STU - Steel & Tube Holdings

[Shareguy]

Snippets from the BusinessDesk article about this basket case

Net debt at June 30 was up 33% to $48m from $36.3m. About $30m was taken on with the acquisition of Perry Metals. Asked what net debt was today, chief financial officer Richard Smyth said its month-end in July was "not too dissimilar" to the $48m already disclosed, and August would also be similar. Forsyth Barr had suggested a capital raise must be imminent and was tipping net debt to be at $57m by June 30.

And this from the brilliant CEO -

Malpass said the outlook was "morose" and it was forecasting that economic conditions may not improve


Sounds ominous -

Yes Crackity. Vulcan say they have increased market share I wonder from whom😉

Mark says economic conditions may not improve so if there's another bad result it's not his fault.

[Arbroath]

Maybe check your facts. Perrys was not written down at all. It's other crap assets they own that got written down. Perrys is outperforming but too small to halt the overall rot...

[Shareguy]

Maybe check your facts. Perrys was not written down at all. It's other crap assets they own that got written down. Perrys is outperforming but too small to halt the overall rot...

Yes you're right my bad. When Nick Calavrias was in charge he righted his mistake and sold off Robert Stones and Metal Spray and gritblast. He said at the time S&T needs to focus on what they do best which was Steel distribution..

[Ferg]

It's a shocker result.  Going concern note from the auditor, low margins, negative operating cashflow, employee costs are up massively.....no wonder they are all smiling in the annual report.

It is uninvestable........for now.