Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Company tweet re unicef
https://twitter.com/NovacytGroup/status/1390353933491752960
The vox market interview with s.p.angel one of the companies brokers might shed some light on how much of the first quarter was world market. Without checking I think it was half. But s.p.angel were surprised and pleased.
Come on smoky. Don't bring us down.
£191,388,863.23 since July 2020. That's pretty impressive.
Does that mean the rest of the world sales for Q1 are around 30% less than was previously anticipated? That is quite a difference, especially when the Ukraine order is taken into consideration
Should have mentioned DHSC in last post.
I believe I read that they can withhold payment for three invoices if there is a dispute.
So could be Dec Jan and Feb.
9th April RNS - Q1 trading update and 2021 outlook
Novacyt delivered revenue for Q1 2021 of €83.0 million (£72.6 million). Approximately 50% of Q1 revenue was driven by sales to the DHSC, predominately PROmate™. The remaining c.50% of Q1 revenue was driven by continued growth of international sales and expansion of the Company's private sector testing operations.
TU update 9th Apr (yes that one)
"Novacyt delivered revenue for Q1 2021 of €83.0 million (£72.6 million). Approximately 50% of Q1 revenue was driven by sales to the DHSC, predominately PROmate™. The remaining c.50% of Q1 revenue was driven by continued growth of international sales and expansion of the Company's private sector testing operations."
The DHSC spend spreadsheets are showing testing kits of £47,922,948.00
Thats more than 50% of £72m
and yes no invoices registered for Dec 2020 or Jan 2021
From 09.04.2021 RNS
"Unfortunately, an extension has not been agreed, although the Company supplied PROmate™ in Q1 2021 in accordance with DHSC demand. "
Therefore assume that Feb payments (£47,926,629.60) are partly for PROmate.
March / April figures awaited I'm afraid.
Could February Payment be for December and January Invoices.?.
No January invoice either
So no December invoice ? So not Paid ?
according to the DHSC departmental spend over £25k
PRIMERDESIGN LTD have had
£191,388,863.23
B2HS2L,
It's just been updated. Dec 2020, Jan 2021 and Feb 2022
Hope this pastes well
2020
Row Labels Sum of Amount
PRIMERDESIGN LTD £143,462,233.63
Lab Facilities £9,349,915.68
Aug £6,535,267.20
Sep £1,237,740.00
Oct £1,576,908.48
Maintenance services & support £110,619.60
Nov £110,619.60
Test Kits £41,689,643.95
Jul £9,943,730.35
Oct £31,745,913.60
Testing Kits £92,263,555.20
Nov £92,263,555.20
Testing Kits £48,499.20
Sep £48,499.20
Grand Total £143,462,233.63
2021
Row Labels Sum of Amount
PRIMERDESIGN LTD £47,926,629.60
Maintenance Services and Support £3,681.60
Feb £3,681.60
Testing kits £47,922,948.00
Feb £47,922,948.00
Grand Total £47,926,629.60
try2buylow -
The following is a list of DHSC: spending over £25,000, for 2020 and older.
We are waiting for a similar file to be published containing December 2020 data.
https://www.gov.uk/government/collections/spending-over-25-000--2
The scenario Poidster mused about crossed my mind but timing and 100% shelf life issues were against it.
The DHSC contract was signed 28 Sep, a list of transactions over £23k with Primer Deign was obtained by Freedom of Information request from the DHSC showing 47 transactions between after 28/9 to the latest items listed on 29/11 totalling £125m. We do not know why there are no transactions after 29/11, could be the FOI request was run to end Nov, could be no further transactions dated in Dec. The RNS said Phase 1 was worth in the region of £150m with 300 machines that someone here estimates retail at £10k each (i.e. £3m machines, £147m test kits in theory). Speed of delivery was of the essence in the contract & a process was set for calling off orders and delivery such that an invoice was raised in 2 weeks of delivery with payment following on a timetable. We also have word from the trading update that the scale of these figures fits in broadly results.
Primer Design must have achieved a massive productive capacity by Nov to be paid £125m. The capacity would continue from that date on & presents a dilemma in an ongoing negotiation with a large customer. Would it be better for the business to reduce price & utilise its capacity with the existing customer (who would be all too aware of this choice), or maintain price and lose volume & or the customer while looking for other markets to maintain its production power?
I concluded the UNICEF donation is using under utilised productive capacity for a benevolent purpose and recognition without any link to DHSC or contract resolution. If done well, it might enhance reputation, protect sales price and keep wheels turning.
If the provisions are put into the final results end of june. Might that lead to an update for the first six months of the year shortly after. This really would give visibility .
A drop of in revenues is priced in so an increase in revenues via world wide sales would put most of the current concerns to rest... there would be some really interesting numbers to look at. !!
@ShaunP
Commenting on your thoughts regarding DHSC and the UNICEF donation, it was only this am but feels like years ago already...
The key thing for me was the broker from S P Angel who gave his considered view and lets face it he has to be close to the company. Effectively he considered it a dispute regarding an "Over ordering" situation. As such it should get fully resolved.
If it transpires that DHSC agreed a minimum order value at the start of the pandemic and most of us agree that it was £150m, putting my "most positive" specs on, you never know we could end up being able to invoice the short fall, in which case it would give a bonus to the figures in Q4 rather than a negative!! wishful thinking...
As for the donation, i agree its two separate things, its likely they have given them 1 m tests to help and probably selling them further blocks at discount to help the cause, who knows but I see it as a positive anyhow. Great thing for a small business to be doing frankly.
Meanwhile, its pleasing that DHSC are starting to settle these disputes now so i'm hoping for positive news in that direction shortly which should give our SP a further push otherwise, we have to wait until the year end published and except any provisions against the Q4 earnings if still not resolved by them. Either way we will have the clarity we need to move forwards.
GLA
Hi Shaun, Poidster, Morning Sun et al:
When you purchase a product with a shelf life, you expect the full shelf life to be available on delivery.
I would assume that those checking deliveries would be required to check that information.
If GM has tried to find a home for test kits with less than 100% shelf life, it would appear those efforts have not been blessed with success.
For an informed discussion we need to know whether DHSC has accepted delivery of a contested order.
Then we would need to know if the delivery has been paid for, - which may be part of the dispute.
I would think it logical that you cannot donate what you do not have possession of, so I'm thinking GM stopped deliveries, possibly because he knew they would not be paid for.
Alternatively, GM may have possession of test kits that were delivered per contract but returned to NCYT by DHSC. (Another possible area of dispute).
+++
From the redacted contract:
Specific time periods for inspection.
9.1 The Authority shall visually inspect the Goods within seven (7) days of the date of delivery
of the relevant Goods.
+++
...It seems not in a hurry to get shipments into -20 deg C.
The government have never ever mentioned novacyt. They are not going to now when the first thing people see is a dispute with the DHSC.
Novacyt were first with a vaccine and no recognition at all. Best keep quiet if I were the government.. no free credibility available.
@ShaunP, Poidster,
That indeed seems a possible reason for the donation.
However, if the DHSC did overbuy, would they themselves or the UK government not be donating these tests to unicef!?
Surely he UK government needs the international positive press as well?
MS
@ShaunP
Could you be more specific and hazard a guess at the actual " gentlemen " concerned
I'm almost certain that Graham would be one.
@B2H, possibly but we've not heard the outcome of the dispute yet and the clock is ticking on the kits novacyt have already produced which will already be several weeks into their shelf life, not sure what the time frame is but I'll find out. As I said, it's conjecture on my part, nothing more. I've just posted again on another thread about my general position on Novacyt, I'm a LTH and daily fluctuations don't really concern me, novacyt aren't going bust anytime soon so happy to play the long game
I hear what you say Poidster.
However if the Govnt paid for tests they no longer want, - would they not be better off distributing under the overseas aid banner, giving themselves the opportunity to swap monetary aid from overseas aid budget in return for PCR tests.