Member Info for dnwill

Anyone received the dividend yet? Not received by CSD so far.

No dividend in CSD either. I wonder if the is because per the recent RNS it's being paid in NOK and converted via an intermediary (Euroclear), maybe it'll take an extra day or two to clear.

"Historically they released an update end of Jan, would make sense to update investors aswell."

No they didn't.

In Jan 2025 they released a profit warning. In no other years have they released a trading update in January. Publicly traded companies only release off-schedule trading updates when they a) need to profit warn or b) need to upgrade vs consensus. They have no requirement to update investors outside of their usual cadence unless one or the other of those criteria is met. REVBs usual cadence is slightly before period close (end of Feb), but with a big change in management and a fairly recent update it's quite possible they adopt the industry standard of trading updates shortly after period close and prior to full audited accounts.

Not sure why you’re all banging on about a January trading update. Their regular Financial calendar doesn’t include such an update, if you did a bit more research than just looking last year (which was actually a furtherprofit warning from a desperate management team in a then sinking ship). In all the prior years the trading update came just before period end (which is end of Feb) - and should they move to a more market standard approach it will be shortly after period end i.e. March.

The fact that no release imseems to be needed in January is actually a good sign- it means performance is on track with the most most recent guidance.

IR would never give a retail shareholder advanced notice of an RNS. Breaks every rule on market sensitive data.

The price is moving up in anticipation of the usual dividend declaration, which is oddly late this year. Every time in the last 10 years it has been declared in the first week of January, on or before the 6th. We're now 9th and nothing... and as noted the investor calendar for 2026 hasn't been updated. Come on PHP, get your finger out...

Still no dividend with Charles Stanley Direct. I hold a lot of other dividend paying stocks and all are credited on the payment date without fail, so this is no a CSD issue...

This is the first time I’ve seen a late dividend as well. Wonder if somethings gone wrong!

Same with Charles Stanley Direct as of 5pm UK

They are effectively laying the groundwork for forgiving the settlement agreement cost with Minto… not sure how I feel about that or how the markets will! Of course we will never be privy to all the facts of the situation.

They're cutting it fine with the Interims. Under AIM rules they have to be out by Friday (3 months since period end) - and they haven't even put out a Notice of Results yet. Assume/hope the NOMAD is all over them.

Yes but read the release. They are going back to 50/50 split and expect total annual dividend for 2025 ro rise in line with inflation. That means the next one will be 0.048 as well (doen 20%) for a full year increase of 6-7%.

Basic maths lesson for you… there will be more shares but another £15-£16.5m in the bank which increase the the enterprise value. The share price will not move, it’s already been priced in by the market. If anything it will increase between now and then due to improved security.

Crazy. Business is effectively “free” and generates £2m of EBITDA and FCF. Surely Private Equity will take this out.

Also need to factor in that they are effectively guiding to an EBITDA loss for the second half. That may spook some.

The unconditional grant of options is pretty bad form. There should be vesting conditions over a number of years, EPS targets, TSR etc… these are used as incentive to stay and perform, not just to stay. I can see why this annoyed BOO as it annoys me as a shareholder.

More concerning is the potential re-suspension, concerns of key customers and banking covenants. It could just be smoke and mirrors from the Board but it’s is worrying nonetheless.

I think everyone will be dumping this today sadly, except BOO!

We’ll see in a few minutes :(

The big worry is this quote "the fact that the Company had, prior to the meeting, received notice from certain key customers of the Group that they would not be prepared to continue doing business with the Group during the current uncertainty"

IMHO this will now tank on readmission. No one is gong to buy with this uncertainty, it doesn't matter what the underlying metrics are, the market moves on sentiment more than fact and nothing drives negative sentiment more than uncertainty. I say this as a six figure holder.

That’s correct. 50% vote needed to appoint or remove Directors. 75% vote needed to delist / take private.

I doubt this will trade again before the final results for FY23 are published. Think about it - they are due in 12 weeks time, why would the exchange risk readmitting REVB in a few weeks only to have to boot them off again when BDO miss the deadline? it goes against their own credibility, not helped by the continuous missing of expectations on publishing dates over the last few months.

I speak as a sizeable (six figure) holder here, but the results and outlook are a major disappointment. This is no longer a high growth business. The comparisons made to ELF market cap have no meaning as you cannot compare a London AIM listed business to a US listed one. The better comparison was to Warpaint - but these results make it clear that they are a MUCH better business.

Let's do the analysis:

REVB Sales Growth EBITDA EBITDA Margin Assumptions

FY22A 184.6 35% (0.8) - [Actuals]

FY23O 188.3 2% (0.1) - Low single digit growth, slight loss

FY24O 203.4 8% 8.0 4% High single digit growth, high single digit EBITDA

W7L Sales Growth EBITDA EBITDA Margin Assumptions

FY21A 50.0 24% 7.7 15% [Actuals]

FY22A 64.1 28% 11.9 19% [Actuals]

FY23O 89.7 40% 16.7 20% Q1 growth rate ontinues, margin improvements

For the current year outlook, Warpaint has 5x the growth rate of REVB and 5x the EBITDA margin. It is a far better and morei investible business by the two key qualifications.

Warpaints market cap is £186m, its valued over 10x forward EBITDA as a high growth business.

REVB forward EBITDA is circa £8m ("high single digits") and it would not achieve a 10x forward EBITDA high growth business multiple with single digit sales growth rates. This makes, unfortunately, the current market cap look about right... there will likely be no multi baggers here I'm afraid.