Firering Strategic Minerals: From explorer to producer. Watch the video here.
It’s easy to criticise ( I do it as well ) , we are in a strong position.
Imagine a new business with a small presence but great products coming to market , they had £2.5m in the bank and had the benefit of hindsight ( last 18 months failure )
You would all love it
Let’s take a breath and re-evaluate.
Very poor first year with massive cash burn and no sales.
Second year sales growth ( maybe small but growth is growth ) and reduced cash burn.
£2.5m in the bank so no debt.
All it takes is a new strategy and CEO when they decide , just look at Chill , a new CEO and strategy plus they have had to raise.
This can still come good , but I do understand the negativity
Still a good place to be in , lots of companies have made mistakes and run out of money , at least we still have money left to go again , my apologies for posting the incorrect cash figure , good luck to them , I’ve had my blip and will continue to buy product.
Agree - at least the company has taken fiscal responsibility which is more than can be said when Anna launched the outdoor campaign and spent millions.
I maybe disappointed today but almost £3m in cash is still a lot and if spent wisely ( which looks like the plan) then gives the company a chance.
They have a small presence now and a lot of learnings , £3m in cash and small but growing sales so a positive there.
We all expected so much and have just watched our investments capitulate, we have a chance so let’s keep positive.
£3m cash
Sales growth
Recovery range good to go , just needs a responsible strategy
I’m thinking we may get hammered on SP again now , really poor RNS , no clear direction , the Cannaray deal really derailed any plans.
£5k per month sales is poor , I wouldn’t mind but they are still not engaging existing customers who are obviously loyal ( mainly investors )
I hope they have something up their sleeve soon as we cannot goon like this , sub £100k sales for year 2 doesn’t even pay for one salary.
https://polaris.brighterir.com/public/cellular_goods/news/rns/story/rm4d6vr
Only speculative but what do you all expect sales for the first 6 months to be ?
I think Approx £50k
That is a fair question, why RNS ? If you have the results just post them , it’s either to let investors sell out or buy in for the bounce or drop
https://www.lse.co.uk/rns/CBX/notice-of-half-year-results-nsn2f67vp7ojdkh.html
Well this will be interesting, thoughts ?
The next 4-5 weeks will be interesting, let’s see how innovative the team are , good luck all as this next couple of months will be pivotal
All , have a bit more patience ( I know it’s a lot to ask )
The new strategy will be outlined soon , it maybe with a raise etc who knows , the trading company is only 18 months old ( since launch )
They have had a few setbacks but business is never easy and they got it wrong on launch. My wife received an email from them today asking for applications to join a testing program, I’m sure if it was over they wouldn’t be trying to move forward with new initiatives.
If most of us are honest then we all got it wrong on our expectations, let’s hold on and watch it move forward
Mel - hello , hope you are well , absolutely agree With the need for accuracy, also no one can be blamed for being negative about this , just look at our SP , it’s embarrassing. Forever optimistic I am but probably very naive
Also if they do have £2m left ( hopefully more ) then let’s not forget that’s still a lot of money and if costed and spent correctly can go far , companies raise less than that sometimes
We will soon find out , end of May for financials and an update , from what I gathered at the AGM cost control is paramount whilst they regroup.
Why spend all the money on a CEO when consolidation is needed was mentioned , this is a fair point short term whilst they decide on direction but every organisation needs a strong leader to deliver on business fundamentals, Darcy is still interim so let’s see , maybe he wants the role.
Also it was mentioned the cost of launch and the poor returns , this I think is what the biggest issue is for CG now with any new products , how to get value and a decent ROI is paramount now , let’s see what the plan is and judge them accordingly, you don’t many bites of the cherry and the next bite is really important.
It might also be worth looking at Chills journey , I’m not invested in them but the new CEO has managed to steady the ship and start to deliver a new strategy, I think they did a raise at 1.5p and a lot of negativity was raised on the forums etc , the SP looks steady at the 4p level so you never know.
Good luck
BTW I agree with Karl that they have a future , not that they are finished lol
For what it’s worth I agree , they have had a major disappointment with the Cannaray deal which has put them back at least 6 months , hence the silence whilst they re- strategise.
The positive I see is that they have to get the next strategy right , let’s hope they are taking their time now and planning accordingly, the time has long gone when they had money to throw at it without consequence.
I wouldn’t be surprised if over the next 6 weeks ( half year reporting ) we get a new CEO , raise and strategy update.
They still have money in the bank which is good and they now have to take a more measured approach to how they grow , welcome to the real world of start up business where every penny counts.
Good luck to them and all invested
Good morning all , just a small note of positivity in this gloomy world for CG , sales are significantly higher on run rate now than they used to be , this is only info I am collating from the website and doesn’t include Amazon or any retail partners , bearing in mind website sales are only 50% of sales ( mentioned in last update ) then the future is looking that little bit brighter , not saying we are amazing but it’s better than it has been
Good afternoon, the launch ( or non launch ) is supposed to be by end of this month but after the AGM I’m not so sure anymore.