Tagged: industry

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Hauliers warn of ‘acute shortage of drivers’

A CO Armagh firm has warned that an “acute shortage” of HGV lorry drivers in Northern Ireland will ultimately lead to consumers having to pay more in the shops for their goods.

Morgan McLernon says it is finding it “virtually impossible” to recruit the dozens of staff it needs.

Like many other haulier businesses across the north, it fears it may soon have to turn business away due to a lack of drivers.

And despite having organised its own driver academy to provide training to candidates wishing to enter the transport industry, the company claims politicians need to do more to help remove barriers which are preventing the industry from growing.

Stephen McAneney from Morgan McLernon, a road haulage company based at Silverwood in Lurgan specialising in chilled and frozen distribution across Ireland, Britain and Europe, says he needs to add 40 drivers to the firm’s current 250-strong crew – but can’t fill the posts, despite drivers potentially clearing £500 a week.

“The Road Haulage Association says it is short of 60,000 drivers, with an ageing workforce shedding another 40,000 by next year, and the industry isn’t attracting younger people into HGV driving,” he said.

This is due to the high costs of gaining an licence (up to £5,000 a driver) and companies, especially small firms, being reluctant to take drivers with less than 12 months’ commercial driving experience because of the additional insurance costs that apply to these and younger drivers.

“This isn’t a problem unique to us. Virtually every haulier has a similar story to tell,” he added.

“In simple terms, if hauliers haven’t got the drivers to move produce, there will be less on the supermarket shelves, and in turn that will lead to prices going up.

He added: “What we need right now is some sort of apprenticeship scheme which gives a new generation of young drivers, those aged from 17 to 25, the opportunity to forge a career in this sector,” McAneney added.

“But not having a working Stormont isn’t helping, and our trade is suffering as a result.”

The industry is also failing to attract or retain foreign nationals as drivers, given the complexities and fears around Brexit and the relative weakness of the UK’s economy.

Indeed one Northern Ireland firm told the Irish News: “Last year we employed 12 Hungarian drivers. They all went home for Christmas, but only four came back. They weighed up all their financial options and felt it was better to stay put.”

Hauliers are also being separately penalised through having to pay an Apprentice Levy, even though is virtually impossible for them to take on apprentices (in the case of Morgan McLernon,it is understood to be in the region of £30,000 a year).

The Road Haulage Association has already presented its case to the transport committee at the House of Commons, and insisted it is important the industry gets beyond the point where it appeals mainly to those with a passion for driving.

In response, the committee said: “We believe there are steps the industry can take to encourage young people, regardless of their background and gender, to work as drivers.

“Haulage is competing with other sectors for young people leaving schools and colleges. Many of the options young people will consider require some additional training, but it is unusual for a sector to require new entrants to fund the acquisition of licences and pay for the additional training.

“The industry needs to work with insurers to find ways of reducing the cost of insuring young drivers, but the government has a role to play in facilitating this work.”

SDLP MLA Dolores Kelly told the Irish News: “The severe lack of HGV drivers is posing a serious logistical threat to the industry. There are businesses in my constituency which have vacancies for scores of drivers. That level of deficit is incredible and it is influenced in no small way by the threat of Brexit on the industry.

“In the absence of functioning institutions, it’s difficult to advance solutions but I’ve written to the Southern Regional College and Armagh, Banbridge and Craigavon Council to explore if Neighbourhood Renewal or another funding stream could be used to provide new apprenticeships which can be established to support young people in need of employment while plugging the skills gap in this area.

“It’s incredible frustrating that we have no government to make the urgent interventions required.”

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Hauliers warn of ‘acute shortage of drivers’

A CO Armagh firm has warned that an “acute shortage” of HGV lorry drivers in Northern Ireland will ultimately lead to consumers having to pay more in the shops for their goods.

Morgan McLernon says it is finding it “virtually impossible” to recruit the dozens of staff it needs.

Like many other haulier businesses across the north, it fears it may soon have to turn business away due to a lack of drivers.

And despite having organised its own driver academy to provide training to candidates wishing to enter the transport industry, the company claims politicians need to do more to help remove barriers which are preventing the industry from growing.

Stephen McAneney from Morgan McLernon, a road haulage company based at Silverwood in Lurgan specialising in chilled and frozen distribution across Ireland, Britain and Europe, says he needs to add 40 drivers to the firm’s current 250-strong crew – but can’t fill the posts, despite drivers potentially clearing £500 a week.

“The Road Haulage Association says it is short of 60,000 drivers, with an ageing workforce shedding another 40,000 by next year, and the industry isn’t attracting younger people into HGV driving,” he said.

This is due to the high costs of gaining an licence (up to £5,000 a driver) and companies, especially small firms, being reluctant to take drivers with less than 12 months’ commercial driving experience because of the additional insurance costs that apply to these and younger drivers.

“This isn’t a problem unique to us. Virtually every haulier has a similar story to tell,” he added.

“In simple terms, if hauliers haven’t got the drivers to move produce, there will be less on the supermarket shelves, and in turn that will lead to prices going up.

He added: “What we need right now is some sort of apprenticeship scheme which gives a new generation of young drivers, those aged from 17 to 25, the opportunity to forge a career in this sector,” McAneney added.

“But not having a working Stormont isn’t helping, and our trade is suffering as a result.”

The industry is also failing to attract or retain foreign nationals as drivers, given the complexities and fears around Brexit and the relative weakness of the UK’s economy.

Indeed one Northern Ireland firm told the Irish News: “Last year we employed 12 Hungarian drivers. They all went home for Christmas, but only four came back. They weighed up all their financial options and felt it was better to stay put.”

Hauliers are also being separately penalised through having to pay an Apprentice Levy, even though is virtually impossible for them to take on apprentices (in the case of Morgan McLernon,it is understood to be in the region of £30,000 a year).

The Road Haulage Association has already presented its case to the transport committee at the House of Commons, and insisted it is important the industry gets beyond the point where it appeals mainly to those with a passion for driving.

In response, the committee said: “We believe there are steps the industry can take to encourage young people, regardless of their background and gender, to work as drivers.

“Haulage is competing with other sectors for young people leaving schools and colleges. Many of the options young people will consider require some additional training, but it is unusual for a sector to require new entrants to fund the acquisition of licences and pay for the additional training.

“The industry needs to work with insurers to find ways of reducing the cost of insuring young drivers, but the government has a role to play in facilitating this work.”

SDLP MLA Dolores Kelly told the Irish News: “The severe lack of HGV drivers is posing a serious logistical threat to the industry. There are businesses in my constituency which have vacancies for scores of drivers. That level of deficit is incredible and it is influenced in no small way by the threat of Brexit on the industry.

“In the absence of functioning institutions, it’s difficult to advance solutions but I’ve written to the Southern Regional College and Armagh, Banbridge and Craigavon Council to explore if Neighbourhood Renewal or another funding stream could be used to provide new apprenticeships which can be established to support young people in need of employment while plugging the skills gap in this area.

“It’s incredible frustrating that we have no government to make the urgent interventions required.”

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Volume Moving the Tape For Hilton Grand Vacations Inc (HGV)

Hilton Grand Vacations Inc (HGV) shares are moving today on volatility -0.89% or $-0.32 from the open. The NYSE listed company saw a recent bid of 35.82 and 86577 shares have traded hands in the session.

Scanning the equity markets, it is quite obvious that there are plenty of stocks to choose from. This may make things a bit overwhelming for the beginner investor, but it should also be seen as a great opportunity. Of course, studying up on every single stock may be nearly impossible. Just focusing in on a few different stocks at a time that pique the interest may be the way to start. Investors are often bombarded with stock picking strategies and sure bet winners. Some of the information might end up being correct, but a lot of it may turn out to be nonsense. If investors decide to manage their own money, they may want to make sure that no stone is left unturned. Doing the proper amount of research can work wonders for the health of a portfolio over the course of time. Following a proven market guru may work for some, but it may leave others with many questions that have gone unanswered. What works for one investor may not work for another.

Now let’s take a look at how the fundamentals are stacking up for Hilton Grand Vacations Inc (HGV). Fundamental analysis takes into consideration market, industry and stock conditions to help determine if the shares are correctly valued. Hilton Grand Vacations Inc currently has a yearly EPS of 1.72. This number is derived from the total net income divided by shares outstanding. In other words, EPS reveals how profitable a company is on a share owner basis.

Another key indicator that can help investors determine if a stock might be a quality investment is the Return on Equity or ROE. Hilton Grand Vacations Inc (HGV) currently has Return on Equity of 178.01. ROE is a ratio that measures profits generated from the investments received from shareholders.

In other words, the ratio reveals how effective the firm is at turning shareholder investment into company profits. A company with high ROE typically reflects well on management and how well a company is run at a high level. A firm with a lower ROE might encourage potential investors to dig further to see why profits aren’t being generated from shareholder money.

Another ratio we can look at is the Return on Invested Capital or more commonly referred to as ROIC. Hilton Grand Vacations Inc (HGV) has a current ROIC of 11.55. ROIC is calculated by dividing Net Income – Dividends by Total Capital Invested.

Similar to ROE, ROIC measures how effectively company management is using invested capital to generate company income. A high ROIC number typically reflects positively on company management while a low number typically reflects the opposite.

Turning to Return on Assets or ROA, Hilton Grand Vacations Inc (HGV) has a current ROA of 8.33. This is a profitability ratio that measures net income generated from total company assets during a given period. This ratio reveals how quick a company can turn it’s assets into profits. In other words, the ratio provides insight into the profitability of a firm’s assets. The ratio is calculated by dividing total net income by the average total assets.

A higher ROA compared to peers in the same industry, would suggest that company management is able to effectively generate profits from their assets. Similar to the other ratios, a lower number might raise red flags about management’s ability when compared to other companies in a similar sector.