all welcomed. I am still learning so please DYOR before investing your hard-earned money. I was unlucky recently with ROM it moved significantly while I was still researching. I did however have a dip in HVN today ahead of results tomorrow.

Can someone who knows how to post the APG chart please do so on here and any chartist advise on support and retracement levels.

DOW closed 100+ points today, should be another blue day tomorrow. Good night.

Just had a look at yesterdays trades, the T Trade was at a 2p premium and the 20K buy at 41p was at 1p premium, however they were happy to take 25k, 20k and 10k sells at the bid price. With some stock on board they moved the priced slightly lower end of day.

Results should be out in a couple of months, usually around mid-July, then we will have even more info on this recovery story.

o/t HVN released impressive results this morning

Another blue day, up 2.4% today to add to yesterdays 6.5%

Looking at the 5 year chart 50-70p in the next 2 months. Currently 41/43 lots of upside potential.

thx 4 posting this newbie

Edging slowly upwards, still not on many people's radar and will move north on volume and then the interest in this share will propel the SP much higher.

Just look at the recent trend to see which way it is heading

it may take time but just remember that the trend is your friend

Short term target of 60p+

Looking at the chart alot more upside potential as the recovery story unfolds.

nice to see a large sell (larger than the NMS) get a 0.5p premium and moreover not impact the SP

Re-reading the interim results for H1 the period ended 30 September 2006...

returned to making a profit of 347K

sales are increasing

they are improving margins and operating efficiencies

cah balance of 709K

'The directors believe that, barring unforeseen circumstances, the company will
also show profits in the second six month period.'

Results expected in June to report the second six-month period H2 ending 31 March 2007...

looking forward then to more profit being announced, and obviously return to profit for the whole year

Increased cash balances

and some news about their property assets (last valued in 1997 at 8.4M) - which if revalued will strengthen their balance sheets, if they rent or sell some then that is also extra income generated 'The Board commissioned an independent firm of industrial real estate specialists to work with management and has now approved Phase 1 of what is expected to be a three-year programme. In this phase, the intention is that some of the land and buildings away from the main factory site should be vacated and prepared for sale or let.'

Alot of upside potential looking at the chart and also started an uptrend

Current Market Cap of 10M - look undervalued to you?

Will be interesting if we get a rise in the run upto results or even a dip to create some uncertainty and then a sharp rise post-results...will just have to wait and see...roll on results.

UNDERVALUED certainly! Remember however that it can take time for the market to realise this, but when it does it will be way up the top % gainers list and people will have wished they were already in this uptrend and then looking retrospectively at the chart see that the trend is their friend :-)

Good results announced today.

http://www.investegate.co.uk/Article.aspx?id=200706140700403274Y

Airsprung Furniture swings into FY pretax profit on strong sales
AFX


LONDON (Thomson Financial) - Airsprung Furniture Group PLC returned to a full year pretax profit after what it said were 'several years of trading losses', benefiting from strong sales.

The company reported a pretax profit for the year to March 31 of 847,000 stg compared with a loss of 1.45 mln stg last year as group turnover rose 10 pct to 45.25 mln stg from 41.22 mln stg last year.

On dividends, Airsprung said it was taking legal and accountancy advice to enable the resumption of dividend payments.

It added that although there was a possibility that higher interest rates and a slow-down in the housing market might dampen consumer demand as the financial year progresses, it expects to make further progress in the coming year.

Good review of the results: Airsprung bounces back to profit

Good rise today. I'm keen to keep a large holding here at least until the planning permission decision comes through, then will reconsider my position based on the result.

Strong performance this week and finance director buying has clearly helped sentiment. Interesting.

Positive trend continuing. Have now received outline planning permission for new Business Park on surplus land (about 8 acres of the 23 they own freehold). Don't know development strategy or indeed what demand/rents likely to be in Trowbridge but with basic trading encouraging, improving balance sheet and market cap still only about 13M it looks a potential nice bit of recurring income to offset the somewhat cyclical nature of selling beds. Even at historic F/D values, NAV is presently slightly higher than market cap, so probable sizeable hidden reserve. Downsides are that pension deficit still significant and last year was first evidence of return to profitability. Indications are that profits will be at least maintained, however and cash generation strong. Bought after research following first mention on this thread and holding them tight.

Up on the bid today