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Any thoughts on their next move? My inkling is they are the brains behind the huge cost cutting exercise cutting being undertaken.
Wagas, Those of us who've been around a long time call him Fullofit. Why? Because he is.
Sobeit on iii speaks utter tripe, ignore.
8th April 2015 "...FY2015 was a transformational year for both the online advertising sector and blinkx." 5th April 2016 "FY2016 has been a transformational year for the Industry and the Company."
I think that was sobeit, not shroder. Would it be too cynical of me to point out that in the 1H comment they mention "fixed operating expenses" whereas in today's comment it's just "operating expenses" and that by reducing revenue you clearly ought to reduce the variable operating expenses? Probably just a drafting error...Ho hum.
Interesting post from shroder on iii: Surely there is a more important stat. This is what Blinkx said at the six month figures: " Completed Group-wide restructuring at a cost of $1 million, which is expected to reduce fixed annualized operating expenses by over $15 million on a pro-forma basis, and better align the cost structure with market conditions and shifts in product mix. Today, they tell us: "As a result, the Company eliminated over $40 Million in annualized operating expenses, incurring approximately $4 Million in restructuring costs." That is a huge beneficial change in six months from an expected annualised $15m reduction to a $40m reduction. Obviously those benefits will only be seen going forward. If that $40m was carried to bottom line, the next six month figures could tell a completely different story even though the revenues have fallen. After all, it is about profit and not revenue.
Trader has it right. So does BDC. And a host of others. This thing is heading in the wrong direction, whatever the reason.
Volume less than 3mn so far. I just hope that management are not lying and there is a profitable business there somewhere.
I think Pacificsailor sums this up well.... We just have to be patient...which is a virtue I'm try to practice.... :- "I was expecting more revenue. The first half produced 91m ..... this half 75-85m. Cash is down 6m over the six months. 'Returned to profit in the 3 rd quarter' .... 'Seasonality' in the 4 th quarter .... No profits then!?? Until we get the full report we're really not going to know the operating profit. EBITDA is too maliable. The 'market outlook' is not a market outlook at all! The trouble with this statement is that the 40m annual savings won't actually be seen until well into next financial year, but the costs for achieving them is taken this year. No point pulling this statement apart any further as there in no real info there .... My reading is they are getting the business, but at the cost of revenue and profit. I suspect that they are going all out to get market share. We will see the profits after the critical mass of business has been secured. IMO"
Nice one Spottedlurcher That's the best answer this year...and probably true ha ha Thanks for the laugh, need it. p.s. Couldn't we send in your Jack Russell to bark out some orders at Blinky and get the show on the road....joke!
Greetings Joy! I have missed you! We hold this share because we are barking MAD! lol
Hi Spottedlurcher, You still here too! ( goodness help us both!) Could your Jack Russell please explain to us both why we are still holding? I could kick myself, several times because of this dog of a share, if you pardon the pun! Was only looking at figures last night and thinking of cashing in my 80%+ loss, now it's probably 90%+ loss... Treble groan... Yes, here to the end in the hope and a prayer that one day it will come to full fruition. On paper their technology/ strategy etc etc sounds Ab Fab.... Time will tell, just unfortunately, taking longer than expected, let's hope next update will help... Good luck
As the old saying goes. Revenue is for vanity and profit is for sanity. H1 2016 EBITDA losses $7 million H2 2016 EBITDA losses $3-4 million Painstakingly slow progress. The second half drop off in revenues is obviously a concern but I wouldn't say Blinkx is a dead duck yet.
His rhetoric just doesn't align with the poor results he keeps on producing. He has been largely impotent as a CEO during the last 3 years. Revenues continue to decline and even more worryingly; this appears to be the first time we have a sequential revenue decline from the first half of the year to the 2nd half. HY revenues for this financial year were $91 million and FY revenues are anticipated to be $165-$170 million which indicates revenue of just $74-$79 million for the 2nd half of the year (which, traditionally, has always been the stronger half). Admittedly; this has been a year of fundamental change, but it's not just this year that we've had to put up with woeful performance, it's been too poor for too long. It's now time for a new CEO & Someone more dynamic than S. Brian Mukherjee.
wanna press the sell button but my Jack Russell says NO!
Oh really...I'm surprised. I'll take a look. Thanks
Wagas - Shroder posted a chart a few months back with Tosca's holdings and I think you will find the opposite to what your saying they hold shares for a long time
For all the gibberish BM keeps spouting about market size, transformation, opportunity etc., I fail to see where Blinkx is going to go from here. The Presidential elections should have helped in this quarter but seem not to. Our inflection point was nothing other than fanciful and ahead of management expectations came to nothing. The only people making any money out of this mess are BM and chums. I thought they could turn things around , but now I think its very unlikely,
They don't strike me as long term investors so what do they do now? Tosca must currently be sitting on close to a 50% loss.
Nice work if you can get these plummy jobs!
Can't think of anything constructive to say, comments below sum it up nicely... Good luck folks, And yes, I'm still invested!
It's lucky we don't need to get in contact with the company today to ask any questions about the trading update or what they meant in the last trading update about beating management expectations as their only point of contact at FTI is away on holiday to the 18th and as NO mobile signal at all and will only be able to read emails between the 11th and 14th very intermittently Oh how I would love to go on a cruise. Keep up the good work Ed
Don't think BM is up to the job he is like one of these career politicians or Chief Exec of some government run organisation where it's all about saying the right buzzwords and talking gobbledygook rather than plain English and giving a kick up the arse or sacking people are not pulling their weight. Tractorhead the right about not sacking the board and they have on paper a good idea but needs someone in charge that bangs heads together and BM is not the man he is to interested in himself and what he can do or get for himself rather than the company. Even said it to his face at the AGM I wanted him out as he waffles too much and doesn't realise sometimes like now when new emerging markets are there for the taking it's a land grab and you have just got to chuck money and people to grab as much of it as possible and he is just too careful and worried about the self preservation. The King is dead let's find a new one
I've said it before, I'll say it again, BM is overpaid and has consistently underperformed. He needs to go.
Yes, I am surprised they have not announced one too, and given us some earnings accretive rubbish. It is bizarre how they have so far managed to buy these separate entities and earns nothing from them.