Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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They are trying to sell a product in their main US market that their customers cannot afford , or are not willing to afford at current prices......or..worse case scenario .....no longer want
The "new Supply and Demand Planning system and Customer Data Platform" cant come soon enough
300 000000 market cap down in a day that’s a lot of naughts a wonder how long it will take to get those back did think we were heading in the right direction towards a quid but probably another year plus now and that’s with any kind of positivity that seems we need to borrow !!!! Very depressing
this what the company wants a docker size 12 straight up it's ****. the product to dear and usa not even in recession yet so forget 2026.
Couldn’t agree more. I’m fuming. I notice the debt is due Feb 2026 and it is highly unlikely DOCS will be able to repay. Refinance will be much more costly assuming we don’t breach any covenants ahead of it. Dividend has to be cut. More pain to come I fear.
As a DOCS LTH, I am fuming. I thought all the bad news was out in the dreadful January update and the series of preceding poor updates. Yet they had even more bad news to come, this one really blindsided me especially as a trading update wasn't even due today. The markets hate it when companies drip feed bad news and DOCS will have to work hard to regain investor's trust, also it's laughable that they are spending more money to retain talent, managers who couldn't organise the proverbial in a brewery. These US issues have been festering for 2 years now and they still haven't sorted them out. I'm not convinced by the new CEO appointment, he's inexperienced and a branding man who will happily fritter away cash on marketing, what we need is a battle hardened nuts and bolts CEO right now. I'm certain this will recover but when and how I have no idea.
Hadn't realised that, Chris, many thanks. Agree then, they could well benefit from some fresh thinking / impetus.
Not so sure it counts as new blood though PJT12 as he's been on the board since January 21 as a NED. I'm not convinced his Apple experience and branding focus is what the company needs right now (more of the same?) . Hope he appoints a strong COO to get a grip of things.
In fairness, chris_g, there is new blood at the top, as opposed to just the previous talent:
"Wilson's replacement as chief executive is Ije Nwokorie, who only just became Dr Martens' chief brand officer in February and was formerly the head of global branding company Wolf Ollins and a senior director at technology giant Apple."
The Board still can't quite seem to recognise the reality of the situation.
They still seem obsessed with resourcing a long term growth plan when the business is clearly in need of rightsizing to the realistic medium term position. A £35m hit from inflation next year including "retaining and incentivising talent throughout the organisation" - that'll be the talent that has seen the business mismanaged to its current state I assume. And I hate the weasily "where possible" added to the statement on cost savings - sounds like they are really not committed to it. And why does it take 18 months or so of sitting on an Everest sized pile of inventory to only now start significantly scaling back orders in the supply chain?
Having said that I've topped up this morning on a view (hope?) that the business will be in better shape in 3 years time and the valuation at these levels appears to offer significant upside if that does materialise. The CEO change is essential but I would have preferred a more rounded individual with growth and rightsizing experience rather than an ex Apple manager. The RNS has a feel of a kitchen sinking exercise to prepare the ground for the new CEO (why else talk about a worst case for 2025?) but we'll see. Hopefully this is the last of the warnings and they've now cratered expectations so low that they should be able to get close to them in 2025. Maybe this is the point of capitulation? They must be in play now given this morning's price fall so that should also underpin the price?
One of the issues in the RNS is the over investment in america - warehouse , which means there will be huge efficiencies if the company becomes part of a larger group. Furthermore I am not sure that the all the standalone shops they have are an efficient use of capital and the departure of the CEO is an admission that he has seriously messed up imv.
If it wasn't a takeover target before it really is now!
Ripe for a takeover at this price and with the ceo departing - all lined up nicely imv.
Typical from docs