"Adjusted EBITDA" was a loss of £84k compared to a profit of £169k in the last half year and £115k in the same period in 2012. So a collapse of £253k DESPITE the Olympics.
However the actual Pre-Tax Loss was £1.095 million.
Now AB can dress that up as "investment" but the fact is that RMS was haemhorraging cash and customers both pre- and post-acquisition.
When I'm looking to invest, the fundamentals include EBITDA, EPS, Net Assets and ESPECIALLY what is happening with cashflow because that is the true measure of current performance.
So, EPS was MINUS 4p/ps compared to the same amount for the whole of 2012/3.
Net Assets are £3.372m, but these are almost entirely accounted for by Intangibles, £2.1m of which is "goodwill" on acquisitions which is being written down to nil. So Net Assets are virtually zero, which would be OK if PINN was generating profits.
So then you will say "ah but what about the cash we raised...?"
Well...there was only £2.134 million left less than 2 months after the £2.65 million placing...Scary...
The cash is included in Current Assets but when you take off Current Liabilities the TRUE underlying cash position is that only £524k would be left....
Those are the fundamentals that led me to finally cash in and protect the profit I have made in PINN over the last 3 years or so.
Mentioning "adjusted" EBITDA as only being a LOSS of £84k; a "turnover of upwards of £10m" (which is falling or stagnant in every division), when a year ago AB was still talking about a £50 million company is about as optimistic as you can get.
Why would I need to do do sour grapes when I've invested my profits in the likes of BZM, EMED, MARL, KEA, etc.?
You have fallen into the same trap as others of attacking me rather than objectively addressing the accurate information I have analysed from PINN's own accounts.
Such as constantly referring to "3000 customers" when the audited accounts show they have lost 200 in just 6 months (i.e. 7%).
When you say the fundamentals look awful, which similar company are you comparing them to? Earnings before interest, tax, depreciation and amortisation of -84k is a damn sight better than a lot on AIM and an annualised turnover of upwards of £10M with a market cap of only £7.6M. I have asked AB about taking the company private, he said no, I trust him more than I trust you. Your sour grapes negativity doesn't fool anybody, why waste your time here? You don't have to look far for inflated SP's to talk down Shame you missed the last rise but bigger players than you are dictating price action now, your last chance imho.
Not sure what fundamentals you're referring to but at this mc the upside looks extremely promising to me. Hence why I've continued to increase my holding today. Any valuation under £15 m has surely got to be snapped up.
Rudolph cannot knock the post as it is accurate and well presented nor would i and we never know what is round the next corner, but of the same opion as you it has the makings of something bigger, but like all AIM shares caution a key word. Don't think this is PI's but a instution or fund or somebody that has knowledge. Would not be surprised to see a couple of large trades over the next week if something afoot, we hopes but nice end to the week.
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