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"A move into the black is anticipated plus potential dividend payments next year if things go well"
How wrong can you be?
Did we expect anything different?
I was expecting the sales decline to be greater, so that at least is an improvement.
They remain beholding to their creditor and main investor, does make you wonder why they continue with the listing. It's hardly like they can raise capital via the markets and little chance of much other benefit. It's hardly going to offer an exit in the new few years.
Another treading water report. They mentioned the difficulty of sourcing material for their auctions. I was banging on about this 6 months ago.
If only they hadn't spent £1.5 m on their store refurb.......
"The loan facilities are provided by the Group's controlling party Phoenix S. G. Limited and are due for repayment in March 2023. The Group would have been in default of the financial covenants at 31 March 2020, which would result in the loan becoming payable on demand. On 27 March 2020 the Group sought and was granted a waiver from Phoenix S.G. Limited for the default. The forecast, taking into account of the implications on the Group's demand of the COVID-19 pandemic, shows the Group will fail to meet its financial covenants in March 2021."
- future in the hands of the creditors
That evasive dividend? "The Directors do not recommend an interim dividend for the six months ended 30 September 2020 (2019: £nil). "
"I have also talked before about the challenge of providing any definitive outlook for this type of business"....they should just ask Pearls! LOL ;)
Until the half year update.
- AND IF THEY DISAPPOINT expect a swift sell of and to be stung with a massive spread!
- i've missed where the company has indicated the possibilty of a dividend, any chance you could share that RNS or where they've indicated they put a dividend ahead of reducing debt?
Until the half year update.
Should be a very positive forward looking statement accompanying these results.
A move into the black is anticipated plus potential dividend payments next year if things go well