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could agree more only shows up when there bad news
only thing to say......covid detection!
I could not care less whatever muggins says, I know why I bought MWG and if people are stupid enough to make their investment decisions based on his postings then more fool them. I prefer to take Gerry Brandon at face value and trust his track record and vision. As for Muggins well who the f is he anyway?
Yes it is a smart move
The MWG business model is changing. The merger will go ahead and big ticket items will not be sold any more. It will be about smaller water monitoring tech with higher volume and recurring revenues. What's gone on to date is now history..onwards and upwards
Quite shocking results as @mugginsthedog has already commented. What I don’t understand given the closure last year of what were the major subsidiaries, why is the Membrane area reporting first half admin expenses of over £600k? Where has this money gone?
Just as well there is the prospect of a takeover by SKIN, which has my full support before all shareholder value is thrown away.
Isn’t it a smart move to buy MWG whenever there’s a price discrepancy with SKIN? That way you get more Deepverge shares - which, I am sure, will be a better- run company with a clear business plan and products that the world will want to buy?
Muggins-
You implied they’d misled investors and used the 30 March RNS as your evidence and that was misleading. The turnaround is embryonic but wirh Admin costs massively reduced and the comprehensive loss reduced they’re going in the right direction.
Clearly a lot of the increased reagents will be shipped this half so those revenues will appear here but yeah any MWG holders voting against the takeover need help.
Retire - you are not seriously trying to defend a 62% crash in sales?
One thing you cannot argue with is the ongoing cash outflow. This company is heading for the knackers yard without the merger.
Is this the worst management team on AIM?
The results are largely after the so called new direction. In reality it seems like a continuation, indeed acceleration, of the fall in sales that we have seen for a number of years.
On 30 March they said -
Modern Water announces that orders for water contamination detection bacteria consumables have increased by 46% in Q1 2020 compared to Q1 2019.
Some of this would have been fulfilled in H1 and by the sounds of it a fair bit needed producing in the new lab space and will be shipped and therefore billed this half as below in today’s RNS.
The increased order levels, seen in H1, are currently being prepared for shipping in H2 2020.
I think you’ll find it was a 40% increase in sales of reagents, not sales overall. I made the same mistake.
Admin costs are massively down from £1.6m to £0.9m but yeah not pretty and illustrates why new direction was needed. Takeover should be even more nailed on so a positive.
Modern Water (AIM:MWG), the owner of leading technologies for water and wastewater treatment and the monitoring of water quality, announces
interim results for the 6 months ended 30 June 2020
Commenting on the results, Gerard Brandon, Chairman of Modern Water, said:
"The necessary structural changes that were outlined in the recently published 2019 annual results, were carried on through H1 2020. The Company business model in 2020 has moved to a collaboration, cooperation and partnership business model resulting in a high volume, high margin recurring revenue strategy. The increased order levels, seen in H1, are currently being prepared for shipping in H2 2020.
"Modern Water continues to retain a leadership position within the water contamination monitoring sector and is adding the latest technologies in ecommerce, logistics, comms, networking and data encryption which extends the global reach of the Company beyond the US, Europe and Far East offices. With thousands of sites and hundreds of water systems installed over the last 30 years, the Company retains a strong international position in water monitoring. The strategic challenge through this COVID-19 pandemic is being met with the move to provide support services online, making it easier and safer to interact with customers while at the same time to increase the capacity of our equipment to provide surveillance against all sorts of contaminants and threats including viruses and pathogens.
"The new platform gives us the ability to further exploit the data the Company generates from different water systems across the world. Data analytics within the latest AI systems, produced in collaboration with Company partners positions Modern Water to receive multiple revenue streams from equipment, consumables and predictive services for our existing and new clients coming online to manage their COVID-19 risk."
So looking at these results a little more carefully.
We were promised that orders and sale were up by 40%+. They are actually DOWN 62%.
We were told that with the cost cutting we would mean that we are cash breakeven. In reality we lost £1m in cash from operations in 6 months. We only had £800k at the end of the half year. At this rate we will run out of cash sometime around November.
These figures are simply unacceptable and it is clear that we have been misled about the prospects of this company (40% increase in sales anyone).
Thank goodness for the merger – although SKIN seems to have finite resources and most certainly cannot support losses of this magnitude for long.
Very few Companies will be able to claim they have been saved by a Pandemic !
Vulcan that is very true as MW must be almost bust again based on their cash outflow over first half year. Shambolic.
I hope that they do not bring down SKIN to.
Good job we are being taken over!
There does seem to be an awful lot of bracketed numbers!
Truely shockingly awful.
Collapse in sales and used most of their cash (£1m in 6 months) with only £800k left at half year.