Member Info for Culley01

Excellent post Pmh thanks

£260 m not £269m

Still a long wait August 2026 will be the first results not loaded with one off costs of restructuring & showing the full benefits of the £269m cost savings

If there is a 15-1 consolidation would this trigger a load of sells for those who have placed sell orders at say 18 or 20p & if so is this an opportunity to sell prior to consolidation & buy back afterwards any thoughts appreciated

Now now boys stop squabbling & stick to comments on Capita

I’m a little disappointed at the speed of progress towards FCF With £140m cost savings achieved by Christmas (& presumably more now) & another £110m to come I would have thought that we should already be close or at the latest by half year results

PS although Elephants don’t gallop they can move pretty fast or so my Grandfather told me when he was charged by one in Africa in the early 1900s

@Daltry Because it’s low cap & as such not looked at by most investment houses that it’s such good value. When FCF (9-12 months) & dividends ( maybe we’ll find out tomorrow) return & I would guess early next year, value should be 40p + ( or after consolidation £6.00 +)

Tax avoidance is legal tax evasion is illegal .

Putting money into a pension so it avoids having to pay tax on growth or an ISA are examples of tax avoidance

Looks like Capita’s doing it’s usual of moving up temporarily on good news ( a positive set of results) only to drift slowly back to where it started or even lower.

FCF & dividends are the only thing that’s going to move this permanently up

I think that because of JLs performance many are understandably weary of history repeating itself with AH. Personally I think that so far he’s doing a pretty good job but the forward guidance tomorrow should give us more insight

I wonder if my long standing buy order at 12.80 ( only a top up & average down!) will get filled

I don’t think the results are going to be good ( as we know from December update) & I suspect a large chunk of Capita one sale will be used up. That said I expect debt to be reduced.

As I’ve said previously I think the earliest positive moved will be the Yellowstone presentation or December figures.

Having said that some really bullish statements will of course help & long term I’m still very positive

I suspect the margin on the smaller contracts will be in excess of 10% - remember the 6-8% is an average figure for all contracts including some existing low margin ones

@Trenners The point Aim was making which I agree with is that although some essential work(disposals etc) was done the pace was glacial & we should be 3-4 years further along the recovery path than we are

@Aim I have to agree that JL & COVID wasted 4 years. JL through not wanting to make any harsh decisions re cost cuts & instead of using COVID as an opportunity to make money he used it as an excuse for dithering ( maybe a bit harsh but it’s how I feel!)

Trenners I hope you’re right!

I wouldn’t get too excited short term. Results are going to be fairly poor ( following on from December update).

Hopefully we’ll get some positive forward looking statements & clarification of debt position, current margin, contract wins etc.

ITerry - I think JL believed he was saving the employees & did everything possible to make that happen at the expense of the shareholders whom he should have been working for.

I also wonder how the accountants managed to sign everything off as effectively before the RI the company was bankrupt

Macy - If I was a prospective new investor I’d take exactly your approach.

Most of us here have been invested for some time & generally sitting on a paper loss.

As such we need to believe in AH but actually on a rational basis he has made some massive improvements but as yet it’s not showing in the bottom line.

Forward guidance in the Y/E results will be interesting & I do hope that losses haven’t increased from the December statement