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The results are not as bad as they could be. One thing I would like to know is what was the cause of the significant drop in Net Assets. Also debt increased significantly without any explanation. I would expect an increase in debt to be balanced by an increase in assets but that is not what happened here.
The track record continues, lets face it. The company is not able to make money. There will always be something as before to cause no profit. Order book down. Loss increased. Debt increased.
The payment of half a million pounds to Cartmell leaves a bad taste for me. Also, the highlighting of problems at Westek (a business I never felt right for TPG). I think the interims are a sorry affair.
The new CEO is having to make the best of it - he probably was the best man to turn this around a year ago but I think this is a lost cause now for us existing shareholders - I'm looking for myself a best exit now.
GLA
Not particularly good at all. To much to fix quickly. The only real prospect of immediate growth is in Sapienza and Osprey which are relatively newcomers. Westek, NorthStar and the Hydrogen project are in the jam tomorrow category. I can't see SAG giving the BoD the time to restructure the company. One can but hope but there's a whiff of cooked goose around at the moment.
Poor results but still better than I expected. Cuts of £1M are clearly just not enough. SAG will no doubt win the vote now, it's pretty much game over for TPG's independence. Cartmell is really the one to blame here, they can point to the pandemic but what did any of the board do over the last 18 months? Pathetic really and it's sad to say but they deserve to go.
Are we still a going concern? Not great results but nowhere near as bad as some predicted. Looking like Westek will be sold on and it wouldn't surprise me if parts of maritime went too.
After listening to the meeting it would appear maritime and westek will get sold on. Any money raised could clear debts and allow the purchase of a european consultancy group that brings entry into the market