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Well at least there is a bit more detail this time… Wish they would share more on the numbers.
useless 6p raise now , ffs
fundraise rns
Can someone tell the Board:
1. You can include numbers in an RNS especially if it’s a quarterly update. It’s totally permissible and things like revenue, PBT, EBITDA, margins etc are fine to include. If it’s too difficult then find another listed company, find their latest trading update and erase their numbers and add yours.
2. When you clowns omit any numbers then the market assumes the worst because if your numbers are good, you will want to shout about them from the rooftops.
Not a bad update considering the macro environment, 12% increase in customer numbers in one quarter. Though the market itself remains unimpressed with no movement in the share price, hopefully this time new customer wins are covering the marketing spend!
LOL. sorry guys, worst share market ive ever seen
There we go he's back to form now
I thought draft just posted irrelevant cyber attack links which have little to do with brand protection, but that make me laugh out loud!
I think you need to do bit of research, he is not a city boy.
i doubt hes done any research, have u worked in the City? most people like him just go drinking every night
https://www.theguardian.com/us-news/2022/oct/10/cyberattacks-disrupt-us-airport-websites
Guys like Leahy are rich for a reason, this isn’t spare money he expects to play with and lose. He will have done tonnes of research and, more importantly he will have tested the character / skills / trustworthiness of the management team. A key difference to us more normal folk is I would expect him to have a 5 year plus time horizon here.
Not a holder at the moment, but would like to start building a holding fund permitting.
i hope you are right re Leahy as the number look worse every time i look at them. A Gross profit of c1.3m whilst spending 1.8m on marketing is madness. This is before operating expenses of over 2m and R&D (which can be increased/decreased as required i suppose).
I presume the logic is to increase marketing spend for a limited period to support the salesforce and then when reduce it once these contracts start renewing. However, the growth in revenues is just too low to justify it.
I had such high hopes for this company so am very disappointed. BOD just do not seem to know how to get this to profitability
terry leahy must have free money to play with, hes put a lot in to keep giving these guys going, TL must have known something to keep investing though
I thought the figures were bad. Cash burn is a real concern. I considered putting in money to average down but the risk is way too high. It's disappointing. I'm well under water and things don't seem to be going well.
I think these figures are very underwhelming and the company is years away from making a profit.
They have also given millions of shares to the BOD despite missing their ARR target!
I also can't understand why the gross margin % is only c50% i would expect it to be c80% as surely once you've created it the software runs by itself.
ALso not sure why so many staff keep getting employed - the rate of increase in costs is greater than the increase in revenues, which is clearly not good.
Regarding cash of c$2.2m they had a 6 month operating cash burn of $2.5m so this is a concern. Also if you look at the details they have $2.3m of deferred revenues, which is essentially pre payments. Without this they would have no cash!
The only positive i can see is the new contracts, which as has been mentioned has picked up int he last few months.
I think that why the share price hasn't reacted is because their cash burn is so high at the moment, so they may still need a placing in the not too distant future?
Ditto….much better than I feared.
I also cannot understand why the share price has not risen on the back of this.
Way better than I was expecting too… may add at these levels.
I actually found this more positive than I was expecting. Seems to have been a better pick up in new customer acquisition from May to August compared to the update of May figures. Hopefully they are able to accelerate this further, and it is not coming at too high a cost.
So help me out here please. Do we still hold the original 508,809 shares we had in WeShop as shares held by CSI now? And I believe that in April 2023 CSI gives those shares to us (which I suppose we may then be able to sell if we wish).
If correct, then another investor (Vela) valued their shares at £5.98 in July, which would make our stake worth about £3m.
Does that all sound correct?
IamFire is pleased to share the following update received from WeShop Holdings Limited regarding performance figures since the soft launch of the WeShop platform and initial rollout of influencer campaigns.
“WeShop is pleased to report the following highlights for the months of July and August since the soft launch of the platform in the United Kingdom.
Highlights
User downloads as at end of August were over 23,000Annualised gross merchant value (GMV) averaged £2.4m in July rising to £5.8m in August Average spend per transaction increased from £75 in July to £81 in AugustTransactions increased from 2,633 in July to 5,981 in AugustClick to purchase rate averaged 16% across both months80% increase from July to August in number of users completing at least one transaction during the monthAvailable products on the platform have increased to over 1.2bn Over 200 national and local press pieces on WeShop launchAppointment of key hires including James Fox from TikTokTravel sector introduced to blend of merchants”
IamFire currently holds £4m of Convertible Loan Notes in WeShop Holdings Limited. It also holds the right to subscribe for a further £3.75m in CLNs. In addition, it holds a £4.5m CLN in Community Social Investments Limited.
Richard Griffiths, Chairman of WeShop Holdings Limited said:
“We are exceptionally pleased with the commercial progress of WeShop since the press launch on the 4th July 2022 and our KPIs are tracking ahead of forecast. We have received some very valuable insights from our community both directly and from the data itself over the last 2 months and are exploiting this information to enhance further acquisition and engagement. We are also very encouraged by the Founder Influencer Program which we launched where resultant engagement and GMV has been particularly high. The whole team is working incredibly hard to optimise the platform in anticipation of a US launch.”
The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.
REGULATORY ANNOUNCEMENT ENDS