Hampson Industries, the defence and aeronautics firm, has put the 'for sale' sign up as it wallows in debts that are nearly five times its market capitalisation.
Hamspson owes £54.9m but that is not its only problem; delays in its largest tooling order will mean some deliveries will move from 2012 to 2013. The company says it is "assessing the overall effect on revenue and profit in the light of on-going discussions with the customer".
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company put up its BHW Components and India operations on the market in November, it has already received indicative offers for those assets although discussions remain at an "early stage".
Unsurprisingly the share price has fallen this morning, at 11:59 the stock had lost 43% of its value.
Investors who bought shares in Hampson 12 months ago would now be 88% down.
BS
-
ChatGPT turns three: what’s next for the ‘AI era’?Three years after its launch kickstarted the age of AI, ChatGPT and its maker OpenAI are driving the stock market. But concerns are growing over whether OpenAI will be able to turn its AI dominance into profit.
-
What to do with old £1 coinsThe old one pound coin was demonetised in 2017, but there are still millions out there in the UK. Here’s what to do if you find an old £1.
