Amidst the latest corporate reporting I am not surprised to see Shell (RDSB) shares down despite talking about a boost to its cashflow in the third quarter. Alternatively on the share price rise of Mondi (MNDI), which might have chatted about a 'strong performance in the third quarter with higher average prices across the business and strong volume growth year-on-year’, but also ‘a backdrop of sharply higher input costs’. As always with shares, you have to try and work out what is already factored in (and what is not). Anyhow, I thought I would talk about Headlam (HEAD), Europe's ‘leading floorcoverings distributor, providing the channel between suppliers and trade customers of floorcoverings’.
I have loved the stock over 15 months, noting most recently last month that even though I had already nearly doubled my money, I still saw more scope for the shares. So it was interesting to read the news that ‘Steve Wilson, Chief Executive, has stepped down from the Board and the Company’, with the current CFO replacing him as interim CEO. Meanwhile ‘an independent search process is carried out for a permanent Chief Executive’.
That was a bit of a surprise, for a 30 year veteran of the business (5 years of which as CEO) ensuring ‘Headlam is now firmly positioned for both revenue growth and operating margin improvement’. And as I wrote about in early July, its 80 page presentation had plenty of new business style excitements which even the ESG fraternity could find excitement with. So good news that ‘there is no change to the expectations set out in the Company's interim results announced in September 2021’ and the Chair says a number of kind words. But wishing him ‘the very best following his extensive and highly successful executive career’ smells like a classic falling-out, as the 80 page epic from a few months ago made a lot of sense for the next couple of years. As I noted at both the links above, the evolution at the Ipswich plant makes a lot of sense for the rest of its anticipated regional changes.
Someone once told me that you should change your job every 3 years. Personally I found that about 6 years was right for me, on the basis that I needed a new challenge after that. Judging by historic data, the Headlam share price is up over 15 times since the now departed CEO got his first job there. And whilst the share is still below the peak price it hit before the COVID-19 crisis, I was glad I purchased the shares in 2020. On that basis, thumbs up from me for Steve Wilson...and I look forward to the next update from Headlam. Still hoping for a return to a 6 quid share price and good to see the shares are still slightly up today.
Filed under: Headlam, Anglesey Mining, Imperial Brands, Harrogate Group, SRT Marine, Brighton Pier
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