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A pretty neutral RNS, as expected an increase in revenue but disappointing increase in loss means margins have clearly been hammered by the push to H&B etc. It means we’re still a long way from profitability.
On the plus side, progress has been made towards achieving blue cap status in China which is what our future hinges on
Yes a positive RNS. A few points of interest and intrigue in there but I am keeping my thoughts to myself. Pretty sure mr Lucas and co will snap up the limited raise. There is light at the end of the tunnel. RP, have you spoke to mr Lucas and asked for his view on the update
Yea, I'd guess that, to get the accounts signed off as a going concern, they'll be looking to raise in the order of 150 to 200k. I think the chances of us getting much, if any income from China this FY is pretty low, and, even if they included it in their cashflow forecasts for 2019/20, I doubt the auditors would sign off the accounts based on the possibility of cash coming in on the back of ByHealth.
Can't see there being much of a problem raising that.
Beyond that timescale, IF orders come in at a multiple of existing sales, and those sales are at the same margin as what is currently being sold and the sales / profit rising don't affect our profit split, then, all other things being equal, a multiple of 2 would cut our losses down to 150 to 200k a year and a multiple of 3 would get us to break even or a small profit.
If that happens, then we're looking much better. My only concern would be that the BoD might then use the extra cashflow to push FF+Omega and also use it to help launch FF+Nitrates ( which I rather hoped would be quietly forgotten about ). The last three years have shown, so far at least, that, though increasing the top line, it's doing next to nothing for the bottom line.
Nice to see the rare use of the word "pleased" in a Provexis RNS! The delay might well be due to the need to advance the proposed collaboration a further step so that todays RNS can confidently indicate a signing in the "near future" That might cause a modest rise which will assist the next fund raising. It all boils down to success in China which should eventually greatly exceed the £296k received from DSM and the H&B, Amazon etc sales. It's a pity that FF has not been adequately marketed in North America and that revenue from Europe, after 10 years, only amounts to £300k pa.Future success and profitabilty are hugely dependent on the Far East but perhaps that might have a knock-on effect elsewhere. Overall, I'm pretty neutral about the update. It doesn't scare me nor particularly annoy me either.
In agreement with Bern. Why did this take an extra month? There is zero exceptional info. Other than that, modest revenue growth, more than offset by investment in patent protection, which is vital so acceptable IMHO. A non event, we are where we were, waiting on China progress in the main. IMHO
This was supposed to be transformative about 8 years ago circa 2011 when this wonderful statement came out " Fruitflow® is the first product in Europe to obtain an approved, proprietary health claim under Article 13(5) of the European Health Claims Regulation 1924/2006 on nutrition and health claims made on foods" the only transformation for those unlucky enough to have ever invested in the golden tomato scam is the miraculous process of transforming your hard earned cash into toilet paper, love how they slide in another fund raise, lets just be done with it and calculate how much those supposedly running this joke shop company need to get them to retirement age, then it can be done in one fund raise and have trillions of shares in issue, its never going to make a profit
They were it seems waiting for the agreement with By health to be signed , it looks like that will be signed in the next few weeks (near future) , the fund raising will be limited so I am not worried about that , I like the ‘transformative ‘ statement which is a first I believe for this board .
Well, update now out and it's hard to see what caused the delay
Decent growth from AA revenue Decent growth from FF+, but YoY margins will drop due to H&B ( the latter is me talking, that's not in the update ) Increased R&D spend Similar loss to last year Funds needed ( by end of year ? )
But, most importantly, they've changed the wording about the effect of Blue Hat from pipeline to orders, so, IF that happens, and DSM's margin isn't affected, then that should see us moving into profit.
The trouble is that DSM have their own agenda concerning ff imo , I think they have contrived a situation over the last couple of years which has seen the pxs sp surpressed to the extent where an offer for the company well below the massive potential of ff being seen as attractive to some of the major holders . If you take the 143m that the Lucas family own , 143 m that DSM own ,the bod own a few percent of the company they could push through a cheap buyout . This is of course all imho
That's a fair point, but if they expect to do something which is totally under their control* in June, don't do it, and then rinse and repeat in July, then they risk looking like rank amateurs. Hopefully we'll get a trading update of some kind tomorrow to show, if nothing else, that there's some semblance of order in the company.
*plainly they might not be in control of what they might WANT to report on, but they're totally in control of issuing a trading update covering revenue from the AA and FF+, so there really are no excuses.