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Looks good to me. If you are referring to year just gone these figures were flagged in the RNS Feb 22nd so we're not unexpected and the reason that ANG shares sit at a very significant and unwarranted discount to NAV. The group has significantly invested in inventory to supply the expanded demand in Europe and in its online architecture. The new supply depot in the Netherlands is a key post-Brexit move to speed availability into substantial new markets. Investors will be focussed on outlook and 11% first quarter growth prior to the start of the 2023 fishing season is a good start on which to build. With over £14m hard cash in the bank, good asset profile and positive cash flow the market will look ahead and see how ANG is a first move consolidator in a growing field where the benefits of angling to mental health are well documented and peer reviewed. A good company where staff are appreciated incentivised and motivated shows the best of British business acumen. Everyone benefits and it would be good to see investors taking a stake in responsible UK based businesses like this.
Results don't look good
Happy to tuck some of these away with NAV so much higher than MCap. Lots of upside given cash almost two thirds MCap too. Solid.
So Gresham took some of the shares traded the other day but not all.
Thoughts?
I think we can expect the UK figures to be fairly static, it's watching to see if the Euro side is regaining momentum that's of interest to me.
bought a load of tinned hemp , bags of pellets and groundbait from bobco ,came to about £ 123 -00 which worked out over £ 20 + cheaper than ad . last year i bought an advanta umbrella as a shelter for day sessions should it rain - seemed nice and light - absolute ****e ! leaked like a feckin sieve , buy cheap ,pay twice .
Success lies in the transition to Advanta - the in-house brand. This will drive the margins. They have access to all the factories in China and Korea that other 'leading brands' have so now it's about two things.
1 Quality, price point and driving the Advanta name to improve desirability.
2 Keeping the shelves stocked - leading brands continually fail to deliver product due to delays.
Angling participation has slid a little after Covid but there's enough product being purchased - they need more share through own-product launches - it is pivotal to growth and the sp.
There are clear signs that Advanta SKUs are on the up, continue that trend and be more aggressive with the marketing. Signing some influencers might be a starting point.
Auto buys triggered like mine at 26p..
Heck! It feels like there's been more trades today than in the previous month!
What occurred??
I bought my first tranche here a few days ago at 27p (at the bid price). At today's price of 26.5p, the market cap is only £20.5m with last cash position declared of £14.1m (at end January) So enterprise value is just £6.4m.
Seems too low to me...
Quite a few larger trades going through today, so hopefully once the larger sellers are out, share price will move back to 30p
I've just given in and bought a few just under 26p. Start of angling season this month, sales will be up...
Going out at the top.
The industry is in decline and the anglers that returned during Covid have not stayed.
UK Licence sales sliding once again.
In my opinion,
Increased sales will only come from new store opening with no existing store growth in UK.
Europe a big and expensive challenge.
Over 50 and can't be bothered anymore?
Sit back, take the cash and back seat drive..
I was impressed by Crowe's grasp of the financials in all the presentations on Proactive and having an angler in the top seat should help.
Over 50 and can't be bothered anymore?
Sit back, take the cash and back seat drive..
I was impressed by Crowe's grasp of the financials in all the presentations on Proactive and having an angler in the top seat should help.
Strange director change...
CEO just jacked it in after taking business through covid highs...
Is the current plan to stretching for what's ahead, or did he not agree with up coming changes???
Growing a business is great, but simply buying market share isn't..
Unfortunately ANG seem to be doing the latter.
Maybe open less new stores and concentrate on making money from the ones you have??
Institutional investors own 85% of this business, with the constant sp drop I can see them taking this private on the cheap at the expense of smaller investors...
They only make a whisker of profit because they opened 3 new stores, kitted them out and filled with stock, have bolstered their stock position for all 45 stores and spent a tidy sum opening / stocking their euro distribution centre for spring boarding their growth in Europe. All without adversely impacting the amount of cash they hold.
£2.2m profit might not seem much - but imagine if they re-invested almost nothing what that figure would look like then.
I think the BoD are striking a healthy balance between cash / expenses / growth / profit.
Value for long term investors comes in the form of business growth, which is maintaining a steady, but healthy, and sustainable pace. Maybe when they stop growing we'll see dividends at some point. However, buy backs are a lame use of profit when money is far better spent growing to make more cash.
So for long term investors stuck on dividend payments as a measure of value, well, this isn't the one for them. Too many 'investors' expect businesses to be like ATMs giving them cash or buying back stock to increase their percentage ownership.
You put money in - they grow the business - you own part of a bigger machine. That's the definition of real long term investment.
Market Cap £24m - £14m in the bank - likely a lot more than £10m in stock. Still considerably undervalued when you consider revenue is up 260% since 2018 when the share price was £1.00.
Write up this morning in stockopedia says it all..
Can't see why this business exists, as it only makes a whisker of profit that keeps the doors open.
No value here for long term investors...
Good luck though.
Cash has gone from £15m in Jan 21 to £14m now, in other words there are trading cycles too, to take into account.
Considering over that time they have opened 7 new stores (300k inv each plus stock?), a Euro distribution centre (plus at least £2m stock for it) and temporarily increased UK stock to overcome supply chain issues, I think the cash management here has been much, much better than usual. You see far more Co's splurging when they have spare dosh.
Re Margins, the figures are all there to see and the growth of their own brand seems to be giving them that ability to compete.
Companies like this are borderline value traps, great companies but only gonna make any money when they get acquired
There Isn't the growth there to reward shareholders with a share price increase
Maybe buybacks would help but doesn't look like that is the way they are going
Revenue up, profit and available cash down.
Margins must be very lean, how are all these expansion plans getting paid for if profits and cash are diminishing???
Things certainly look to be stablising nicely.
It's important to remember that despite the recent negative sentiment, the Covid times have actually accelerated this Co's developemt hugely.
Euro break-even forecast @ £16m by 2026, a big ask/drag/investment. Re-emerging growth in target countries where new facilities have solved post brexit issues will be key. Likely accelerated by small single digit £m bricks and mortar aquisitions at some point in the next couple of years.
I watched the last couple of years of Proactive vids last week and have to say the CFO Crowe impresses despite him looking like a figety teen when not speaking! I'd love to see him get some skin in the game.
RE FWD - Stores flat but adding 3-4 a yr at £1m turnover each. Online returned to growth H2 and £14m more than enough to see plans to fruition with a surplus.
My sentiment positive at these prices.
It's the forward statement that will be worrying..
Place your bets...
Last guidance from the Board:
The Board is confident that revenue and pre-IFRS 16 EBITDA for the year ending 31 January 2023 will be not less than £73.8m and £2.2m respectively
Along with approx £14m cash guidance.
Mind you, 20p approaching rapidly now...