Member Info for Adastra

Agreed on all counts GoTrader. I like Paul Scotts research and commentary as its well informed and incisive. He has a long position here on the basis of continued and cumulative large director buys and the collective offering that Porta has assembled. Both he and I really hate the waffle that all companies churn out as EBITDA - just gove us plain simple comparators with explanations. Grant us the common sense to be able to make the decisions on value and growth. We know that strongly growing acquisitive businesses will clock up losses. We also know that the growth profile will transition equally quickly to strong cash generation once we reach an inflection point. Porta is on the cusp of that transition. Timing is never easy, especially given the two big purchases at end 2014, but the appointment of Steffan, staff shareholding and incentivisation and a really optimistic projection bode very well for 2016. Earnings should really take off from this first quarter on IMO.

Is just what this share needed. Point-of-Care is the big money-spinner and always was. Zwanziger certainly won't repeat previous management laxity of selling POC into Mexico without a substantial upfront funding or real transparency of payment structure. EKF have excellent point of care products being sold and in development. Centralisation of production has resulted in margins above 50% on disposables and a big increase in volume for diabetic HbC tests was forecast. With strong credit control and upfront/staged payment for new regional contracts, EFK is well placed for growth. The imminent Middle East contract, if it completes, should strongly underpin the shares; one of the main reasons I suspect Mr Z has funded EKF till breakeven in April.

Suppose we could have run with molecular but that would have lengthened the turnaround. Best cutting it off and getting rid of the £3.5m indebtedness but holding an option to keep an interest of 10% whatever happens. Its a sensible write-down given the total lack of due diligence by previous managers and allows a business with true growth prospects to flourish. The clean Point of Care business attracted £80m bid interest last year and our current MCap is less than half that. Zwanziger certainly has the know-how and street-cred to turn this strongly positive within 12 months with a view to selling in two to three years. Add in the accumulated tax loss and it should start to really perform as the year progresses. News on the PKU test/food industry tie-up is also due soon.

When [not if] Falanx releases its next update confirming what some of us suspect, I think that the current sub£5m Mcap will look rather cheap. Mike Read would hardly come on board just to be the scapegoat now would he?? The future is bright............................. must be.

Capital Access are now actively involved with Porta and promoting the business. 2016 is certainly shaping up to be strong and I am sure that after a couple of false starts in 2015 we will be cash-generative from the outset. We really do need a KISS attitude to some of these RNS though. Strip out the ever-so-useless EBITDA that as become commonplace and just replace it with simple statements. I don't mind if 2015 produces a fundamental loss as long as it is clearly stated and reasoned. Reassure me that the business is now on a very firm growth footing, add in the positive outlook and you've got me as an investor. Hand on heart, Porta do seem to have got it right and are attracting some nice new business as we go into 2016.

Hi GT. Excellent video - Steffan is really building strong networks for Porta and taking the story out. He's a true breath of fresh air and I have no doubt we go onwards and upwards from here. I think that EBITDA will come in at around £2.50-2.55m on turnover £27-28m; that's lower than Sanlam forecast but its pretty acedemic relating to 2015. What we were all waiting for is the 2016 outlook from January 1st which has started extremely well. This is the quarter where budgets are set and we are in the sweet spot of communications with all our professional services under one roof with the excess fat of Brussels and Frankfurt taken out giving £1m plus savings. The right guy is at the helm to achieve the level of growth we all want and Newgate Australia is 'exceptional'.

http://www.proactiveinvestors.co.uk/companies/stocktube/4610/new-md-looks-to-take-porta-communications-to-the-next-level-4610.html

Now Selah has gone and we have a highly active new BoD we are seeing rapid change. We still have the possibility of money to come from Selah with no commitment and the POC business is a highly desirable growth platform [hence the bids it attracted last year]. Zwanziger is no fool, and he's supported by the instos. He will accelerate its growth and groom it for sale at 2-3 times the current MCap within 2 years imo.

The clean POC business that results from the divestment of Selah was valued at twice the current MCap last year and it's growing strongly. The £55-60m write-downs were well telegraphed and now they've been confirmed EKF can move forward. Zwanziger has the b*lls to push this company in the high-growth POC direction and its now got momentum.

Should track up nicely from here. Net total assets at interims were £125m - write downs of £60m [top-end] gives £65m. Liabilities stood at £33m but Zwanziger has chipped in £3m and we loose £3.5m Selah debt taking liabilities to £26.5m. Going forward: we have a point-of-care business with clean pro-forma assets of £65-£26.5= £38.5m versus current MCap £38m so about right on a stationary basis with no growth BUT EKF to become cash positive in 2 months; POC PKU test just launched and Zwanziger gave 'worst case growth scenario'. The clean POC business alone [without the Selah baggage] attracted two potential offers of $110m and $125m [£76m and £86m] last year and its growing strongly with margins over 50%. Room for upside? You bet, that's why I've just bought in as all the embedded instos are in at far higher prices than me.

Couldn't agree more. Trading and prospects have never looked better - the price will start to reflect these in due course. You can't go against logic forever. Its a marketplace and we have some of the best value goods on offer. This trading update is a big sign to display whats on offer at Porta. Its a compelling combination and will attract the buyers.

Transformation to cash-generation is accelerating rapidly and the outlook is bright effectively. Everything is in place for 2016 to be a really excellent year. New proactive MD working in a seasoned BoD is a great combination for sustained strong growth. The fact that Steffan in the new MD role is having a noticeable effect three months in shows the rate of change accelerating. His out-of-the-money 10p options will start to look a real bargain as he takes this incentive and runs with it. I honestly can't see any more selling pressure with this t/u as even HH will be happy to hold now. Paul Scott [Stockopedia] is also a medium/long term holder here so I think we can expect a positive evaluation from him in the light of continued progress. We may now actually see varied institutional interest to allow the upward rerate which is long overdue. The limited shares in public hands also means gap-jumps are very possible to get back to a sensible level above par 10p. Grant Thornton, Allenbys and capital Access should all give visible exposure and finally lift us onto the radar where we deserve to be. I firmly move the 'no opinion' ie 'hold - waiting status' to a resolute 'buy' IMO on the back of this.

This is the game-changing year for Porta. Very strong growth when so many companies are giving lukewarm results; Steffan already providing fresh impetus to propel the next stage and DWs ambition of a £50m MCap firmly on the horizon. Organic growth increasing profit by £2.5m! That's just the ticket to move forward. Well done all.

Game on! Super progress as predicted... http://www.investegate.co.uk/porta-communications--ptcm-/rns/trading-statement/201602030700078631N/

The directors have all bought into Porta in significant quantities regularly over the last 2 years. They want to retain a balanced register of holders, the more institutions the better as it smooths the MCap and stops the blips. IMO they are happy to allow the MMs fill their books at this price by accumulating distressed sales. The drive is now to introduce new II's to Porta and build a solid and varied base from which to grow strongly under Steffan. The out-for-the-money options at 10p are a really strong incentive for Steffan and Porta incentivises and encourages share participation by its staff. The stage should be set for growth with a sound trading statement and positive outlook. It is just about the right time now to get Steffan and DW in front of a Proactive investors camera for a media interview. That would give bigger players a 'feel' for Porta and encourage them to get aboard. At MCap below £25m and on AIM it's all about differentiation and raising our profile on to institutional radar. Porta have a nice portfolio of 7 companies now offering multiple communications and advertising functions not dependent on any one sector. A lot of the revenue is recurring in nature and we are in the cash generative organic growth phase after the busy acquisition phase of 2014. All about profile building now.

Is bound to open fresh networks to Falanx as well as those currently being pursued. His roles at board level with companies which have rapidly evolved sounds just the ticket for Falanx at this stage in its growth. JB has obviously disclosed the current state of play to him and he's jumped at the challenge. Makes me more confident that an update or two must be in the pipeline.

Spot on. Mike Read sounds just the right guy to help guide Falanx alongside John B. Accomplished and seasoned director with a credible history in related sectors. Will also bring in a lot of networking contacts. http://www.investegate.co.uk/falanx-group-limited--flx-/rns/appointment-of-non-executive-chairman/201602020700097223N/

First February toe in the water and it's a buy.

That WPP was very upbeat on the sector and its prospects for 2016 with so many national and international events scheduled. Bodes well for Porta as they now have multiple disciplines all housed under one roof and are able to cross-sell associated services. I also think we'll get a disproportionate boost from Capital Access this year. With PPS and Publicasity actively engaged in political and local government manoeuvring and lobbying it could be a good year ahead. With legacy costs falling off and opportunities for organic growth strengthening it would be nice to see successive upgrades and significant cash generation this year. That would put Steffan firmly in the frame as MD with the sagacity and accomplishment of DW in the background. The fact that we are currently not a blip on any II radar could easily change during H1 and I remain optimistic that we now have the size, scale and skillset to take on some big fee-paying clients.

It would seem that HL has achieved its objective of rebalancing its portfolio since no block sales of 'round volumes' has traded for a week. The lack of buyers is also apparent. In effect, we have a stand-off awaiting news or a trading update. I suspect the MM crew have been quietly and progressively accumulating stock onto their books. The last update given at the interims was upbeat and we are now one month after the year end books closed on Dec 31st. If there was any material difference in outlook and actual then a t/u would surely have been made. On that basis, and with Steffan now firmly engaged in the business, I would expect a good maiden update and appraisal of the whole business. 1.5 million options exercisable at 10p is a great incentive for him to outperform.