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Started: Billybamboozle, 12 Jun 2024 13:53
Last post: Billybamboozle, 13 Jun 2024 18:00
Seems to be yet another fake AIM stock!
Seems to be on its way back down to 14p again
Will this share wake up?
Started: HedgeHogarth, 29 May 2024 12:04
Last post: MrBeaky, 30 May 2024 18:46
Looking at the trades, so big money is moving in this share at the moment
32p according to Justin.
https://www.youtube.com/watch?v=aLOp183wcrA
Great to see some life back in this share
Seemingly, more buys going through in the first hour of the session.
Either more are jumping on board (or back on board) or someone is accumulating slowly
Can anyone recall the target price that the Broker documented recenlty - I think it was 30-something pence?
Started: Billybamboozle, 24 May 2024 22:14
Last post: HedgeHogarth, 28 May 2024 14:19
Mystic Zac ;-) also suggesting something similar: F-Fwd to 14:30
https://x.com/Share_Talk/status/1795413867109265450
Https://x.com/Borg74/status/1795416933052948568
22p target.
Big buyer in the background maybe?
Nice start to today! Hope this is turning round now.
Another strong start to day. They where showing am absolutely packed out boom bar Manchester on Saturday for the FA cup final. That boom bar has 4.9 star google reviews from over 2.5k reviews!
Plenty of buys flying in this morning and up nearly 8%
Started: HedgeHogarth, 13 May 2024 13:06
Last post: HedgeHogarth, 24 May 2024 13:41
Some decent delayed trades printed today. Certainly suggests that something has changed or is happening.
Exciting times
Fingers crossed, up 16% this month.....
Nice move today. Hopefully the start of its uptrend. Should be a lot higher!
“UK set for slower inflation than Eurozone and US
Drop in household energy bills set to push price growth close to Bank of England target”
https://www.ft.com/content/a9ec45a8-6f60-4955-80c8-c1d5fb6105fb
CPI data predicted to be decent tomorrow. Bank of England will likely cut interest rates in June (or summer). People will be looking at leisure and hospitality again. I think now is the time to get into the best leisure growth company on aim if you want to get the early rise.
I have no doubts this could bag quickly. All my opinion of course.
The original share price was around 135p. There was a SIPS or similar scheme for awarding performance with a 1:1 share allocation. Old filing shows this. Can't remember name but ut was based on SP being increased. That seems to have changed into SIPS scheme at a price range of much lower currently. I'd rather buy shares at 13p than 40p or even 140p as the upside is far greater and any rise in SP will be a significant gain. The point is that there is no incentive for the SP to rise until all the SIPS shares needed have been bought. Then it's up, but the question is when.
Started: PippiLongStockin, 28 Apr 2024 07:44
Last post: HedgeHogarth, 8 May 2024 21:06
Snorters, whoops, i mean shorters still here I see
No doubt in my mind that XPF will be many multiples of its share price today - profit to the patient
Inline is as good as a warning in this market.
Still a real lack of insider buys and company not profitable.
Will they make any money before the whole bubble bursts and let's face it thats what this is
Another trading in line RNS… ie sales not profit
Bet you that recommend on Bigslicks blog is from m HH himself. Considering he was never off this board he is now never around. Hmmmm.
Like I good escape room, he’s locked in a share he can’t escape from
This time next year!
Hollywood Bowl recently announced decent results and were bullish about prospects. This clearly bodes well for XPF being in the same leisure sector.
Things seem to be progressing well and the newer venues will now start increasing revenues and profits as they become more established. It is only the SP that is depressing! One day Rodders.
Oh well,, got excited there for about 10 seconds.... back to 14p,
God this share is depressing.
Last week wasn't great, hopefully some good news soon with BGF getting involved
Last post: HedgeHogarth, 16 Apr 2024 07:48
Agree - BFT look a great investor to have on board.
https://www.bgf.co.uk/quoted/
Lots of other fairly chunky trades in last few days - looks like some short positions being closed to me.
So now we know BGF Group plc bought the shares, hopefully with that overhang out of the way xpf can finally go up a bit..
The difference of 250,000 shares to make up to their previous holding went through as a separate trade at the same price, delayed reporting from 11.10.01am. May have been done separately to cover the fees for finding a buyer? Negotiated transfer makes sense for that volume at that price.
MFT Capital didn't buy the original shares though, they were a deferred consideration for the original acquisition of Boom Battle Bars from them in Nov 2021.
https://www.lse.co.uk/rns/XPF/issue-of-equity-and-total-voting-rights-a6fosj2xoynxlpm.html
The lock-in for those shares not to be sold was relatively short and only until 15 July 2023, so they haven't sold any until now. TR-1s due within 2 business days to see who took them, but looking at the large after hours trade reporting some may already have been 'Flipped Out' ;o).
Speculation only...
MFT Capital bought 23.9m shares in Jun23 in one block. Possible they have sold out in a similar way? - The 2 "sells" maybe a negotiated transfer of that stake, one sell and one buy for the block.
MFT Capital is a holding company for subsidiaries that operate the Flip Out trampoline parks
Should be a TR1 soon 2 x 23,674,420 sells
I think the fact that they are making money in this environment still says a hell of a lot, using it for things like reconfiguring the O2 to make it more profitable makes total sense
Yep. its been sub 14p before. this is proving to be quite a disappointment!
I was just looking at the google price... not seen it sub 14p before, not for a few years anyway
Cheapest I can buy is 14.44p
Aaand Sub 14p, surely at some point the seller will run out of shares
Last post: Newboy58, 31 Mar 2024 08:58
Happy Easter!
Another perfect location 3 shops = 1 Escape Hunt
https://www.glasgowtimes.co.uk/news/scottish-news/24195561.huge-escape-room-approved-open-glasgow-st-enoch-centre/
Started: HedgeHogarth, 27 Mar 2024 06:52
Last post: HedgeHogarth, 28 Mar 2024 16:46
And you Newboy
I see that we swa 5.5m shares traded in three big lumps today - that equates to c3% of the business so we could see an RNS next week regarding a change in major holding
It is the volume we have seen in a day since Jun 2022 - which is pretty significant in my book.
A seller needs a buyer and vice-versa - so seeing a such large volume going through at 14p is a good thing .This traded at 32p 2 years ago (with a mCAP) of £55m-£60m - since then the company have acheived everything it said it would in terms of venues, top line growth and EBITDA.
I genuinely think we've seen the bottom and this is only going one direction now.
GLA
Love your optimism Hedge!
Enjoy the bank holiday, at least we get 4 days without the SP dropping! :)
Don't anyone want these shares then?
Because of his holding - he would have to notify the market if he was selling or buying - no RNS
Big trade gone through today!
Something is happening behind the scens - I am 100% convinced. and 95% it is something that will prove good for shareholders
And if he is trying to get out in the current low volume, that would explain a lot..
Started: wavecrest, 24 Mar 2024 21:05
Last post: HedgeHogarth, 27 Mar 2024 06:28
You missed an important point about haveing "negative working capital"
Most customer pay upfront, they carry very little stock (2-3 days of drink)
Yet they may most of their bills in arrears (cleaning)
So as the grow - the negative working capital will increase in line and generate additioanl cash
Had a listen & doesn’t sound too bad.
They talk about cash generation & how they benefit from rent free period for higher cash flow … so as sites mature and the big chunk of new sites go beyond this point then this will mean less impressive cash generation all-be-it still positive…. But they talked about taking on debt to fund faster expansion as an option.
Below link is the investor meet presentation
Some interesting discussions over the last few days.
For me i'm somewhere in the middle - disappointed that overall PBT is a small loss but encouraged by revenue and EBITDA growth, EBITDA margins increasing and a healthy cash generated from operations figure.
Whilst EBITDA can be 'fudged' a bit it is still a useful, and dare i say it the main, indicator for a growing company where they are reinvesting all income so the PBT figure will always be low.
To say EBITDA is not important is also disingenuous. Many companies sell all or part of the business based on this, often between 7 to 10 times EBITDA. Two companies i own did this recently, Croma and EAAS.
Eaas is a good example. A growing company (rev increased from £22m to £33m 2022 to 2023) but due to cashflow issues and therefore high funding PBT is only c£1m. Total value of business was low at c£20m, yet they recently sold part of their business for £29m based on an EBITDA multiplier.
I suspect if either Escape or Boom was approached both would command more than the current SP so the growth is adding value.
Cash generation is key for me - in the results just published cash generated was c£9m, of which c£6m was used to invest in the business (new sites and buying franchises etc) and c£2m on finances (paying for leases etc). Therefore, bottom line cash increased by c£1m.
To say where has the gross profit gone maybe compare this to revolution bar group, RBG. It had revenues of over £150m and made gross profits of £117m, however, failed to make an overall profit. Both companies have a similar business model, however, compared to RBG i'd say XPF are doing quite well
Started: HedgeHogarth, 24 Mar 2024 10:20
Last post: HedgeHogarth, 25 Mar 2024 08:19
maimus and wavecrest - i'm in complete agreement with you both
sadly, it is just derampers fabricating a storm in a teacup.
i believe we are invested in a very special company - it has acheived everything it said it would in the years that i have followed it. and it has achieved this at a time when the economy has put so much pressure on small businesses.
i cannot emphasise enough how important their people are - people are such a key asset and seeing the culture, the energy and the creativity from their team in the field continues to blow me away. this is testament to a good leadership team.
the majority of customer reviews are great - happy customers, happy employees - a ****tail for success
But how is it smoke and mirrors? They’ve explained the change and it’s perfectly acceptable. So why suggest that change is the reason they’re in operating profit? They understand the lifecycles of the games more accurately for example. Do you get what I’m saying? You’re suggesting that they did that on purpose to put them into an operating profit when that simply isn’t the case.
You say it’s hard to make profit in the leisure industry. And I completely agree it’s been difficult. Hence why you have to give Xpf a lot of credit for what they’ve achieved in such tough times. BUT interest rates will fall this summer. Inflation is dropping. We’re in for an epic recovery in aim and the leisure industry and I believe Xpf is the best positioned leisure company to benefit from this. Can you name me a better one?
In itself it isn’t particularly. But when you consider operating profit from £44m revenues was £1.4m and the depreciation adjustment was £2.3m then that decision swung it from operating loss. Then financing costs come off to make PBT a loss… So it’s a bit of smoke and mirrors to paint a positive picture.
What it really does is demonstrate the tightrope they walk to generate a return from their assets before they need to be renewed. Because they need the cash to reinvest to drive the top line and this is while they are careful not to push through pricing —- because they need to fill their capacity to make the economics work.
Which for me just shows they ain’t going to be a money printing machine anytime soon.
It is part of a picture that demonstrates how hard it is to be a profitable leisure business.
Doesn’t mean they haven’t done a decent job, doesn’t mean it can’t succeed…. But not an easy one for them to do —- they need a bunch more sites yet
It is desperate. Explain to me why the change in depreciation is a problem? Their explanation is perfectly reasonable. They have a better understanding of life cycles of games for example and upped them from 2 to 5 years. If you read singers broker note they said exactly that. Singers broker note also said; “This amounts to depreciation (non-IFRS16) at 6% of sales vs 12% historically. We welcome this move given the previous policy was aggressive and brings XPF in line with peers Hollywood Bowl at 5% and Ten Entertainment at 6%.“
I wouldn’t take it as far as to say they are desperate adjusting the depreciation. But it is a sleight of hand trick to paint the EBITDA picture you crave. No one denies the growth but don’t expect the SP to shoot up until the make some actual profit… unless one of those PE buyers come in.
Take the blinkers off and look at the full picture.
This company may make it but has a way to go yet.
Bottom drawer and wait for next year
Last post: wavecrest, 24 Mar 2024 21:22
Just to add from the 4.130 mill of taxable liabilities they will claim their capital allowances, which is how their tax liabilities are reduced not depreciation!!!!!
Started: Hitthattarget, 23 Mar 2024 22:03
Last post: HedgeHogarth, 24 Mar 2024 10:01
Here is the Link to the Richards Interview
https://www.youtube.com/watch?v=JEnCMTGXRLU
And we get another formal, detailed interview this week which I am very much looking forward to .
Ofcourse the cash is being eaten up by CAPEX - That is their stated strategy.
This compnay will continue to use its increasing operating cash flow to invest back in the business - i suggest you take a listen to Richard's interview with Vox Markets.
XP generated (through operations) +£3m in 2022, +£9.5m in FY23 and i expect it to be at least £15m in 2024. It will then use this cash to invest in new venues and improve existing ones - and will maintain a cash balance of c£3m based on recent updates.
PippyLS
You are correct to point out the depreciation change - but is is both very normal and 'required' for accountants and auditors to review depriation and amortisation policy on an annual basis.
ON the other side of things, FY22 benefited from a one off +£6.2m fair value adj. So the YOY improvment in profitability is bigger than than it looks.
New Profit is a historical measure because it relies on assumptions around depreciation and valuation of assets etc. That is why most compnaies focus on EBITDA and Cash which is a good indicator of how the compnay performs in a 1 year time frame.
EBITDA more than double in 2023 amd I expect it to double again in the 12mth to March 2025 by 60-70%. And operating cashflow to show a similar growth which will allow them to grow more quickly
Thanks pippi, that makes sense, 5 year rolling capex would be less than the initial on new fittings.
As for the other post, I’m here to discuss, call it a deramp, whatever, I’m here to have an open conversation. Currently
I’m not seeing the cash generation that the ceo is, and I expect neither is the market.
If it comes, then I would expect a big rerate and that’s the inflection point I’m waiting for. But currently all cash is being eaten by capex.
My take on this —- they have focussed on affordability and as such put efforts into making existing sites as efficient as possible, building out capacity where possible. This is working at top line and makes it cash generative as well…. But they need to run it this way for a while as they don’t want capital intensive refits anytime soon… if you take off £2.3M to account the depreciation change then they were lower profit year on year… so yes they are massaging the numbers again… but think the overall strategy is the right one…. Keep it affordable and careful capex allocation
Started: HedgeHogarth, 24 Mar 2024 09:38
Last post: HedgeHogarth, 24 Mar 2024 09:38
Questionable post in the last 24 hrs from Hitthattarget - It's very tenuous and not fabricated. They claim not to be invested, so why come onto this forum and try and post a sly, subtle, thought through de-ramp.
The Truth on Cash - XPF is cash generative and growing quickly - Cash generated from Operating activities increase by over 200% from £3.2m to £9.5m. I expect this to increase to c£15m in the next 12mth period (12mth to March 2025)
The company will then 'cut it's cloth' accordingly and invest in the business. Richard explained that they are very data driven when making investment decisions; the ROI on a refit may be higher than a new venue. It looks like the company are keen to maintain a £3m+ bank balance
Let's address the strange comments fro "Hitthetarget":
Quite ludicrous to suggest the company are massaging their numbers - ALLcompanies will make an effort to deliver / exceed their cash target towards year end. (Regardless, Dec 2023 is no longer their year End - so it was just BAU)
Their trade payables have indeed increased from £1.8m to £3.2m; an increase of 70%. This is ABSOLUTELY NORMAL and if anything slightly lower than i would expect. Their cost of sales have doubled from £8.1m to £16m. They will have 30/60 or 90 day terms so an increase in trade payables of 70% is absolutely NORMAL.
XP benefited from a reduction in Trade Recievables in 2023 by +£1.1m. This is really good news and shows they are collecting cash quicker - this wil be related to the Corporate bookings where they get a purchase order. It may also have reduced perhaps because they may have changed their payment policies and ask more groups to pay on the day.
There is NOTHING unusual about the XP cashflow - it looks normal and it looks very efficient.
Started: Billybamboozle, 20 Mar 2024 22:19
Last post: Billybamboozle, 21 Mar 2024 10:40
My opinion - Great compnay, worth far more than the SP currently suggest
And that is my sentiment too. Unfortunately,.............. well, no need to repeat myself.
Exactly Cheers1
Their RNS talks a lot about 'Operational Leverage'
In Nov/Dec they are able to significantly increase revenue without needing to signifcantly increase cost
Christmas Party season - increases footfall + Increase average stay time + Increase rate on food / group deales
Better utilisation of assets - In the winter they are well positioned to get daytime corporate events in both brands - meaning they can signifcantly increase the daily footfall
Year end was changed as a large percentage of sales occur in December which makes it very difficult to forecast with a Dec 31 y/e and keep the market aware of progress.
Difficult to see this share staying at this level, given the apparent good results.
Can someone tell me why they decided to change the year end ?
The shares are very illiquid, only 15000 traded yesterday, which always lead to a share drifting down to extreme low levels.
Hopefully at the new yearend we can see proper full year profits. Hopefully that should start the climb in the shareprice.
It would be ideal take over candidate. Can see it being a nice fit with Hollywood Bowl,
Those who have got short positions will be looking to close I imagine if they have not already
I hope they dont though - would much prefer to see them burnt when (and If) an offer comes in :-)
Started: PippiLongStockin, 21 Mar 2024 06:00
Last post: PippiLongStockin, 21 Mar 2024 06:00
Would love to see forward earnings update.
At &23m market cap … if can get to £5m profit it will be less than 5 times
Started: HedgeHogarth, 20 Mar 2024 07:11
Last post: Billybamboozle, 20 Mar 2024 22:21
It don’t matter how much, or how good your analysis of a AIM company is, or how positive the results are that give you a “buy” result. It is corrupt and controlled by scamming MM’s.
Beware!!
Great news! SP at all time low…..
Just one reason how the sp can drop like this with constantly good RNS’s.
Anyone care to ….
Billybamboozle
I disagree completely
When I suggested that maybe something is going on - it has nothing to do with insider information. I am very confident that the compnay have been very open and they always provide lots of granularity in their accounts. ENough that allowed me to pretty much predict their Full year results at GM / EBITDA / Cash bob on.
This is pureley speculative and for illustrative purposes...
If, you were Blackrock and wated to buy XP Factory.
Would you (a) take a 3% stake when SP is 20-30p and push the SP into the 30/40s
or
(b) take a short position and suppress the share price, tease out the weak hands and make a move when SP is much lower.
I think the slower path to profitability has disappointed some, but when you look at the revenue growth combined with increased EBITDA margins you can see that XPF is just about to hit its 'hot spot'. At these prices i'm buying more
Last post: Maximus20, 20 Mar 2024 15:50
People been knocking this share for ages now. Definitely seems like something going on behind the scenes. Find it strange/funny people nit picking the results looking for bad news. This company should be given more credit considering its growth over the last 3 years. How many companies in their sector have shown this type of growth in this time with Covid, cost of living, train strikes, inflation, interest rates rising the aim market being at lows. If this company continues their growth this will be many multiples where it is now. And imagine when interest rates start dropping? Inflation is at 30month lows. When market recovers this will boom.
How in the world is this 13 does not make any sense what are the views here
Last post: HedgeHogarth, 20 Mar 2024 07:09
Newboy - there's already a fair few - at least 50% sit wih IIs
Canaccord Genuity Wealth Ltd. 32,387,845 18.55 %
MFT Capital Ltd. 23,924,420 13.71 %
CRUX Asset Management Ltd. 14,458,731 8.283 %
J.O. Hambro Capital Management Ltd. 9,100,000 5.213 %
Sankofa Investment Management (Guernsey) Ltd. 4,543,194 2.603 %
Unicorn Asset Management Ltd. 2,190,834 1.255 %
Teviot Partners LLP 1,685,000 0.9653 %
Getting a serious II onboard here would be game changing, one day
Nice lunchtime shopping spree from someone....
9-Mar-24 12:06:48 15.487 241,256 Unknown* 14.50 15.00 37.36k
i agree the growth has been quite incredible especially if you look at what’s happened over the last 3 years. think people are negative because the share price hasn’t moved and trying to find reasons. but i’m very comfortable here and if they carry on double digit lfl growth and carry on expanding sites towards their target of 50 escape hunts and 100 boom sites this will go far beyond singers 32p target price. i also like the fact they’re not only looking at site growth but also improving operational sites. good example- putting a ****tail bar in o2 site to increase drinking pre concert events or adding in an extra escape room in sites they feel they could fit one in.
also,
£9.5m cash generated from operations (2022: £3.2m) - £6.9m invested in capital expenditure
£4.4m cash balance at 31 december 2023 (31 dec 2022: £3.2m)
that sounds good to me.
Q&A with XP Factory CEO Richard Harpham: “Our growth is a result of the cash that we generate”
https://www.youtube.com/watch?v=JEnCMTGXRLU
Started: HedgeHogarth, 19 Mar 2024 07:51
Last post: HedgeHogarth, 19 Mar 2024 07:51
Brilliant update and broadly in line with expectations - the nice surprise being that Escape Hunt continues to grow stronger than i expected
£44m Revenue - TICK (In line with what i expected)
£28m GM - TICK (In line with what i expected)
Site Level EBITDA £15.3m - CLOSE(I said £17.9m)
Adj EBITDA £8m CLOSE (I said £9m)
Operating profit £1.7m (before fair value movements) VERY CLOSE (I said £2.5m)
L4L growth in 2024 - 11% Escape Hunt, 9% Boom Bar WRONG ( I undercalled this - 5% EH, 10% BB)
And nice Post period Outlook
POST PERIOD END TRADING AND OUTLOOK
" Both Escape Hunt® and Boom Battle Bar® have continued to deliver strong like for like sales growth in the first 10 weeks of 2024 (11% and 9% respectively), and the new sites and recently acquired former franchise sites are performing in line our anticipated maturity profiles. As we have come to expect, half term in February proved particularly successful for Escape Hunt, and at Boom, the operational focus over the last 12 months continues to yield the margin and customer improvements that were targeted. We remain confident about the outlook for the business and the board is confident that the results to 31 March 2024 will be in line with market expectations. "
Started: hookey, 8 Mar 2024 17:04
Last post: shandypants2, 18 Mar 2024 11:50
Newboy - a TU was released in Jan (rev almost doubled to £44m) and we were told more details would be provided in March. We are halfway through March so expect news in the next 2 weeks. Don't forget the YE has been extended to 15 months for this financial period so YE is 31/3 not 31/12
Excerpt below...
"Overall performance is expected to be in line with market expectations for the twelve months to 31 December 2023, and provides confidence of achieving market expectations for the 15 month financial year to 31 March 2024.
The Company will publish an interim report for the 12 months to 31 December 2023 in March 2024, and audited financial statements for the 15 months to 31 March 2024 during the summer."
It's a matter of timeframes, it is true to say that the share price has doubled since 2020, which if you got in at 7.5p ish back then and accepted this would be a steady growth stock it wouldn't be to bad a return. It might double again in the next 4 years with steady growth and stable margins, the trajectory here is up though over the long term as things currently stand.
Ok, I hear you HH, but then if the SP doesn't reflect the performance, we have to ask why it's aritificially supresssed?
I've been waiting for many years and it's still not going up! How long do you want?
Derek99 - the share price is not the abiter of performance. The business is growing proftablyand acheived everything shareholders would have wanted to see in FY23.
Lets see what happens shall we ;-)
I agree totally Newboy58. Zero comms and you have to ask why seeing the experience in the board. Has to be intentional!
But HedgeHogarth is adamant they are doing it all so well. SP says otherwise.
Started: Billybamboozle, 7 Mar 2024 09:47
Last post: Billybamboozle, 7 Mar 2024 09:47
Is as dead as a nit!
Started: Simonj001, 23 Feb 2024 13:20
Last post: derek99, 4 Mar 2024 15:34
Latest comment (not mine) on ADVFN:
"You have to question why their long in the tooth marketing manager with a TV background couldn't get them exposure on prime time TV tonight with the apprentice running an escape room task."
Some drop... well, running a company and wiping out 95% of the shareholder value doesn't look to me like 7 years of successful work but again, if you feel that is, let's agree to differ. As for comms, I think you're the only person to think their comms is good; many many people don't understand why XP / EH or Boom are so hidden, but again, I respect your view. Are we to wait another 7 years for the market to nap? If so, I'll sell now and cut my losses!
You keep banging on about the 90-95% drop but some drop was always inevitable and to grow a company needs to raise funds and the big investors know that and would have participated in the raises
The comms are fine, very comprehensive RNS and decent, plentiful interviews. I know what I need to know here. The number will speak for themselves and if the market is caught napping, then so be it.
I respect your opinion too but I think you missed a few key points:
- different business it may be and successful in the UK, but the rest of the world has been abandoned as a result. What happened to franchising in the US or anywhere else for that matter. I think there were around 57 locations worldwide in 2017 (I'm talking EH of course), now outside the UK only 20 odd. That in itself is fine IF the SP goes up to reflect the success of the very narrow UK focus. It has instead dropped 90-95%. The issue is any strategy is only as good as the SP reflects.
- SIPS - in total there seem to be around 5m SIPS shares. That's not tiny and the big issue here is one buys shares like this cheap. As long as this continues, the SP won't rise as they want to continue buying very cheap. The original SIPS was awarded for a far higher price, now it's so low it will contribute considerable upside for the buyers BUT not as long as they keep wanting to buy.
- most of all, you haven't addressed the lack of comms. Why would you seems to actively hide the business and not make more of the positive news? That's all part of the extremely hands off management style I see. Looking at the credentials of the board, is that the best they can do to promote the business? I'm not convinced they are trying very hard! Question is why?
I repeat I'm in with a big chunk and want the business to grow but things don't stack up to me at present and I wonder how much longer we linger around 15p?
Have to agree with you there. Also a large proportion of the shares ARE held by institutions, cannacord own a lot . I think earnings will be ok ,