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I dare say this will look for a new trading range low and then try and cycle through the range...although could be limited recovery in August
Results are yesterday's news....market is now very focused on the here and now
My bad, I was buried in trading TILS in that short time INCE was up yesterday morning. What was that about run profits? Should have cashed out. Ah well.
Poker chips: Shipping will have been busy but only for those left. They have recently lost a number of partners on the shipping side plus Stann Marine and the team associated with that. Against that they gained Bentley Stokes but they are mainly ballast rather than substance and they have been trying to boost the Admiralty side presumably to try and avoid losing income on the shipping side which as you say is still critical. They still need to reinforce the international offices to get that cross selling back to previous levels but Singapore was decimated as was Hamburg and despite the results referring to them having taken over Monaco that still doesn't seem to be listed as a location. I don't think they have anyone in Monaco. They lost the whole Monaco office to another law firm and they were all shipping lawyers.
Bad debt provision is significant and overdue invoices over 90 days (against a policy of 30 day payment terms) is now at over 40% of total receivables due. That is a lot. They highlight China as a country where bad debt has built up and also commercial property as a risk place to be.
Sold out yesterday morning for a profit. That would be gone now. I note the big increase in debt on the accounts. No divi of course. Nothing much here for a while. I see this drifting below 20p in the August misery month. GL holders.
Tumbling...obviously the market is not taking yesterday results very well...However, with the price now at nearly half of latest placing only few months back (with directors and partners picking few...) surely must be attractive value...will wait to see it settled before considering to add few to my underwater holding.....not worried long term as the company well funded, but looks like they will have to come with more convincing numbers to support a decent recovery....
GLA
56% of the revenue was from "Shipping & trade" so you have to wonder how much that has been affected in H1 ..interesting to see in the next results
They have a bigger partnership now which means bigger admin costs and the earnings this year will be based on the post fund raise number of shares, unlike last year....
Revenue up 87% but Adjusted* profit up 35% - high level of costs, including salaries and partnership payments
" Various governmental programmes which have been helpful to the Group will expire or be reduced over the next few months and there will be obligations to pay back some of this funding. Accordingly, the Board does not believe it prudent to propose a dividend at this time. "
All that revenue and the the only costs are pens and office lease. Unless they are paying themselves millions in salaries. Almost as corrupt as the main market lol.
I agree with Saseefeldt. Took reasonable profit when I previously sold in June, these will go as soon as I can get shot at evens. Don't like loss statements buried in the small print without proper explanation and I can't find any reference to said loss in the investor presentation.
Sell up then chief - can’t see the wood for the trees clearly
Think people were hoping for a divi reinstatement.
They have sold up and moved on - this will hit people’s desks and will move on nothing, re rate will still be on