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Extension …..
Dear oh dear, what a post to make straight after two posts full of nothing but fact, does this mean you have no response whatsoever to the points raised? These are quite serious concerns and you should take a good look at the company if you can't actually address these points:
3.6m net debt
Large monthly outgoinga
Net current liabilities 12-15m
Trade receivables £16m Vs £26 trade payables, £10m shortfall
Negative net assets
Bumblebee (or Stt) can you discuss the bear points below properly rather than just writing "***e"? Seem quite concerning if I'm honest, but I'm sure you guys know the ins and outs and can dispel these fears quickly
May not happen! Not sure any brokers will be able to get a placing away if they look into the state of the companies finances. May well be coming to the end of the line here. Will be awful for some after watching the SP decline and decline for the last 10 years. Don't suppose many are stupid enough to stay invested for that long though! Anyone been here that long? stt1?
Just to add to that, included in the net liabilities ( i agree it is £12m not £15m btw) look at the trade receivables and trade payables - what is due in (e.g. unpaid invoices) and what is owed i.e tax and wages owed but not yet paid. This is £16m v £26m, so they need to find £10m pretty quickly.
It is possible that some of these trade payables will be money received in advanced e.g. at the beginning of a contract but not yet earned, but of course this money will be offset by increasing the cash amount .
Clearly having a negative net asset figure is a big red flag IMHO.
Std1 has a habit of going onto others BB's rubbishing their stocks like HVO coming out with pathetically insane conspiracy theories regarding 'scaffolders' posting long losts of utter cr@p then when others reciprocate he runs off back to his premium paid advfn bb where he ramps the hell out of TTLY and prevents any dialogue which hes being doing for TEN LONG YEARS!.
Isn't that right std1?
Good investigating 1gw, sadly finances looking far more scary than first thought!
Can't be far off as they're burning through what they have left pretty quick. No idea what the discount will be this time as TLY is on it's knees. NHS as the only customer and tiny margins that don't cover outgoings. Unlucky stt1, looks like you're going to lose even more money here again. ATB
Just for clarity, Thordon is incorrect when he states “Net cash as per last RNS just under £5 million”. The company actually reported afaics, as of the interims balance sheet date of 30th September 2023:
£1.7m gross cash & equivalents
£2.5m borrowings
£2.8m lease liabilities
By my calculations that makes £3.6m net debt, or £0.8m net debt if you exclude lease liabilities.
Thordon was I think getting confused between gross cash and net cash, but also lumping in a specific debtor of £2.9m referred to in the interims, which Totally said was paid shortly after period end. If you look at the daily cash chart for October 2023 provided by Lisa in slide 12 of the interims IMC presentation, you can see it looks as though gross cash actually decreased to around the end-August low of £1.2m in early October before recovering through the month and then falling back to £2.7m at the end of October. with the usual late-month large cash outflow - maybe payroll?
Broadening out from cash, bank debt and lease liabilities, Totally reported net current liabilities of £15m at 30th September, although it looks to me as though the correct number should have been £12m (£30m current liabilities less £18m current assets), with the £15m figure appearing to include non-current liabilities as well as current ones.
Thordon,
Good summary.
"its the mix that is attractive with 5 clients in UK & Northern Ireland & Southern Ireland."
They don't have 5 clients. They have 5 Nations that they provide their services in. In fact, they have dozens of clients and potential clients for Urgent Care division.
The 5 Nations - all 4 UK Nations plus Republic of Ireland.
Each of the 4 UK Nations have their own NHS.
Each of the 4 UK Nations has lots of 'local health bodies'. NHS England has 42 ICBs as follows:
https://www.nhs.uk/nhs-services/find-your-local-integrated-care-board/
Each ICB has it's own funds, which it uses for the services they require. This is after they have paid for mandatory services, as required by the government.
Each of the UK Nations has similar 'local NHS Bodies'
There are over 60 such 'local NHS Bodies' across all 4 UK Nations. That's over 60 client/potential clients.
TLY also provide services to HMP. There are over 100 HMPs in UK.
TLY also provide services for Elective Care, higher margin business. Here they have dozens of clients/potential clients, including Republic of Ireland.
TLY also provide services to Company Wellness Services. The number of clients/potential clients can be in the 100s.
This is the power of their diversified business model.
Mubinhamrd its been going on for years , Just trust what you read in the RNS.
In brief yes Totally have been caught out by Inflation but all new contracts have this addressed , costs on management staff redundancy have been posted in last quarter and leaner management now in place.
The low value work of upfront payments being replaced by out of hours operations , and other operations with higher margins.
Net cash as per last RNS just under £5 million , 3 divisions of totally of which 2 are higher margin are outpacing organic growth , one outside NHS and one within under pay per operation basis.
Expecting strong 2nd half results and return to net profit , with contract paper base loss as a Totally Asset ( Accounts way of losing profit in prior investments ) but increase cash held in account.
Long Term holder and Totally are minnow's in the private sector to the NHS , its the mix that is attractive with 5 clients in UK & Northern Ireland & Southern Ireland.
We can only go buy the RNS and that's the only fact.
I agree and would greatly appreciate a 2024 ceasefire. Reading slanderous posts all the time is frankly depressing for honest investors who have no axe to grind. If you can't say anything constructive then please don’t bother and go somewhere else!
So you've sold out TwoGood?
I've been a holder here since December and check the board most days, sometimes a few times a day, and really appreciate the input from everybody, especially your well informed posts Stt, they keep me sane when I might otherwise worry about things I hopefully shouldn't!
I was happy being a silent party and I'm sure there are many others but Bill below is right, I've joined to post about the board recently descending into this ugliness. It's so petty and irksome when I only want to read proper and mature posts and I see this tit for tat thing you have with the Hvivo chatroom and wondered what it is all really about? I think it's mutually damaging and a lot of genuine holders of TLY and no doubt Hvivo are getting caught up in the cross hairs. I don't think there are any winners when situations become an eye for eye! Is this really needed and for so long?!
A ceasefire, so to speak, would be greatly appreciated by me and I'm sure others too, is there any way we can get this board back to normality and then hopefully new investors won't be instantly turned off when they have to read this everyday!
Take a look at what your BB idiot stt1 is doing over on HVO BB and you'll get an idea guys and gals. What goes around comes around I guess!
Short term memory loss!
What's wrong with you people?
Can't remember the date of the next cash raise can someone pls remind me?
Lol suuuuure you did.
"Bought back at 8" haha yeah mate, you've must such a great investment, only down 40% in two months and will go lower still til at least the support at 2.5
Pretty obvious the investor and business model is workable....one customer the Government, wafer thin margins, high fixed costs, a funding crisis, cash running out.....its a long list for why not to gamble on this one!
HTtps://youtu.be/aczPDGC3f8U?si=nSHA587N08IusVSF
"These wafer thin margins are incredibly thin, may I indulge you in one Sir!
"But Sir it's only a wafer thin margin"
Dear oh dear, I see you've been holding since at least 2019. 5 years of decline, now at all time low, and you never once thought "hmmm maybe I should sell out of this dress"? You even held when the price his the highs of 45 yet here you are holding the baby and the bathwater has long gone.
I don't think you understand a single thing about investment to not see how over valued and risky TLY is at that level, just like you don't even see it now. Totally blinkered.
Neither of you have a clue,your just speculating,i bet neither of you listened to the TLY video call did you? Moniman you wouldnt know a stressed balance sheet from toilet paper .HallsWorthy how come you are still in it then if your still convinced by your investment case on it?,you wouldn't know value if it hit you in the face,have either of you ever made money on any stocks ? er no not yet,just a couple of numpty amateurs by the looks of it ,stands out a mile your both clueless,LOL
Well I don't see this as a good investment risk even at 1 or 2p...who's to say a massive cash call isn't coming any day soon considering what looks like a stressed balance sheet 🤔? JMO but I would be sitting on hands until the dust settles on contract news before buying in? JMO Adyor!!!
I can see the investment case at 2.5-2.6 but at 4.9 it's completely overpriced, despite the incredible fall just to get to this level. Maddening to think of the Kev's people were buying in at before! Still some way to fall before investable so will sit out for now and watch - nothing worse than buying in only to realise you could have got in cheaper but holding out