TITAN EUROPE (TSW) – delay with the results doesn’t exactly instill confidence
With shares in Cape (AIM:CIU), the AIM quoted industrial support services group having had a great run of late I thought it was worth visiting another debt laden friend, Titan Europe (AIM:TSW), the manufacturer of steel wheels and undercarriages for the off-highway vehicles industry.
Much like Cape, Titan Europe is a substantial, essentially ‘old economy’, business which has seen its share price decimated over the past 18 months. The group generated revenue of £386m for the previous financial year ending 31st December 2007 and previously offered a tasty dividend of 6.50p per share unfortunately the final dividend for 2008 has been cut entirely! In it’s last trading update on 20th February 2009 the group announced that it anticipated announcing preliminary results for the year ended 31st December 2008 by the end of April 2009. The end of April has now passed and the results…