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As I understand it a TR 1 must be submitted to the company if a shareholder buys in excess of 3% of the total number of shares/voting rights in issue, and for every single percentage point thereafter within two days of the transaction. The same rule applies when a holder reduces a holding. The company must then release an RNS to the market by close of business on the next working day. Where is the low point of this dreadful slide ?
it's not SD
If this is a single seller, it can only be Sports Direct, Toscafund or Schroders. No one else holds this amount of shares.
Surely the sells today are what credit suisse and schroders acquired recently,if it isnt then 10 millions shares have hit the market,im expecting a few holding rns's in the coming week or so.
Some significant selling going on today.
I am sure whoever it is will have their reasons but I am baffled as to why they would do so given the positive nature of everything that has been recently reported. Why sell when the SP is this low, it doesn't make any sense.....
The way the share price is being kicked around and manipulated at the moment reminds me of the bad old days of 2015/16. For no reason the share price now looks fragile and capable of dropping at any moment despite the solid report and director buying. I don’t think this is just a consequence of the wider market, the market makers are intent upon pushing the price down but for what reason ?
I have had similar thoughts.
If future reporting goes as I hope/ anticipate and buyers turn their attention to the company with growing awareness, there could well be a significant spike in the SP as the few shares available get chased upwards.
Time will tell.
I take your point 1GW_. That extra two weeks could make a significant difference. I have studied the Edison report in closer detail and accept that 8% could have been achieved post the half year report. What concerns me more is the suggestion in the report that the wider sector is undergoing a re rating. Despite the solid buying as Columbo has pointed out, the price has been marked down with the reporting of each new trade. At this moment I believe the company has done as much as it can to halt the recent twenty per cent diminution in value.
With the recent intervention by credit suisse and also schroders topping up and also directors buying in,apart from investors who hold shares who post on this board,there cant be many more available in free float,thats why i am quite optimistic about the future.
https://www.lancashirebusinessview.co.uk/express-gifts-creates-750-christmas-jobs-accrington-109077/
Further to my last post, the Edison note does comment "The Studio platform offers unrivalled value, growing its customer base, from 1.8m to 1.9m y-o-y. However, because of timing, this progress is not apparent from H119 results."
So it looks like it may be a base period issue, with the start of H2 being particularly positive year-on-year.
The fact remains though, Skindle, that they talk about a 28 week period in the TU, whereas the results are on a 26-week basis. So that at least muddies the waters, whether or not it is indicative of a "mistake" somewhere in reporting the numbers. And Express is complicated by not only the combination of product and financial services revenue, but also by the restatement caused by the new accounting standards.
What they do say is that year-to-date (including the first 10 weeks of H2 I think), Express Gifts' total revenue is up 7.7%, which would round to 8%. So I wonder if it is just extending the period to 28 weeks from the 26 in 1H brought in a particularly good comparison fortnight which got the number up to 8% on a rounded basis?
Edison have a revised note ("Extraordinary growth continues in peak period") on their site.
I don’t think this was a mistake 1GW_. The board will know their revenue and PBT virtually to the minute. To release such a detailed trading statement on the 17th October was unusual, when in previous years they have merely confirmed the half year report release date. What concerns me is the claim of an 8% revenue increase at Express Gifts was not even close to the truth. In all other respects I am very happy. The all important PBT was way beyond what I had expected mainly thanks to the currency hedging and Credit Suisse must be happy because it would appear that they acquired their stake in the low twos. Even if the company repeat their second half performance of 17/18 we can expect revenue of around £485m and PBT of approximately £31m. Exceptional figures for a company currently valued at under £200m.
I can't see anything that answers the question but also agree with 1GW that its a good point you make Skindle.
Elsewhere, I am pleased to see more confirmed support coming through from Schroders today in addition to the recent position Credit Suisse has taken and most importantly, the Board buying approx. £300k of stock.
With regards to the latter, I can only draw the conclusion that in the knowledge of how well they have traded in the 'record-breaking Black Friday period', I believe they have every confidence in how the remainder of the pre-Christmas period will pan out and this will enable them to issue an upgrade in January for FY profits guidance at which point the SP will head strongly north.
Good point. I can't immediately see how to get the 8% number from the 1H results. Is it as simple as them mistakenly comparing a 28-week period in 2018 against a 26-week period in 2017 in the TU, whereas in the results they've got a like-for-like 26-week period for each year? Or might it have been a genuine like-for-like 28 week period (including 2 from 2H) and they had a very poor first 2 weeks of 2H last year because of the implementation of this new Financier platform? I agree it looks a bit odd.
“Express Gifts, trading as "Studio", is the Group's largest business and grew revenue by 8% in the first 28 weeks of the year (a period which takes into account the changes to marketing activities across the half-year in 2017 due to the implementation of the Financier platform in early October 2017).” I lifted this from the trading statement released on the 17th October 2018. Having scrutinised the half year report I cannot find an 8% uplift in Express Gifts revenue. I conclude that this was a mis representation of the facts. From the 22nd October the price dropped rapidly from 275 pence to its low of 199 pence. Was this detailed trading statement on the 17th October for the benefit of Credit Suisse ?
A solid half year report, 106,801 shares bought by directors and the share price barely moves. The stock market is inexplicably perverse at times. I think we have Credit Suisse to thank for the sub £200m market cap despite free cash flow of just over £4m.
And the second RNS strongly suggests the Board are happy to express the same sentiment as my last post.
Really pleasing to see such collective confidence being demonstrated by those in the know and hopefully the market will now start to reflect the same.
Steady and broadly very positive.
For me, there is nothing in there that suggests the SP should have fallen as far back as it has done.
Black friday period,we will have to wait until jan to see how xmas has done,all in all not to bad,not expecting any miracles as far as the sp is concerned,the business as attracted an extra 100k customers,so things are going in the right direction.
Delighted and relieved. An excellent report although the adoption of the new accounting method muddies the water somewhat.
Too many numbers! Overall I get the impression that there's a bit of disappointment coming through the commentary on some of the adjusted numbers. But for once some of the things that are adjusted out give a real boost to the bottom line numbers. In particular those fair value movements in derivatives provide a real boost to the reported profit and EPS.
Fearing the worst but hoping for the best.
Next wed if i remember right,credit suisse wouldnt suddenly jump on board and acqire 8% of the total share capital if they hadnt done there homework about findel,really cant understand the rapid drop from £3 or so as we havent had any bad news since then.
Thanks for your research 1GW_, interesting to note that Credit Suisse have invested. I say again though, the critical number is our profit before tax, anything above £8.1m will ensure that the price rises back towards 300 pence, anything below could cause some short term diminution.