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Unless of course we actually make a profit ! Which of course will have to be reported by an Rns .
Yep, we wi have been trading for 5 months, but only get 2 months of data in Sept, which may not be clear. 6 months from April to September, reported in December, will be where we get clarity, unless we get a trading update before that.
The September update will only show 2 months of full trading because the delay in transferring of stock till February , i’m not expecting too much enhanced revenue until the interims in December which will show the full 6 months of trading after the transfer .imho
So 6 months into the new agreement, we should have sales revenue of perhaps £1.5m and profits materially ahead of what we would have received under the old agreement. We will get an idea in September, but December should give us a clear picture of the current status. We can then start to understand what significant multiples of total FF sales may actually mean.
If that was the case then its just as well it was a fixed level of overheads that were deducted and something that we don't have to pay for anymore.
Well until we do our own sales and marketing anyway.
Gixer
wouldn’t disagree re Fred & Prof, DSM would have paid them as part of their FF overhead.
Re shortages, only IF knows !!!
W$
Wellsite, I have to disagree.
We were told DSM had around 1 million Euro of stock at the end of 2022 which PXS arranged to buy some or all of this stock at the start of the year so it could never have been out of stock.
If you mean individual products like FlyFit were out of stock then that doesn't mean there was a supply issue of FF either as there could be a number of reasons why products go out of stock. They have in the past (Swanson springs to mind and used to be out of stock for months at a time) and they will in the future. More likely restocking issues of the individual companies.
Re: "Frederic's wages"
If you are referring to Frederic Bond then he resigned in October 2022 and was never paid by PXS anyway.
Professor Duttaroys University lecture trips were unlikely to be funded by PXS.
Dr_H, Yes there was a deduction for sales and marketing before the profit share.
Gixer
FF has been out of stock for long periods this year, in stock for a few weeks, then out of stock again. - suggests the stock hasn't being readily available - for whatever reason.
Add to that Frédéric's wages and the Prof's all expenses trips to the far East - all stacks up
W-$
If I recall correctly, the profit was after production costs and DSM sales team and marketing costs. DSM we’re allowed to charge an amount for themselves. So we will no longer pay that, then the profit share will be more to us.
According to the RNS on the 22nd June 2022
"From 1 January 2023 the net profit accruing to Provexis on sales of Fruitflow in the calendar year - on a pro-forma basis, assuming like for like sales and margins - would be materially ahead of the net share of the profit that would have accrued to Provexis with like for like sales and margins under the existing 2010 Alliance Agreement"
So yes, more beneficial to us :)
I’ve been under the impression that the % split was 60/40 or 70/30 in favour of DSM , im now of the opinion it may have been as low as 20/80 ,which makes the new agreement all the more beneficial to pxs .
Does sound like they were screwing us over and they would have been happy for the aa to carry on indefinitely ,maybe DSM were earning more from ff than we imaging hopefully we will find out soon .
This section of the Full Year RNS tells me that the DSM agreement massively favoured DSM, but they couldn’t do anything about that. Hopefully the new transition agreement is far more fair to PXS.
For the past twelve years, due to the terms of the Alliance Agreement, Provexis has been largely dependent on DSM in respect of the development, production, marketing and commercialisation of Fruitflow, and Provexis' long-term success has been largely dependent on the ability of DSM to sell Fruitflow.
It has been noted in prior years that Provexis' negotiating position with DSM could have been affected by its size and limited cash resources relative to DSM which has substantial cash resources and established levels of commercial success. An inability to enter into any discussions with DSM on equal terms could have led to reduced revenue from the Alliance Agreement which may have had a significant adverse effect on Provexis' business, financial condition and results.
Yes they are, as of 1st of January DSM has to buy its FF from Provexis.
"Provexis will sell Fruitflow as a straight ingredient to DSM exclusively for use in DSM's Premix Solutions and Market-Ready Solutions businesses"
https://otp.investis.com/clients/uk/provexis_plc/rns/regulatory-story.aspx?cid=1569&newsid=1597322
Gixer,
As regards your second paragraph below, am I right in thinking that, under the new arrangements Provexis will be responsible for the supply of the straight ingredient of FF to DSM for use in DSM's Premix solutions (once their existing supplies of stock are exhausted).
In other words will DSM become a direct customer of Provexis?
Wellsite, not sure what stock issues you refer to as Provexis has had stock since February and sales to customers started at this time. I assume that any sales before February would have been dealt with by DSM.
The only issue I can see at the moment is the lack of information saying that Provexis is open for business and supplying Fruitflow as a straight ingredient. Any new customer is relying on this information being passed on by DSM and my fear is this might not happen as DSM will want to push the Fruitflow Premix or Market-Ready solution side of things.
Any new customers for Fruitflow will be outside the royalty arrangements with DSM so they have no incentive to pass this information on.
I must admit I was a little concerned at the changes at Flyfit’s website, i.e obvious lack of stock. They had the best delivery method for FF and wanted to see it still sround for someone to copy.
Looks like, if they are rebranding the stock issue has a light in the tunnel. I expect we’ll get an update very soon as clearly IF has made progress in terms of supply.
W?
All seems a bit strange to me TBH.
If you are going to rebrand, why not tell your existing customers?
He was marketing FlyFit 6 months ago on Linked-In
Mystery solved.
Trademark Oriri
Application date 05/04/2023
Owner
Applicant name Boudewijn Van Eeghen
https://www.tmdn.org/tmview/welcome#/tmview/detail/BX500000001481900
Wellsite, I agree but there is no evidence that Boudewijn Van EeghenBoudewijn (Founder) has just changed the name.
Nothing on Linkedin, nothing on Facebook, nothing on twiter and no redirection on the flyfit.com website.
At the end of the day it makes no difference but would be good to know what's happening.
To me it’s more to decouple it from Flying
Not sure i would use a latin name
W-wdik-£
I had wondered if FlyFit had been bought over or just a change of name but no indication of the latter.
*their :)
Again there Contact and About page do not give any information on who they are, so I wouldn’t buy from them.