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I’d definitely wait for interims to see any sign of improvement. Each of the last three years has netted less than 10 million for the first half as they claim most of their revenue comes in the last couple of months which so spectacularly failed to materialise this year. Gl
3 of the 4 million is the cash raised for an acquisition 3 years ago. They dont seem to be in a position to close a deal anytime soon, but at least they did not fritter away that cash and they did pay off a loan note . Still no mention of the Office opened like IGP strangely enough in Amsterdam. Look forward to hearing how many new customers and how many retained. They have a lot to do to convince the market they are going anywhere. I no longer take any notice of Ebitda, too many companies on aim rely on this as a smoke screen for lack of real profits. Looks like there are plenty of sellers still looking for an opportune exit
Agreed - bought in here this morning.
SWG have £4m cash against a mere £11m m/cap (even after this morning's rise), and forrecast to rise to £5m by next March.
Progressive forecast £2.4m EBITDA this year rising to £3.2m next year, and more importantly FCF of 9.2p per share rising to 11.1p.
The market looks forward, so there's lots of potential upside from here for a cyber-security company with well over £30m forecast turnover now on the recovery path, and conversely minimal downside for a well funded and cash-generative company imho.
I agree. Very cheap for what looks like a solid business.
Hopefully the only way is up from now onwards..
I want to like this company but they can't ever seem to do what they say, 'expect results before mid August' and here we are on the 21st with silence, fully expecting a 'delay to results' rns, the year end finished end of March and almost 5 months to produce audited results is pathetic, last company I was in £80m t/o and we got our results done & dusted and audited all within a month of year end without fail
At 35.5p/share business is worth £8m. Even if they have no cash left, surely a business with £20m plus revenue and a brand of sorts, has got to be worth more than this?
Results are due "Mid August", whenever that is?
Clearly they need to come clean about what is and what isnt happening. EBITA forecasting is catching out a few companies at the moment. £35 million seemed a decent revenue, but now a big drop which may unfortunately be getting bigger as there is no new contract rns for over a year They havnt been able to find that elusive acquisition and what they do have seems to be going backwards. Growth has disappeared ,if it was ever actually there. Delayed accounts are also a poor sign. Is there any value at less than 10 million MC? Its ok for Higgins he had his £30 million pay off for Brookcourt, so although he has bought a lot of shares its still a fraction of his pay out. Until there is some clarification this is now not an investible proposition sad to say.
Look at the last 3 years, they went from 7 million cash 2021 to then 5.6 million in 2022 and now 4 million. They are burning cash. In another 3 years there will be none left at the current trajectory. I hope things change but will need consistent results to restore confidence. I'm avoiding for the time being.
"The Group expects to announce its audited FY23 results before mid-August and will announce details of the retail investor presentation in the coming weeks."
Then silence. Two weeks to mid-August.
Now worth a third of what they paid for Brookcourt. Soon be less than the cheapest company they bought. If they still have cash and that looks more and more like a big if, that was nearly half of the current market cap. All they need now to crash the price further is delayed results. Staggeringly incompetent.
usually have notice of final results by now followed by the results end of july. perhaps they just can’t be ****d anymore. no contract no nothing.
I think a lot of shares were issued to roll up various companies into Shearwater, not just Brookcourt. Presumably quite a few lock-ups, earn-outs coming to an end - and then the sales at more or less any price, hitting the share price, in the absence of strongly positive news. A share buyback.woukd be good if it is this type of scenario.
It was cheap at 95p or so we thought
I think the extra half million has been recognised in todays rise . The wording of this rns is very much no news, rather than an update. ‘Pipeline of opportunities’ is unfortunately not the same as pipeline of orders or even delayed contracts. At least there appear to be no more currency blunders. As stockopedia pointed out what exactly is managements ‘inline forecast?’
A decent jump in cash, from 3.4 million to 4 million since the last update, could be a decent buy at these levels..
I meant to write buyers not sellers....doh
The same happens in reverse if there are multiple/large sellers waiting for liquidity....
What is always perplexing is how little these big purchases (162000) affect the share price. Yet if 10,000 shares get sold share price plummets 10%.
I wish more CEO bought like this, I met Phil about 30 years, and he was a Rock Star when he worked for Planning Consultancy.
I Have faith that he will get it right.
Amazing old Enry Higgins keeps shuffling his shares into an ISA. I thought the idea of an ISA was to shelter your tax gains not losses
Wow made it back to 60! Break open the mini bar . Just another 100% to go please
Bit of a strange day. Pretty low turnover considering market cap but quite a shift up in price.
The reason? Who knows. And now it's a very long weekend.
Surely it can't be Higgins' buying announced at 7am as he has been a REALLY bad guide to the share price despite seeming a smart and sensible at the presentations that first sucke(re)d me in a few years back and in a few online ones since then. The recent 2h/"q4" disaster has really shaken my confidence in the company.
I wish people would stop inferring these underperforming companies are ripe for a takeover.
All SWG is - a load of companies that have already been taken over. There is no synergy or cost saving as a group. None of them really compliment each other, it is just a basket of small cyber companies. If you were private equity or large player why would you want this jumble of loss makers. What opportunity does it offer? Brookcourt is the only decent thing here (revenue wise). If I was PE, I would take that and dump the rest, but not at this price. Its still well expensive for a takeover. Think of the costs of dumping all the ****e, and likely majority control that would vote a reasonable offer down.
I have discussed amalgamators on several shares. I like Knights legal, where the buying is focussed and complimentary. I am a little hesitant on TPX, but at least they have good revenue. This is just a failure in terms of amalgamation.
Possibly due to its mining heritage, they bought into the the next big thing 'cyber' with no clue. And what you are seeing now, just like Blackbird plc for an unrelated example is that - yes there is some demand for their services, but only if they are subsidised on the AIM market. If they had to stand on their own feet the company would be bust.
A massive red flag here is that they never list the revenues and profits from the individual businesses. Why is that? One is keeping all the others afloat I think. So I cant give you a value at what price this is ripe for a takeover, in fact we cant even value it. Id guess around £10M. I Just checked, SWG paid £30M for Brookcourt, but really it was £15M + £15M in shares.
Then they had the cheek to raise £17M to pay for it in a placing. Guess who trousered most of the money and a job for life.
Reading it through it actually sounds like a reverse takeover from Higgins.