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Excellent summary jp253, very good.
I was surprised ASOS have so much inventory on their balance sheet. I was under the impression this was a platform for retailers to sell their products, did not realise that they would be hold so much of their own products as well?
Apologies if this is a silly question, appreciate your insights and how much of their current assets are in their own or other brands stock.
Thank you.
am not so familiar with Reiss. Would guess they are a lot more successful than FCCN.
Do you know much about WA Capital Dalooks? I have been a long term believer in FCCN, my concern now is they are eating in to their cash pile. Can't afford to have many more poor trading periods or all of the cash will be gone. Their licensing is very strong and I see they are bringing back their FCUK campaign which could work well I would guess? At the same time, too many of their own stand alone stores, can't close them fast enough.
We must be happy that we got over 2m from the Regent Street property & out of the lease? Some good news at last.
I think you and me both have been supporters of FCCN in the past. My view has always been that they would close unprofitable stores one by one, reducing their fixed costs, at the same time work on better products, grown their online and wholesale businesses. I was hoping for at least breakeven in 2015, then growth from 2016 onwards. It all seemed to be going to plan, up until March this year, all news was positive, what has suddenly changed since April 1, 2015? It seems to have literally fallen off a cliff from that time.
Been a while. Is very disappointing that Marks has not his act together yet. I have always thought this would be the year they would start making a meaningful profit, looks like I was too optimistic. You mentioned before that they could have a dozen standalone stores in a couple of years, how realistic is this? Not sure how many they currently have here. Also, after what seemed like good progress in 2014, what has gone wrong recently and how do you reckon the existing management team can pull it around? Thanks
What do you think is going on in Mr. Marks head now? To me, it is clear that he is not the right man to lead the company out of this, he has done great things in the past, however he is past his sell by date with all due respects. Would he ever bring in a new CEO to replace himself or what are the chances of him selling up and spending the rest of his life watching tennis and making movies?
I get the sense that Mr. Marks will be looking to leave in the next couple of years. He will have achieved his mission of bringing the company back in to the black, the reality is FCCN needs a new CEO with fresh ideas to take them to the next level. Hopefully he will off load his stock, would love to know what price he would sell for.
Pretty much as expected. Lets hope we can breakeven this FY then kick on in FY2016. No shortcuts to turn this one around, step by step.
I think that is very good news for us then if they are long serving members. I believe Mr. Marks may be guilty of being too loyal to his leadership team & staff in general in the past. I get a sense that the huge loss FCCN made a couple of years ago was a wake up call for him. Since then, he has brought in new management, they have performed, now he is finally getting rid of the dead wood. I guess they will be able to shut a couple of unprofitable stores a year once the leases come up for renewal over the next 4-5 years, then we will be in decent shape. I agree, 2015 numbers will be good, 2016 could be great!
I wonder how long the two members of staff have been with the company? If a long time, probably good they moved on. From the governance point of view, I get the sense from the CFO, that he has streamlined the finance function, through better processes rather than heading headcount. I rate Adam Castleton, he was a shrewd hire for sure.
I have followed recruitment stocks for a while now, I reckon this one is a good buy. Recruitment market in the UK is very strong, diverse portfolio, underlying profits will rise this year. Only downside is strong pound as a lot of their business is from overseas.
dalooks1, Can you give me a brief history lesson on the FCUK t-shirts please? I know you have been following FCCN for a long time now. I seem to recall that everyone was wearing them about 15 years ago, that was when sales went through the roof and all of a sudden, they went out of fashion? It seems to me that they could get back in fashion again? I am an old fart so you will not see wearing them! I still think this is a great medium term investment and we shall see good return in FY 2015. Around this price is a great entry point. 90p was way too high, am sure it will hit that price before the 2015 AGM.
illiquid relatively speaking. Stock seems can move +/- 0% on low volumes.
I went to the AGM a few weeks ago & I came away with a positive feeling about the company. New leadership team have a clear plan of growing sales with producing better products as well as though new license agreements. CFO has strengthened the finance team and has a good grip on costs, for example, they will continue to steadily close the loss making stores when the leases expire, I guess this will amount 2-3 stores each year. The new CFO was a good hire for sure. Sounded like the poor performance from North America was caused by the terrible weather conditions, As I mentioned in previous posts, I think this is for the medium term and we can start to see some good numbers from FY2015 onwards. I got the clear impression that the new leadership team were not there to work for a loss making business, they see a lot of potential, my prediction would be 5 million pounds profit in FY2016. For the share price, who knows on this one? I thought 90p was way too high, probably 60p - 70p is about right IMO. The shares are so illiquid, they tend to bounce around a lot on any news. GLA.
Yes that is true. He has no credibility, however I will give dalooks1 one thing, he is a good stock tipper. Up 200% this year. If you find any other members low on the credibility stakes, please let me know, I want to do something with the cash I have made on FCCN. Thanks
I agreed with you, however I thought the shares would move in 2015, am pleasantly surprised of course of the rapid rise this year. Very difficult to know where they will head in the next 3-6 months, still not assured to make a profit this year. I have decided to go to the AGM next week or meet the management.
you seem to have disappeared dalooks1? Are you still holding FCCN, shares have gone up very nicely this year per your prediction.
The accounts are incorrect, no doubt in my mind.
I still struggle to understand why anyone would waste time on this stock. Everyone who has spent any time in China will know the financial statements are a sham. Asian Citrus have no corporate governance, Chairman sells huge amount of stock at 35p, days later, bad news comes out & does not stop coming for next 18 months. If you are already in, sure, hold on and hope for a rise, for new shareholders, look elsewhere, there are much better run companies out there.