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Firm Placing of 88.3 million Ordinary Shares at 1.5 pence per share to raise £1.3 million and Open Offer to raise up to £0.5m Highlights: · Conditional Firm Placing at 1.5 pence per share to raise gross proceeds of £1.3 million · The Offer Price represents a discount of 7.7 per cent. to the closing price of 1.625 pence per Ordinary Share on 16 August 2012 (being the business day prior to the announcement of the Firm Placing and Open Offer). · Net proceeds of the Firm Placing to be used: o to increase web development capacity and additional content for new digital products; o to strengthen senior management resource; o to reduce bank debt to improve terms and flexibility; and o for general working capital purposes. · Open Offer to allow existing shareholders to subscribe for shares at the same price as the Firm Placing.
http://www.investegate.co.uk/Article.aspx?id=201208200701013127K
CURRENT TRADING AND PROSPECTS Current trading is in line with the Board's expectations but will be impacted by its plans to accelerate its programme of investment through the rest of the year. This takes place against a background that includes a number of short term risks and opportunities. The migration online of the Education subscriptions business is a significant change and will take time to become established. In the Health division, the customers for Radcliffe Solutions' HR software business are going through considerable and rapid change. Both offer great opportunity in the medium term but with short term variables. At the same time, the Group is building on its previous investment in a new online publishing system to develop new digital products in the Health and Sport & Gaming divisions, with the objective of adding to the long-term value of those businesses. The equity fundraising announced with these results will allow the business the scope and capital to speed up these investments to take full advantage of the Group's opportunities over the next three years. This will have a short term adverse impact on profitability but is expected to leave the businesses in a much stronger position in the medium term.
Julian Turner, Chief Executive of Electric Word, commented: "We are engaged in a programme of investment to create businesses of lasting value in each of our markets. We have continued this programme despite the difficult trading conditions that we have faced in public sector markets because we see new opportunity in the structural changes that are taking place. While the turbulence is likely to continue for some time, particularly in the Health sector, we are taking the opportunity to build products and market positions to deliver future growth. The additional funds raised will allow us to accelerate that process as we seek to deliver significant increases in value across all three divisions in the coming years."
Operational Headlines · Education division: successfully launched online subscription service for schools offering regulatory information, case studies and advice across many different staff roles; investment now in selling and marketing the new service · Health division: maintains revenue despite significant change both in the sector and products; investment now in marketing with substantial online development starting · Sport & Gaming division: launched new sponsorship deals data product; further investment in media rights and gaming · Proposed accelerated investment in the second half of the year · Opportunities for organic growth in all sectors
Interim Results to 31 May 2012 Electric Word, the specialist information publisher, announced today interim results for the six months ended 31 May 2012 and plans to raise funds for additional investment through a Firm Placing and Open Offer. Financial Headlines · Revenue of £7.7m flat on prior year, with 2011 restructuring reducing activity in the Education division compensated by growth in Health and Sport & Gaming · Education division returns to profit* from continuing activities with £0.1m profit (2011: £0.1m loss), from 2011 restructuring and improved event bookings · Adjusted profit before tax* of £0.4m (May 2011: £0.5m) through a period of much investment and development across all three divisions · Net debt† remains at £1.7m (May 2011: £1.7m) · £1.2m net Firm Placing to fund accelerated development and enhance value · Open Offer to allow existing shareholders to subscribe for shares at the same price as the Firm Placing
http://www.investegate.co.uk/Article.aspx?id=201208200700053124K
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11302258 These new monies will tidy up the balance sheet no end and new cash and shares appears to be a wise move judging by the small discount to the prevailing share price.
Is that the share price or the current valuation of the company? Easy to get these two mixed up. You wouldn't want to be this management teams bank manager would you?
Any sign of leadership from the management yet? That is why we will be lucky if this becomes a penny share. Any chance of a takeover?
I just bought 50,000 ELE & it's showing as a sell.GL.
So i'm buying on the dips & i just bought another 50,000 ELE.GL.
So the latest trading update shows that they could not achieve the targets they set from the last trading update, and they were hardly targets that would stretch most management teams. Given that most ordinary folks on the street could see the economic collapse coming and predict that public spending was going to fall in education, the question is why didn't the management here? A lethargic slug on mogadon would have reacted quicker. Time for a break up and sell off the parts of the business
Due 18th oct 2011?
So i have bought on the dip today.Good Luck.
Julian Turner, Chief Executive of Electric Word, commented: "Despite a tough market environment in Education, which remains our largest sector, the Group has continued to develop and invest in 2011. We see a lot of opportunity for providing professional development support in the Health sector and are pleased with the initial positions we have acquired. The process of building on the strengths of both businesses and adding new organic investment initiatives has already started. In this investment period we are benefitting greatly from the continuing strength and growth of the Business Information division which has performed well across both the business of sport and online gaming. Current trading is in line with the Board's expectations. This is however against a back drop of a tough macro market and sales in education remain hard work. Business Information continues to trade very well, although it will not cover a further shortfall in education if that revenue drops further. The Group's focus in the second half will continue to be on the ongoing investment in product and online development and Group infrastructure, together with appropriate actions to protect profits. The next few years promise growth opportunities in the Group's chosen markets and the Board fully expects Electric Word to make the most of those opportunities from the foundation provided by its established market positions and valuable publishing assets."
Key Operational Points · Education spending has been slow from Q4 2010 as schools budget conservatively but medium-term growth opportunities coming into focus, with new higher-value online service planned for launch in January 2012 · Acquisition of Radcliffe saw Group enter the health sector - Integration going well and bolstered by acquisition of HR software provider Ikonami in April 2011 · First health sector conferences marketed and training course programme significantly increased · Contract buy-out of iGaming partner meeting expectations and Business Information division continues to perform strongly · Continued investment in digital product and other areas of growth · Current trading in line with Board's expectations for 2011 · Future opportunities for organic and acquired growth
Electric Word, the specialist information publisher, announced today interim results for the six months ended 31 May 2011. Key Financial Points · Revenue of £7.7m down 6%, as expected with growth in Business Information division mitigating slow sales in Education sector · Business Information division shows profit growth of 84% (25% organic, 59% acquired) from £0.4m to £0.7m · Adjusted profit before tax* of £0.5m (May 2010: £0.9m) after reduction in high-margin education conference delegate revenue and continued investment in product and online development · New health sector profitable in first period and performing to expectations · Continued cash generation from operations despite acquisition costs and reducing payables by over £0.5m since year end · Net debt† remains low at £0.8m (May 2010: £0.5m)
http://www.investegate.co.uk/Article.aspx?id=201107140700103640K
Electric Word is reiterated as a buy by Panmure Gordon.
MENTARY .....my dear Watson .
Julian Turner, Chief Executive of Electric Word, commented: "With the acquisition of Ikonami we are extending further into the Healthcare sector - an area which is evolving and for which there is significant government funding. Ikonami has an excellent reputation for its software within the NHS, a strong market position and an outstanding opportunity to grow in a fast-changing environment in which effective people management, training and compliance will be increasingly important within the new health service structures. As information and workflow tools become more integrated and Electric Word's services become more digital, this acquisition gives us an excellent platform for future organic growth in the healthcare sector and allows us to extend the Radcliffe brand so soon after we acquired it." Arif Ahmed commented: "Ikonami has a close relationship with its customers which include over 400 NHS Trusts. We believe that they will benefit from the investment we will be able to make in bringing our software to more Trusts and further improving the quality and depth of services we can offer to NHS Training Managers, in particular as part of the growing range of Radcliffe products and services."
Electric Word snaps up NHS software firm for £2.2m Date: Friday 15 Apr 2011 LONDON (ShareCast) - Sports and education information publisher Electric Word is buying NHS software provider Ikonami for a maximum consideration of £2.2m. "With the acquisition of Ikonami we are extending further into the Healthcare sector - an area which is evolving and for which there is significant government funding,” said chief executive Julian Turner. The amount is made up of an initial cash consideration of £151,250 to be paid over the first year after completion, and the remainder (of the maximum consideration) will be satisfied if Ikonami is able to make £1.15m in profits in the year to November 2013. Ikonami made a loss before ta for £115,921 in the year ended 31 October. Seperately, Electric Word announced that its sports and iGaming information division is showing strong growth, and profits for the current year are expected to be significantly ahead of last year. However, market conditions in the educational publishing division continue to be very challenging due to uncertainty in education funding.
http://www.investegate.co.uk/Article.aspx?id=201104150700089830E
Did you get that email and attachment I sent the other day? I just received an 'undeliverable' error message from the 'Postmaster' email address I have for you.