The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Negligible growth - nowhere near the >900% needed to cover payroll and overheads
Margin down
‘Jam tomorrow’ orders still to materialise
Increasing regulatory risk/burden
(All of the above assuming Nick’s got his maths correct this time)
Ouch!
Operational Update
Only one month after our half-year end Voyager has issued an Operational Update.
Revenue for H1 2023 expected to be over £165,000 (£135,000 in the corresponding period last year)
Gross margin expected to be approximately 43 per cent. for the half year (44 per cent. in the year ended 31 March 2023)
Application underway for ISO 22716:2007 accreditation, the international standard for the Good Manufacturing Practices (GMP) for cosmetics.
Approval to manufacture food supplements.
Two orders from key customer Jollyes since commencing supply to their stores in June 2023.
One of the UK's best known retailers has confirmed that it will soon stock Voyager products.
Manufacturing products for one of the UK's best known CBD brands with two follow up orders already received.
Approval to list Voyager's products at Debenhams (online)
Awarded Best CBD Products Retailer 2023 - UK by Global Health & Pharma
Today’s Operational Update has further enlightening information on:
Customers
Comment on the FSA's statement
Comment on the UK government's recent statement on the cannabinoid industry
What we have with Voyager is a Company that keeps Shareholders updated in a timely manner with developments in our Industry and their response to regulations.
Our BoD are proactive, and Voyager will in my opinion continue to benefit from having an In-house Manufacturing facility that can adapt to changing regulations.
RKB
AGM Result
I attended this morning’s AGM, and all Resolutions were passed unanimously (no votes against or withheld)
Had a good chat with Nick, Eric & Jill.
Discussed various topics (shops, products, manufacturing & premises)
Spoke to all the staff on site and had a tour of the site including observing an order for a customer being fulfilled.
Spoke to our Finance Team.
Observed our stock and customer orders about to be despatched.
When you attend AGM’s (IMO) you can get a better understanding of the Company you are invested in. You can observe things that are not communicated in RNS’s and most importantly when you talk to the staff you really get to know more about the Business.
Looking forward to the coming year.
RKB
Yes it is the same person. I'd have thought being an MD / CEO or a listed business would be a full time role but evidently not for these lifestyle companies.
Bit of a kick in the teeth for Voyager shareholders that he feels the business is performing so well (or poorly) that he can (or needs to) take on another role.
Is the ceo of this company now ceo of an entity called ECR Minerals? Seems to be the same person. Can you be ceo of two companies.? Very confusing.
I'm pretty sure current and prospective shareholders in Voyager don't want to read about Atlantic Lithium or your petty personal attack.
I am confident they would be far more interested, as would I, in your response to my challenges of Voyager.
Let's start with your explanation for the potentially fraudulent misrepresentations made by the company over the last 12 months. How did they make such a fundamental mis-statement about 68% Gross Margin? How did they get the revenue recognition wrong? Why was the statement about having 12 months cash valid when the annual results suggest otherwise?
What's your perspective on the unsustainable £1.24m admin cost base and how the >900% growth required in the current financial year to cover this? What makes you think that level of growth is realistic when they managed only 60% last year?
Atlantic Lithium
ComTruise has by default invited me to your Bulletin Board (as he Trolls a share that I am invested in, and he has said he is not and never has been a shareholder in the Company that I am invested in)
ComTruise appears to want to warn potential shareholders, so I think it is only fair that I do likewise with Atlantic Lithium. (I believe you have in the recent past had some issues with a particular Company wanting to “Short” your shares, so I will contact them if ComTruise does not desist)
Looking at your BoD and their shareholdings, I think some of your Directors are not aligned with Ordinary Shareholders.
Kieran Daly owns no Shares. Does he have no confidence in your Company?
Keith Muller owns no Shares. Does he have no confidence in your Company?
Christelle van der Merwe owns no Shares. Does she have no confidence in your Company?
There is a recent shareholder list on your website dated 10 July 2023 so the information is only two months old.
Now Keith Muller, your Chief Operating Officer, was appointed in November 2022, so it appears that he has little confidence with putting some of his own cash into your Company. Why?
I note that Keith Muller COO was given 2 million Options @ 60p and another 2 million @ 70p. If he thinks they will be exercised by November 2024, why has he not purchased some shares at the current price of £0.20p? Does he have little or no confidence in Atlantic Lithium?
I do know that Keith Muller was appointed as CEO in May 2023 but still he does not have any shares, does he not think that the Company is worth putting some of his personal wealth in along with Ordinary Shareholders?
We were informed in June 2023 that Patrick Brindle was appointed to the BoD and he has 108,000 shares (currently worth about £21,600) so it is pleasing to know someone has a little confidence to have 0.02% of the current shares in issue)
I do hope I will have no need to visit you B.B. again soon, but that all depends on ComTruise.
RKB
PS ComTruise you may have managed to have my Post removed over there, but now its here and on Twitter.
I have 'selected' the facts which have been at best erroneous and amateurish, at worst, fraudulent. It's basic red flag stuff.
I am not an accountant but I am a company director so can navigate my way through statutory accounts and audits. There may be increasing income but the auditors haven't audited that yet, and as Nick has proven, he can't do basic maths or recognise revenue correctly, so who actually knows how the business is performing?
Just doing some simple maths here and you'll see how much growth is needed to cover the cost base. With £1.24m of admin expenses Voyager needs turnover of £2.73m (at 44% gross margin) to cover this. That's a 960% increase from y/e 31/3/23. They basically need to be generating nearly a year's worth of income (based on year just ended) every month to cover the costs. I simply don't believe that's happened yet or going to happen anytime soon, so they'll be burning through cash currently.
I take no joy in people losing money, especially as it is usually hard earned. I'm an interested spectator and feel it's the right to highlight what is going on here.
Good luck to you and all invested, I hope Nick proves me wrong but in the same token, don't say you weren't warned.
Caveat emptor, DYOR.
I am a cheerleader for Voyager Life
Yes, I am a cheerleader for Voyager Life because I am a shareholder.
As you have disclosed that you are not a shareholder and never have been, then you will have no issue when I begin Posting on your other shares.
I used to perform Audits for my employer between 1997 – 2007 when I left to become an Independent Financial Advisor.
You can be “selective” on what you pick-out our Accounts but what you fail to realise is that Auditors have a duty to present the Accounts under the current Rules & Regulations and with your “selective” comments, you have not understood that the Auditors look at the expected revenue over the following 12 months, and if you had actually read (in detail) then you would have understood that our revenue is increasing (this will be evidenced in our Interims)
If you had researched the listed CBD Companies over the past three or four years and looked at their Revenue and their Marketing Expenditure, you could have concentrated on “saving” their shareholders, rather than ours.
Did you look at Goodbody Life? Why not? Well they tried a fast one on us but Nick did not conclude the purchase because there were issues to the Title to the Land (property)
RKB
PS I look forward to seeing you over at Atlantic Lithium & Landore, its your choice.
For disclosure, I am not a shareholder and never have been. I am familiar with EIS and even with the tax benefits from that I would consider this a highly probable total wipeout of an investment.
Beekeeper is clearly a cheerleader for the company and I am not.
Facts don't lie unlike some of the statements made by the company. I would encourage him and others to look at the misrepresentations made by the company and draw their own conclusions on the reliability and capability of the board.
I previously called out the material uncertainty related to going concern here.
At the current burn rate they have barely 6 months cash left. There isn't enough gross profit to pay the CEO's package, left alone the wages of the other 27 (!) employees.
Full marks for continued amateur comedy content on "Jollyes to the rescue" and the stand at the RHS taking in £4k of revenue.
This should be nowhere near public markets and is a lifestyle business. But hey, if you can have fun on other people's money then kudos to Nick for the scam.
Annual Results
Our Annual Results were published today and for a Company of our size I am impressed. Nick, Eric & Jill are running a tight ship with a firm hand on costs.
Other CBD Companies have massive Marketing Budgets but don’t come anywhere near our Revenue. If you take time to read our Annual Results, you may conclude (like I have) that Voyager Life is going to become a name that is synonymous with high quality CBD & Hemp products.
Revenue of £284,000
Cash of £990k as at 31 March 2023
Total assets of £1.9 million
Four revenue lines (online, own stores, third party stores, private label & white label)
Two brands (Voyager and Ascend Skincare)
72 formulated products (one of the broadest CBD ranges in the UK) and, in its own stores, over 400 SKUs (stock-keeping units)
We have three shops, St Andrews, Edinburgh & Dundee and they generated about £15,000 each month over the past year.
RKB
PS ComTruise is a Troll who never understood why he invested under the EIS scheme. There was 30% Tax Relief and he had to pay it back (because he sold)
Current and potential shareholders be alerted to the following potentially fraudulent misrepresentation by the company:
1) Understatement of cash burn - statement from 3rd July SPA termination announcement:
"Voyager's cash balance at the opening of business on 3 July 2023, including the escrow, was approximately £787,000 meaning that the Company is funded for the next 12 months based on its current operations."
FACT CHECK - Annual results published 5th Sep show Net Cash Outflow from Operations of £918k (plus actual admin expenses of £1.24m). Complete misrepresentation of company cash burn / runway
2) Overstatement of Gross Profit Margin - statement from 18th May Operations Update
"Approximately 68% average gross margin across all UK business lines"
(I called this out at the time as not stacking up vs. previous statements of 44% GM)
FACT CHECK - Annual results published 5th Sept show GM of 44%. What happened to the 68% GM? Very misleading
3) Overstatement of revenue - statement from 18th May Operations Update
"UK revenue up c. 73% to c. £307,000 (unaudited) in the year to 31 March 2023
FACT CHECK - Annual results published 5th Sept show revenue to 31 March 2023 of £284,000. Admittedly this was called out as unaudited and the difference is small in absolute £ terms, but it represents a 7.5% reduction on previously stated figures and calls into question the financial capabilities and controls of the organisation if they can't get basic revenue recognition right.
I have long been bearish about this company but this evidence shows that shareholders MUST tread very carefully and scrutinise everything the company publishes.
StockBox Interview
Recently Voyager Life have teamed up with StockBox for engaging with Shareholders and potential customers of our Products & Services.
Voyager Life has various aspects to their Business:
Manufacture CBD & Plant-based products
Have two of our Own Brands: Voyager & Ascend Skincare
Voyager is more about Health & Wellness
Ascend Skincare aimed more at the Beauty Market.
Voyager also have three shops: Edinburgh, St Andrews & Dundee.
Voyager sell to other people’s Stores also other people’s on-line Stores & places like Amazon, Ebay etc.
The Unique selling point of Voyager Life is that they manufacture all their own products. (if you watch the interview you will discover the manufacturing cost of one our products)
The fastest part of Voyager’s Business is actuality making products for other people.
We will find out in a few weeks what our Revenue for our Year-end 31/03/23 which the recent presentation on our Website indicates £307,000. https://voyagerlife.uk/wp-content/uploads/2023/07/Voyager-investor-presentation-July-2023-compressed.pdf
There are five contracts that have the potential for just one to exceed the revenue of last year (£300K +) and if you listen to the full StockBox interview it appears that one of these contracts could be imminent. Also in the PDF file above, it says on page 12 that in the 3rd quarter of 2023 (Oct -Dec 2023) “Manufacturing contracts agreed and orders placed”.
In my opinion, it will not be long before Voyager Life is generating revenue of £500K +
RKB
https://www.youtube.com/watch?v=MR2gupM5-Ss
I missed the RNS about the Polish deal falling through.
It’s all very convenient - the £0.5m cash raised keeps the wolf from the door beyond the financial year end. Without it, a raise would have been needed in the next couple of months.
The statement about £787k cash being sufficient for 12 months operations at odds with historic cash burn and turnover. I look forward to seeing the final results in September to get an updated view on financial performance.
With a perilous cash situation, extremely low turnover and zero open market liquidity, this remains uninvestable, in my opinion.
Caveat emptor, DYOR.
Listened to the interview again and yes clearly stated that if any of the 5 orders came in then each of them had the potential to exceed last years revenue of £300k and they've announced 1 and probably the 2nd to come in.
Caveat is there's not a lot of interest in the co. so investment should they come good rather than tradeable spike imo.
Seems they have two of them at least and if they were each gamechangers for the co as per the latest interview?
Not sure what I think of the Polish news. They were bigging up the facility but if Europes on fire with the migrant riots et al maybe best for them to stay uk based and keep their cash in their pockets.
There was talk of ‘massive orders’ or something a month or two ago, anyone heard anymore or spoken with the board?
New vid update..
https://www.proactiveinvestors.co.uk/companies/news/1015944/voyager-life-now-capable-of-dealing-with-multinational-customers-1015944.html
Voyager Life PLC (AQSE:VOY) chief executive Nick Tulloch speaks to Proactive's Thomas Warner after releasing an operations update focused on the integration of the company's newly-acquired CBD extraction and manufacturing facility in Poland.
Tulloch suggests that talks are ongoing for orders on a scale not previously achieved by Voyager Life - talks made possible by its newfound ability to deal with "international and multinational customers."
For the current marketcap the UK growth looks fairly good. long may the growth continue.
"UK revenue up c. 73% to c. GBP307,000 (unaudited) in the year to 31 March 2023"
Judging by the chart biggest issue here seems to be a few miffed ex holders as the co. floated too high?
Agree re the Polish business needing to grow quickly too but with the list of opportunities given that looks fairly likely. Could have revenues equal to market cap soon if so.
I haven't had the time to do a proper analysis of the results but some quick numbers...
End Sep cash = 1.04m
Dec fundraise = +0.55m
End Mar cash position = 1.0m (which includes 0.5m escrow from fundraise)
Net = £0.5m cash burn in 6 months, out of cash by end Sept unless some contracts come in (plus there is adequate cashflow to manage these)
UK business is a dog with £300k turnover in a year with 68% gross margin = 200k gross profit. Enough to pay for Nick's remuneration but not much else. Polish business needs to really grow rapidly and profitably to avoid a fundraise being needed later this year
Something doesn't sit right with me re: margins increasing from 44% to 68% in an inflationary environment where B2B revenue is increasingly important (and should by definition be lower margin than B2), and with Polish acquisition only taking effect in Dec this can't have had such a material impact on margins. Must be better margins in selling cups of tea/coffee with CBD drops?!
DYOR, caveat emptor.
Strange doesn't yet have a thread on advfn even. Get the feeling it's not a very well known share. Expecting that to change if one or more of todays bigger orders come in and have tucked them away in anticipation of such an event occurring.
Yes can buy 100k shares on the quote button for 10.65 so guessing there's some stock around.
Thanks can you buy much?
I have 10.7 to buy with ig. Can't get a quote to sell, just trade rejected but that maybe an ig thing.