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Yes if there were no outflows due to News That Metro going bust they may have turned a profit
Meanwhile, think about demanding accuracy whilst being sloppy about stating Q4 losses … these were due to one off factors … namely the need to stop outflows from last year.
Yes if there were no outflows due to Metro going bust they may have turned a profit
And you TwoGood2Die have the cheek to call others deluded when you think Metro is valued at over a billion lmao! You sir are out of touch with reality.
A loss is a loss whichever way you slice it. There are some posts here clearly hoping for unicorns and rainbows - good luck with that you'll need it.
Losses that average £10m a month in Q4 …. Explained in the results from the shenanigans last year …. I’m still bemused at METRO booking a profit for 2023 that is presumably taxable or at least offsets losses from previous years .,.. only about 10% of firms historically post statutory profit ahead of underlying profit so I found out late this morning and I’m annoyed I didn’t dig further earlier … but such is life, one takes it on the chin and moves on.
Meanwhile, think about demanding accuracy whilst being sloppy about stating Q4 losses … these were due to one off factors … namely the need to stop outflows from last year.
Gilinksi planning to grow Metro Bank & the new CFO who has held some good positions in Banking will turn Metro around.
Metro need to bring in more account holders were they can earn a little on deposits .
Shame they had the out flow of funds as imo they might have made a profit ?
Not a new poster. You may remember back in November I was pointing out that your post where you said "Gilinksi planning to grow Metro Bank through acquisitions thereby strengthening the balance sheet and doubling revenues and profits that's what the £3 billion mortgage book sale will fund something the current mgt team failed to deliver following the last mortgage book sale to NatWest..." contained a fundamental misunderstanding of what the sale would do to the bank's capital position (i.e. it resulted in less rather than more core equity-doh- which was way they abandoned it). Today i am pointing out that a statutory profit built on a one off haircut to Tier2 was not going to prompt a re-rate because it actually exposed ynderlying losses of £10m a month in Q4. Both of these suggest i do infact know what i am talking about. But otherwise you raise some great points, reflecting i am sure, a firm grasp of financial analysis.
Me too. It's held support, so I've gone long on MTRO, today.
At a bit over 32p using up most of previous profits to add to already held 'for free' shares to give a round xx,xxx shares now held 'for free'.
This is a tiny for fun holding for me, so not too bothered if Metro fail to get their house in order. Shareholders with larger stakes will of course keep a closer interest. Good luck
Cyberpuppy
"Cyberdoggy
Posts: 556
Price: 34.25
No Opinion
RE: What negative nonsenseToday 10:46
Imo, metro will be taken private for less than the current market cap, just not sure for how much less than current cap, or when that will be, but that's my opinion on what the future holds"
Deluded!
Gilinksi won't be selling at a loss lol!
Chatbox when you know what you are talking about pls cone back otherwise suggest you jog on with your short position being a new poster just poped up on results day!
Despite the turmoil in October with the refinancing and recapitalisation the underlying loss was telatively small and an improvement of 67% on prior year losses with a £30m statutory profit reported with Q4 still reportingban underlying operational profit.
The Results Meeting today was excellent with key takeaways that profits will grow five fold over the next 4 years and there is plenty of scope in the balance sheet to leverage lending and rescop the asset mix to generate more income. The £50m annualised savings on track worth a further £30m identified all being delivered by Q2 this year, as in 3 months time. I expect the next trading up date will reflect the savings and the turnaround and growth strategy gaining traction.
I shall hazard a guess that our negative contributors will gradually fade away in the coming months as it becomes more apparent that Metro Bank is on an even keel.
As for taking Meyro Bank private its much harder, expensive, and time consuming to value, and find a buyer and sell a private firm than an already listed business.
I wouldn't be surprised as the share price recovers and grows Gilinksi reduces his risk exposure but ultimately a sale may not occur within the next year or so in which time the share price will no doubt recover much of its recent loses..
Or we maybe surprised that new bids come in well north of 100p valuing Metro Bank in excess of £1 billion.
From the results tucked away:
"and the gain recognised in relation to the haircut on the Tier 2 debt instrument in the debt refinancing, marginally offset by costs associated with restructuring."
Unusual to report a statutory profit ahead of underlying earnings ... didn't occur to me that would be an uplift.
Thanks.
It is not a one off cost. it is a one off uplift to income i.e. there is £74m of income (net of transaction costs) in the 2023 numbers that will not be in the 2024 numbers. That is why you have a statutory profit and an underlying loss (since teh income uplift is just accounting) The 2024 numbers start with a run rate £10m a month loss. If the costs come out that might get to £5m. But that is your start point. You then have to believe a story that says deposits will keep flowing in, despite slashing the front line staff, the bank will pivot to higher yielding assets (despite the last pivot being teh purchase of Ratesetter that is being shut down) and the bank wont need to invest a load of money to upgrade its systems like everyone else. This is all basic stuff. if you cant understand what the bank is reporting hard to understand why you can hold any credible opinion
More job cots announced on yahoo this morning :-)
So a £100m one off cost not taken into account in H1 reports. So prey tell us all how a one off cost in 2023 feeds into 2024.
The £100m is the write down of tier 2 debt going through the P&L. In other words it is a one off uplift to income at the expense of the debt holders. Less the £26m of costs associated with the recapitalisation, they statutor profits are inflated by £74m. Which is why the business is loss making on an underlying basis. which is why, when you consider it was profitable on an underlying basis to the tune of £16m in H1 the results are not good. Q4 was a £30m loss
Imo, metro will be taken private for less than the current market cap, just not sure for how much less than current cap, or when that will be, but that's my opinion on what the future holds
According to the Appendix page 26 in the presentation given today, a £100 million outgoing was booked to capital raise and refinancing impact the underlying profit compared to statutory profit, with £2.4 million to net C&I costs whatever these are - I have not bothered to decode.
Seems strange to add what I assume are one off costs to underlying share reports going forwards, but there it is - but someone has done well in the refinancing department of some company somewhere so it seems.
Assume the above are one off costs, and the results posted today seem pretty good for a bank in the trouble it was last September.
Question for you Cyberdoggy I think your observations on the recapitalisation look on the money (i.e. who lent the shorters the stock to drive the price down to where Galinski wanted it in october?) But how does a stock that is so closely held find a genuine price point if it is so open to manipulation. Or more pertinently, where do you think Galinski wants to take it? Would you agree that the challenge he has is that he could try and ramp it up, but that would increase the takeout price if he has to put more in and essentially take private? So he is probably fine with it bumping around the mid-30s and hoping that either someone buys at say 40p, or slash and burn actually works and he gets a but more profit to avoid the recap? Regulator cant be happy- as the Autonomous lady also alluded to
The business is going forward and all the scaremongering from Sky news last year has been unfounded. Facing forward and growing . A few more sessions and this will be back over 50p. Chatbot must have been made redundant from the bank
People are finally realising that comments on here from certain sections have been baseless ramping now for a long time, as I've clearly tried to point out for a long time now on here. Now following the results call today its all been made clear on expectations for future growth etc. So now we can finally put the nonsense to rest and ignore the nonsense ramping you will no doubt continue to see on here.
So in the prospectus in November, on which we had to vote on recapitalisation, the bank guided mid-single digit ROTE in 2024 and 9% ROTE in 2025. Less than 4 months later, guidance is we are loss making in 2024 and low single digit in 2025. No credibility at all. The lady from Autonomous called it. They will need more capital. Has to come from Galinski and he will have to take private. He wont do that for any more than the 30p he put in last time so no chance of a rerate.. We need someone to come in for this bank and take it out. But my fear is that buyers will will wait until it is right up against it again, and the bank may be too damaged to pass the diligence. Only good news is that my maths says current price effectively prices in another £100m of equity taking on 30% of the bank. So it only goes down further if there are solvency issues. I don't think the press will drive any broad customer reaction based on these results. So its wait and see i guess
Underlying profit and pre tax profit....
The most important metric is the underlying one for investors..Pre tax includes any one off gains and losses,eg provisions,sales etc.. Underlying is the figures used to show the actual day to day trading profitability of the company.
Therefore Metro made another loss for 2023..
On a positive note,the bank only became profitable in final quater
Interim CFO looks like she understands the maths. Must be why they are replacing her...