I'm sure you'll get the extra detail you want in the annual report and accounts, this is only the preliminary results. Regarding accruals, I don't know what they are to pay for but the amount has reduced since the March 2012 interims.
Accruals and other payables (2,167,954) compared to (1574251) for the whole year.
Non exec directors fees are just over £40k for the preceding year if I remember correctly.
As a long term strategist and not prone to short termism, I will lock in profits when presented and buy back on weakness. I am eagerly awaiting the interims as that will uncover the accruals and other unanswered questions and how the £2.95Mns recently raised has been utilised. I have returned to the 2009 Accounts and compared them to the 2012's. What is not compared is the directors' salaries which are not contained and absent in the 2012 report, I would be interested to find out the total level of directors' emoluments. As I said I am a buyer of this stock on corporate fundamentals but I am also acutely aware of the fragile current trading liquidity.
I have no agenda and I have no influence on where the share price heads! I am getting tired and weary of Companies continually wooing by saying what they intend and ambitions are but in reality deliver the opposite. I cannot believe that PINN can continualy state it will be a £50mns outfit if it continues to deliver up sets of accounts as we have witnessed. To my mind there is no real growth, in fact the opposite. If PINN continues with its strategy with buying bolt ons then next year they will deliver up another similar set of year's trading numbers and spent further secondary offerings cash funds. I am acutely aware that corporate omelettes cannot be made without breaking eggs, but PINN give us a break and let past acquisitions start delivering up shareholder value upside and deliver up some positive timescales.
GedW upset, as i was with the results as he expected a reasonable share movement.. Things did not add up, take expenses, previous years comparisonson expenses only moving by inflation, then a huge jump even comparing expenses to revenues as a % a 9% increase why. Take the accruals figure 1.3M what is in that, most accounts are left open a month to pick up late invoices and these are probably in trade creditors, but 1.3m very strange, what are they accruing for, would probably explain alot.
I don’t mean to offend Gedw, but of late you’re posting like someone who got out before the spike and is now looking to get back it at the bottom, or at least trying to create a new floor to come back in. You used to be so positive about this stock, are you still invested here?
Quindell Port you refer to doesn’t look that different to Pinn in some ways, they are of course at a different scale to Pinn but I take your point about positioning statements in the RNS. They recently issued new shares too, in fact Quindell raised £26.5m via a placing on Nov 2nd, then a further £20m on Nov 14th followed by a further £13m of debt from RBS, which is on top of its existing £52m RBS debt facility. Too rich for me and I am happy to stick long-term with Pinn.
This is the sort of terminology and reporting I would like the Board of PINN to be using!
"...This leading supplier of software, consulting and outsourcing services within the insurance and telecoms sectors, announced a pre-close trading update on 15th January where management stated that it expects revenue, adjusted EBITDA and adjusted EPS for FY2012 to be ahead of our expectations, at approximately £165m, £47m, and 1.29p, respectively. In addition, a trading update on 21st February confirmed strong contract conversion and a 2013 sales pipeline in excess of £1 billion. This has to be a share to buy Trading Update Management expect that FY2012 revenues will be c.£165m, attributable to increasing levels of contract wins, pilot projects, and other sales. The adj. EBITDA margin will be strong at c.28%, as the group continues to focus on efficiency, while operating cash flow will beat expectations and the year-end net cash position will be c.£15m. The group also reaffirmed its working capital availability to support growth up to 3p EPS in 2013. Focus Now on Organic Growth The significant growth in 2012 was driven initially by the acquisition of earnings-enhancing companies that formed the foundations of Quindell’s extensive service offering, together with significant contracts wins for the combined group including the £40m pa contract announced in May 2012 and several other contract wins and pilots announced in December 2012 which together represented run rates of over £120m pa. Now this offering has been established, management intends to focus on exploiting Quindell’s potentially massive organic growth opportunities in the near term. The group has had a 100% success rate in converting outsourcing pilot projects to full contracts, with prospects now immediately signing full contracts after seeking references from existing clients. Forecasts Wxpect FY2012 revenues, adj. EBITDA and adj. EPS of £164.8m, £46.4m and 1.29p, respectively. Despite an increase in the expected working capital requirements of £3.4m, higher than expected profitability has improved operating cash flow. Therefore, a net cash balance of £16.2m at 31st December 2012 is forcasted. Valuation 40p target price and potential value of at least 60p..."
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