Member Info for Anon321

Back again Mr Richardson? Your username would never give away who you are.
How is Troo Cost doing? The revolutionary energy broker after you made your millions at UTW?

Certainly does Peaky - sure I read somewhere they aren't taking claims against them

I disagree - I do think it’s what is best for the company and many are hoping this comes off so that it can be saved. Also sure it will deliver shareholder value
Wonder what the critics who accused him of the accountancy issues etc have to say now......

Completely agree it beggars belief
It’ll be because he is a politician and because of the uncertainty, I’ve heard he’s lost the dressing room at least (understandably)
The new buyers will give him the boot

The repayment was avoidable and fully preventable, and sparked further problems. New leadership lost the control completely and have always been out of their depth. If this is the definition of the 'legacy issues' it was fixable but they failed. Addressing your point around investor confidence I would suspect this was heavily if not entirely down to a failed strategy which cost millions, a failed water campaign along with other multi-utilities which cost millions, unnecessary/misdirected redundancies, adding huge central cost needlessly and diverting the business away from what it was good at

No, I've better things to do and clearly you have an axe to grind but again are clearly in the minority but it's unequivocally clear that the contributors to the drop off a cliff in the share price has been down to the new leadership over the last 2.5 years where previously the share price was over 80x higher, and has little to nothing to do with what you mention

Agree although his arrogance will probably stop him from doing so although I suspect he will be getting pressure from all areas... I think it’s more likely he will be pushed by the buyers

I could comment on each of your points but I have seen your previous posts and don't feel it's worth the effort. It's clear you're either one of BF's sidekick's or a disgruntled ex employee but either way you're in the minority who isn't looking at the facts

I was commenting on the original post re BF, fairly clear to see he has failed. Interesting to see how things unfold

Just basing on facts

Kevver - I sympathise with your loss as many have endured but to allocate blame to the ex CEO is just ridiculous. As below the revenue recognition policy previously was not aggressive and compensated for a 20% reconciliation from the order book (through COTs etc) which more than covered for the actuals. The previous CEOs departure will have nothing to do with the new accountancy policy. Your argument the stock he still held was marginal is flawed - 13m shares! The amount of nonsense posted from shareholders investing fortunes is unbelievable

Agreed. He has been desperately looking for new initiatives to redeem his mistakes and has the backing of the board because he is a politician. I agree on IoT and would even say that another big mistake was dropping WiseLife which had huge potential for SMEs and had the potential for UTW to further develop their proposition rather than deviate to insurance etc. (no doubt it was because it wasn't his idea!)
Part of 'Strategy 2021' of course involved 'One Utilitywise' - the concept that the group and the locations would be unified and colleagues were integral to the business, yet a couple of months ago the corporate division was rebranded 'EIC' ... The writing was on the wall

I agree, along with putting a stop to dividends, laying off some long servicing loyal employees, the list goes on
The arrogance in him will of course blame 'legacy' or he will find another excuse but I can't see him resigning, he will be shifted on by the new buyers

Agreed. Tried to stamp change that was not needed and replicate the Sage model in many ways. Let's not forget his huge pay packet as well. I'm staggered he has continued to get away with it with the board and also that he continues to blame 'legacy' issues almost 2.5 years later. Accountability is the stand out word. Then the audacity to post about common failures of business leaders on social media - total arrogance.
Just to counter a couple of points made re inflated usage and aggressive accountancy - the accountancy policy was not 'aggressive', but in fact had a provision of 20% to account for underconsumption, Change of Tenancy's etc which was more than sufficient. In other words the business only recognised 80% of it's order book in revenue. It is clear BF's failure to address the issue at first was the cause.
Anyway I suspect his position will be untenable with any impending takeover

Moneyspider - your posts are nonsense. Look at the facts.
The whole reason that the company is in this mess and the share price has suffered so much is down to the new management and in particular BF. Wouldnt the EX CEO have sold way earlier if it wasnt to do with him?
The new accountancy rules only had a very small part to play in the depletion in the share price. The shambolic debt position has been caused by poor supplier management by BF et al, adding huge central cost whilst laying off good people in the sales function who built the business up. On top of this, spending millions on a failed Strategy (no matter how much you blame 'legacy' or dress it up), the same on water which represents tiny margins and the same goes for Insurance and to a lesser extent merchant services. The multi-utility aspect has been a mess and a complete divergence from what the business was always good at. The list goes on and on, not least 2 share suspensions.
How BF has not been ousted is quite incredible.