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Oooh a Non Exec Director. Governance of this business may now get the attention it deserves. Happy days, or not? Guess it depends how high the food chain you are.
following update for the year ended 30th November 2013 ahead of its preliminary results announcement on 17 February 2014. Trading is in line with the Board's expectations, with profit growth in the Sport & Gaming division complemented by increased investment in Education. In the Education division, 2013 has seen further growth in its Conferences business, which in the final quarter has achieved the highest number of delegates for four years. At the same time, the business has deepened its investment in its digital support service for school managers and a range of new self-delivered training products has been developed. The migration of subscribers to the new digital platform has now been completed and the service will continue to be developed through 2014 as a cost-effective source of professional education and advice. With the market now stable and school managers facing considerable challenges to improve both performance and efficiency, the Education division has the opportunity to achieve considerable future growth. The Health division has also ended the year positively, with the Speechmark speech and language therapy business enjoying a recovering in the second half after a disappointing start to the year. The investment in the transition to digital products in this business is at a very early stage compared to the Education or Sport & Gaming markets and is expected to increase in 2014. In preparation for these changes a restructuring of the Health business has been agreed. This will entail the closing of the editorial and production office in Milton Keynes and centralising operations in one location in London. The aim is to drive the development of new digital products in a multi-disciplinary environment. The Sport & Gaming division has seen further growth in 2013 with the continuing expansion of iGB Affiliate events. iGaming Business North America has also grown revenue and can expect to benefit from the recently-announced partnership with the iGaming North America conference. In SportBusiness, the high-value TV Sports Markets subscriptions service grew strongly in 2013 and new investments were made in growing subscription revenues by launching the SportBusiness Knowledge Centre and in developing Sports Sponsorship Insider. Overall the Group has made good progress in 2013 in what has been a year of significant change, including at Board level. The new Chairman and new Finance Director appointed earlier in the year are also to be joined by a new Non-Executive Director. The Board is delighted to welcome Henrietta Elizabeth Marsh (54), who takes up her role on 1 January 2014. Under the 2012 placing announced on 17 August 2012, the Company granted ISIS EP LLP ("ISIS") the right to appoint a representative of ISIS to the Board. Henrietta Marsh has been nominated by ISIS to be appointed to the Board of the Company Henrietta is a non-executive director of Acal plc and Dods (Group) plc, a director of
It was too easy. Given the sells on Friday, who will be playing the violin at the end?
Most interesting and very funny are some of the comments here.
How many times can the deckchairs be rearranged?
People who receive cards will have no idea whether the envelope contains a bonus (unlikely) a card (maybe) or a P45 (perhaps). I suspect big cheefy had an interesting report to read well before Xmas. Lets hope he receives an abacus in his stocking.
It'll be fantastic, champagne all round and a new bell for the Chief Exec's bike!
I had in mind a different TV programme, Dad's Army. More Private Pike rather than the messiah, and for the record, "We are all doomed."
Wasn't it the Igaming side of the business that made the most profit? Genius decision to close that then. Whats happening to the other bits of the business? Fire sale?
Is this really based on the Igaming deal? If Erik is correct and the sp is rising due to an unanounced restructuring then it is time to question whether the FCA should be involved.
Yeah the SP has reached 2p, who has been sacked?
No surely not. They have finally developed a gift for the bleeding obvious like me.
Buying is the easy part. The senior management are very good at spending money we know. As for investing, I do not think they know how to do that. As for a return on the "investment" now I am talking gobledygook the senior management would not understand. As for this being the biggest issue, no, I wouldn't say that. The biggest issue is that the guys at the top do not appear to know what they are doing, in many areas of business, but please prove me wrong. Less typos today, I have found my glasses.
I think you will fing the money has already gone. On what? Nobody knows, but a few are aware of things purchased that didn't make it into the accounts and things quietly left to wither on the vine, hence the change in FD? As it benefitted the shareholders, silly question.
Anybody know what happened to the investment they had not so long ago? We know what we were told in the announcements but what really happened to it???
Who in this company has?
Read the results, if this were a dog you would put it to sleep. There is only the board to blame for this, no-one else. As for where it says Subject Opinion I would have selected "Flee" but that option was not offered.
Well, not a great set of Prelims' yesterday and further to the announcement of 3 January 2013, Electric Word announces that Quentin Brocklebank has today stepped down from the Board. William Fawbert, who joined in January 2012, has today joined the Board of Electric Word and taken over as finance director. Here's hoping these new guys are an improvement!
Having presided over a halving of the share price (and I am being generous) the Finance Diredot is leaving. 1 not soon enough, 2, why is any of the senior management still there? Didn't a lot of money get spent buying health care business's (ikonami for instance) what have they done with these business's since? answers on the back of a share certificate as they are not worth as much as a postcard.
its christmas eve, put your feet up get a sherry and mince pie and relax lol.
However the Health division endured a more turbulent market in 2012 with significant structural reforms that are expected to continue through 2013. "As in the Education market, this will create opportunity in the medium term as new organisations are formed and further professional development requirements are introduced. Investment will continue in 2013 as the business evolves and develops," the group said. Overall the group said it has made significant progress in developing new services around its evolving online platform and finishes the financial year with no net debt. "We look forward to building on those achievements in 2013."
Electric Word, which provides training services for the education, healthcare and sport sectors, said following its fundraising in August, trading is in line with company expectations. In its update ahead of its results for the year ended November 30th 2012 the group, which provides specialist information and professional development using websites, magazine, books, training, conferences and consultancy services, said the Sport & Gaming division was boosted by the launch of its iGaming Business in the US. It expects iGaming to create further opportunities in 2013. In SportBusiness, higher-value subscriptions and consulting services grew in 2012, offset by weaker advertising and investment in developing new services such as in the sports sponsorship market, the group explained. In Education, growth in the Conferences business continued at the same time as investment in building the new digital schools management support service has been increased.
Do we know when the next trading update is to be issued? Following the injection of cash from the "placing" I was wondering if they have done any trading? Or are they still using stealth and hoping nobody notices their products? What has the cash been used for?
Julian Turner, Chief Executive, commented on the Firm Placing and Open Offer: "The proceeds from the fundraising will allow the Company the scope and capital to speed up investments over the medium term to take full advantage of the Group's opportunities over the next three years and enhance value within all three divisions. This will have a short term adverse impact on profitability but is expected by the Board to leave the businesses in a much stronger position in the medium term."