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Shivers and cold sweats........this reads terribly
Does anyone know what is going on? Looks as if some one is stirring the pot.
IDOX has successfully established itself as the supplier of software for UK local government systems. some of this, particularly the election software is usable in other countries. The recent "eye off the ball" problems has made the company much more affordable to one of the major software houses who would like to add the capabilities that IDOX has to their portfolios. Could the recent price improvement be a recognition that they may be using their slide rules to evaluate IDOX
Previous CEO Riley said that the future had never looked better yet a year later the company got into a complete mess due in no small part to his ill health. What was the chairman doing at this time I ask myself and clearly not on top of the situation which appears to have only been addressed when the current CEO came back in. Meanwhile ordinary shareholders appear to be kept in the dark as much as possible and we still don't know when the AGM will be or the half year statement as reporting dates on the Idox website have been blank for some time following failure to meet previous reporting dates. Looking to the future I think the board needs to be considerably strengthened, shareholders to be better informed but I have every confidence that the current CEO will sort out the recent problems- he has a strong vested interest in doing so being a substantial shareholder in the company and at current levels a very attractive takeover candidate
to SP here, from what I can see - looking through past history and current RNS's. A profitable company offering a "bonus" dividend ex date by month end... what's not to like for potential new investors at this price level?
A great relief to at last get the unsurprisingly poor results Agree with your sentiments , looks like a lot of infighting over revenue recognition and common sense has thankfully prevailed. Hopefully the board can get this together , they will certainly be a lot more clued up from here. Wont be going to the AGM , regard this as a l o n g term hold . Amazed that with all the gov cuts repeat business has held up well. ATB
So who�s going to the AGM, since that will likely be the only chance to get some idea of why the CEO has gone? From a cursory reading of the full year earnings, there has been an unholy fight over �revenue recognition� given the mention that the CFO and her team should be �congratulated for their diligence and integrity in standing up for the correct treatment� of when to recognise revenue and who �in difficult circumstances upheld the company�s standards of honesty and integrity�. That at least is one clear positive to take from the extended delay in finalising the accounts for shareholders. So the 6PM purchase has proven to be worse than anticipated since due diligence failed to clarify the poor state of its accounts prior to the acquisition, leaving IDOX in breach of loan covenants. So much for buying an entity listed in Malta. More to the point, along with the loss this arm turned in, before all of the accounting noise with provisions and the like, management is finding it hard to figure out just how to engage with the NHS with an internal review underway which may see this unit remain lead in the saddle for some time yet, which is unfortunate given the need to ramp up revenue and cash conversion to bring debt back under control.
Read the full RNS today and reasonably impressed. Get all the bad news out in the open and then move forwards. Good leadership - at last!
and - judging by this mornings buys already - I think many seem to agree that the current SP offers great short / medium and longer term growth value. GLTA
And results are out!! With no new serious issues. Cash generated by operations �15.165m (last year �13.548m) in my opinion IDOX still a good operation
From the last RNS: "As a result of the matters above, the Board expects that the Company's final results for the 2017 financial year will be announced in February 2018." 7 hours to go!
More likely to have trading suspended until they can come up with some credible results.
It is now four months since the books were ruled off at the end of October. Typically annual accounts and annual meetings must be held within a prescribed number of months of ruling off the books, or risk having shares delisted. Anyone know what the rules are for AIM traded securities? The accounts of this outfit were to be announced originally before Christmas. With Easter not too far off, still nothing despite a promise of accounts by the end of Feb.
Today could well be the day they release those pesky results .... that is unless this happens to be a leap year then maybe tomorrow, update in March for 'is this a leap year or not' I totally agree with Oldone... yes you have wonder... bad/poor health is never a good thing
With the update due �by the end of February� there should be only a few days to wait. Given the numbers were due originally on December 20, a two month delay to sort out a minor number of revenue items seems a tad odd. All the more so that these same few items were worth some �3 million at the EBITDA level. It makes you wonder whether the CEO will return from sick leave, or not ...
" May be at the end of the month " . I rather like that , they stated that the results would be delayed until Feb, lets hope they keep their word. The reporting standards in british markets are lax to put it mildly, even in the main FTSE sectors companies and auditors seem to come up with fictional numbers to suit their requirements . The two most successful economies in the world are the USA and China if the cons inflicted on the british " markets" where attempted in the USA the perpetrators would be banged up for 30 years , in China they would be shot. In britain after a suitable pause they are booted up to the House of Lords. Still even with the large spread here we appear to be undergoing a rise into the results so fingers crossed. ATB
AGM will not be until after the results update which may be at the end of this month. The 24th was last year!!
Seems the AGM will be on the 24th ...hopefully the final results will be released soon after ref http://www.idoxplc.com/images/annual-reports-2017/Notice-of-AGM-2017-Idox.pdf
The investors page of the IDOX internet site shows that there is to be an AGM next week, 22nd February. Hopefully we'll hear positive news.
ref RNS Number : 1571Z Year results soon ... maybe!
some large buys,landing
Thanks for the link ShareSoc. Interesting read . Looks as if all the problems here are about revenue recognition , as elsewhere in the market. The " authorities " urgently need to clamp down on reporting standards , cash is king but at the moment companies can clam profit where it simply does not exist . It is hardly worth reading financial reports , i do not expect the " authorities " to act though because their snouts are feeding from the same trough . Looks as if we have ( temporarily ? ) stuck around 29 I actually expected another leg down today. ATB
There is a blog post on the IDOX profit warning available here: https://www.sharesoc.org/blog/company-news/persimmon-directors-idox-profit-warning-transplants/
scenario here would be --- A board bust up and the sick leave is akin to a gardening leave while K-C lifts the bonnet He finds that 6PM was over paid for and is unprofitable and warranties attached to the purchase are not enforceable . The vendors of Halarose are miffed at accepting shares @ 61p for their company and their warranties are enforceable. Continued late payment / delayed contracts enforces a large write off in the results while debt balloons. The banks threaten foreclosure. The best case would be --- The RNS is accurate . A. R. makes a swift recovery and the profitability is a tad down on last year . Hopefully nearer the latter than the former. K- C would have been involved in the 6PM transaction so a board bust up is improbable . The fact that A. R. has been ill might explain the strange afternoon timing of the previous RNS whoever issued it wasn't clued up .The large fall in the sp is the result of uncertainty, it should have been made clear exactly what they where refering to , if it is just a small number of items that should have been easy. Another RNS with more clarity would suffice This is a well diversified company with strong recurring and growing revenues it should have an assured future. .
Man alive !! I note that the above regulation is presumably courtesy of the European Union . When Brexit finally happens is the " market " going to be even more gung - ho ?