Member Info for f15jcm

I'm back in, 53% below where I sold :)

It's a good job the RCF isn't drawn as they are already in breach of the covenant. 3.2x Net Debt (ex. leasees)/EBITDA against a covenant of 3.0x

Shareholder equity is down over £6m since year end and retained earnings are now below £1m. Dividend is looking precarious and cashflows are awful. I used to really like this business. No position but I'd sooner be short than long now.

I agree with your comments MP, tone definitely deteriorated since last update as is shown by the revenue decline in H2 to date. I sold up this morning for 14% loss. Not that cheap and quite risky given debt IMO

Anyone attending? I was told 'institutions only'

Obvious read across to the mixer market

Interesting, extrader. Where can I see the specifics?

I suspect part of the reason is that they are bearish on the sector and HL affords both the best liquidity and the required borrowability to go short, rather than it being for entirely company specific reasons. I've added today

There is large volume going through today. I won't be impressed if there is a motion to delist at the recently announced AGM. One wonders why it has been scheduled so late compared to last year

It's interesting that there are no positions against AJB which has performed much worse over the last 12m

Speedy paid cash for Greenpower, £10m for the business and took on their £10m debt

It was on 25x earnings and delivered 1.3% eps growth. Of course it has fallen

Anything with debt is getting slaughtered. Cautiously optimistic here

I have sold. There is no other explanation for Brian not taking a salary than the company is running out of cash. At best there's a horribly diluting placing on the way, at worst, there isn't.

Why does it say 'News' rather than 'New'? Typo? 'News' doesn't make sense.

There is no comma between 'sales orders' and 'invoiced', so it is not describing different numbers in aggregate. Furthermore, in a previous IMC interview, Brian said they would only be disclosing invoiced sales in future updates.

So why did they explicitly say 'invoiced and delivered' in the sales update?

Your own post even shows the discrepancy I am highlighting:

'News (sic) sales orders invoiced and delivered total 27,000 tonnes in H1 2023 versus budget of 60,000 tonnes.'

If they are invoiced and delivered in H1, they should be accounted for in the interim results. Invoice and delivery are literally the criteria for revenue recognition.

I hope you do, I just thought it was very poor that no reasons were given for things falling behind schedule. I hate it when RNS' leave more questions than answers. Betts is always the first on Vox when it's good news

Yeah, that made me jumpy too. Same thing with HMI after their garbage interim results

Painful but tolerable loss. Rereading the going concern statement gave me the creeps. Unplanned capital raises were a feature of SO4 and it became a dumpster fire. Will watch from the stands.