Latest news with #DavidJamieson
Press and Journal
2 days ago
- Business
- Press and Journal
Aberdeen safety firm eyes £1m milestone as global growth accelerates
An Aberdeen process safety engineer who 'always wanted to start his own business' is now leading a fast-growing company with clients across four continents and a £1 million turnover in sight. David Jamieson founded Salus Technical six years ago after leaving his role at energy giant Equinor. The 38-year-old has went on grow the business to 11 employees, more than doubling headcount in the past year. Salus Technical now works with 80 software clients in Australia, New Zealand, Canada, the US and South America, and has supported around 30 engineering companies in the UK. David has described his journey as 'fantastic' so far, despite being faced with challenges. Salus Technical, based at Neo House, was founded just a few months before Covid hit. David said: 'Our target this year is to reach £1 million and if you look at our past six months we are well on for that. 'I've always wanted to start my own business, I really loved the idea that you could just make a business up yourself. 'I worked as a process safety engineer for many years, and decided it was an area I could deliver on and thought it was worthwhile. 'It's been really difficult, because probably every single year I've been in business, there's been some sort of challenge to overcome. 'We were only four months old when Covid happened, so all our projects got cancelled, and the company making our software weren't able to support us anymore, so we had to press the restart button again. 'Even other things like, the change of government last year and the budget really slowed down a lot of things.' David plans to keep developing the business and what it offers. He said: 'We're at a million pounds, and that's half and half with engineering and software, so I would really like to get that software revenue on its own over the million pound mark. 'We're trying to improve our products so it appeals to a lot more industries and looking at what new software products we can build as well. 'That's the direction that we're trying to go, but we still want to maintain our engineering and services that we do very much here in the north-east. 'There's a lot of the challenges in the UK energy sector but we're obviously still proud to support UK oil and gas. 'Ultimately, all I want to do is grow my business.' David took part in Opportunity North East's (One) business growth programme with a focus on insights into scaling marketing and funding. Entrepreneurs and founders also gained direct access to investors, sector leaders and international market opportunities. He said: 'The One business growth programme was very helpful. 'Speaking to other founders you find out that everyone has got similar issues and problems so it's good to share stories. 'The mentoring programme was also instrumental and transformative. It helped me as a founder to strategise better and make better decisions.'
Yahoo
08-02-2025
- Business
- Yahoo
Kimco Realty Corp (KIM) Q4 2024 Earnings Call Highlights: Strong Financial Performance Amid ...
FFO (Funds From Operations): $286.9 million or $0.42 per diluted share for Q4 2024, a 7.7% increase from the previous year's Q4. Total Pro Rata NOI: Increased by 17.8% to $403.4 million in Q4 2024. Same-Site NOI Growth: 4.5% for Q4 2024 and 3.5% for the full year 2024. Portfolio Occupancy: 96.3% at year-end 2024, a year-over-year increase of 10 basis points. RPT Realty Acquisition: Contributed $38.1 million to NOI growth. Net Debt to EBITDA: 5.3 times on a consolidated basis at the end of Q4 2024. 2025 FFO Per Share Outlook: $1.70 to $1.72, representing growth of 3% to 4.2%. 2025 Same-Property NOI Growth Outlook: 2%-plus. Cash and Liquidity: $690 million in cash and full availability of a $2 billion revolving credit facility at year-end 2024. Warning! GuruFocus has detected 4 Warning Signs with KIM. Release Date: February 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kimco Realty Corp (NYSE:KIM) achieved significant leasing momentum, driven by favorable supply and demand dynamics with a national vacancy rate at near record lows. The company successfully entitled 12,000 apartment units a year ahead of schedule, enhancing its mixed-use portfolio. Kimco Realty Corp (NYSE:KIM) reported a strong financial performance with a 7.7% increase in FFO per share for Q4 2024 compared to the previous year. The acquisition of RPT Realty exceeded expectations, with improved cost synergies and increased occupancy rates. Kimco Realty Corp (NYSE:KIM) maintains a strong liquidity position with $690 million in cash and full availability of a $2 billion revolving credit facility. Kimco Realty Corp (NYSE:KIM) faces potential challenges from recent tenant bankruptcies, including Party City and Joann's, which could impact credit loss reserves. The company's same-site NOI growth guidance for 2025 is lower than the previous year, reflecting uncertainties in the economic and political environment. There is a potential risk of increased competition for leasing space due to the bankruptcy of several tenants, which may affect rent pricing dynamics. Kimco Realty Corp (NYSE:KIM) has a modest upcoming debt maturity in 2025, which may require strategic refinancing or use of available liquidity. The company's structured investment program, while beneficial, involves variable timelines and requires careful management to ensure consistent returns. Q: Can you discuss the credit loss reserve of 75 to 100 basis points and your visibility on potential troubled tenants for 2025? A: David Jamieson, COO, explained that the watch list includes tenants like Big Lots, Party City, and Joann's, with some already impacting the portfolio. The company is actively managing these through the bankruptcy process and is optimistic about backfilling spaces with strong demand from various retailers. Glenn Cohen, CFO, added that the credit loss reserve is based on a thorough budget review and historical levels, with expected losses between $17 million to $22 million. Q: What is the opportunity set for acquisitions and the sources of funds for these activities? A: Ross Cooper, President and CIO, stated that the company plans to match fund acquisitions with capital recycling initiatives, such as selling ground leases and monetizing development entitlements. The focus is on accretive recycling rather than dilutive dispositions. The structured investment program also provides opportunities with smaller check sizes, allowing for strategic acquisitions. Q: How is the small shop occupancy progressing, and what are the plans to improve it? A: David Jamieson noted that the integration of RPT Realty, which had lower small shop occupancy, impacted overall figures. However, Kimco is focused on increasing small shop leasing, particularly in the 6,000 to 9,000 square feet range, and is incentivizing deal teams to push occupancy beyond the current levels. Q: Can you elaborate on the assumptions for credit loss reserves, particularly concerning Party City and Joann's bankruptcies? A: Glenn Cohen explained that the credit loss reserve accounts for potential outcomes from ongoing bankruptcy proceedings. Rent from these tenants is expected to continue into the second quarter, and the range allows for variability in outcomes, including potential going concern buyers. Q: What is the strategy for development and redevelopment spending in 2025? A: David Jamieson stated that redevelopment is retail-driven, focusing on backfilling existing spaces with minimal investment. The company has exceeded its goal of entitling 12,000 apartment units and is evaluating projects for potential activation, joint ventures, or monetization based on market conditions and capital use. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
