Member Info for f1nesse

Isengard

You really do live up a tower. The company is successful, yes, but it is making mistakes. Korkmaz is still running the company in flatout entrepreurial mode with no-one to tell him to consolidate a bit and let the success flow through to the bottom line. The charismatic (not) Wheatcroft gives the impression of being the accountant who was there when the business was being run out of the boss's back bedroom. And where were the non-execs in all this? Next presentation they would do well to introduce us to the head honcho at NRG, the linesmen business, and possibly the head of the Academy too. We need assurance that this is not just a one-man band. If it's all under control why hasn't the share price risen since the re-listing? Easy answer - more sellers than buyers.

They have not been able to demonstrate control over the company; both over the financial side of things and they have also let the IT side of things get inadequate and out of date and now are having to spend money catching up. With a company like this, so dependent on systems, they need an IT Director at main board level. Accountants never realise this.

No chance IMO. I believe BBSN have moved on. The TMG Directors clearly think they have turned the company round; I think the shares were wrongly sold down on what was deck-clearing set of accounts. TMG are back now to levels at which they were trading before their results were announced and they obviously feel that there is more to come. BBSN surely will move up to a main market listing at some point.

What the RNS said at the beginning of April

"The Company is working closely with its auditors to complete the audit process as soon as possible and currently expects to publish its FY25 Accounts in May 2026. The Board expects that the final results will be in line with the guidance provided in the Company's announcement of 10 February 2026."

No reason to suppose at this stage things aren't going well, but they do need to get some figures out, and a current trading statement, and also address these auditing concerns before they make further acquistions. They were obviously completely taken aback by the auditor's demands this time. They are financed by borrowed money (factored invoices); what will the auditor say as regards 'going concern'? Sniffy comments are ok, but nothing damaging, one hopes. Fisrt announcement by the company should be about the date on which they are going to release the figures, even if that is only at a couple of days notice.

Just login later and watch the recording...

William123: Clarification sought? Halstead are manufacturers, right, supplying their principal product Polyflor? Likewise are wholesalers and distributors. Is Likewise a customer of Polyflor? Are they one of the 'larger distributors' who were 'reducing purchases' towards the end of the calendar year? And has the 'prudent approach to credit with customers' affected any relationship? Or could it be that Likewise's competitor distributors are the ones affected by this 'prudent approach'? The question is: is Likewise benefitting from the positivity that James Halstead (JHD) is reporting? The whole flooring market seems very fractionated and Likewise have become an important player with momentum and ambition. Likewise is being driven in an entrepreneurial style; Headlam has become managerial. Various mentions across the internet include Likewise Floors Facebook site which indicates they are still recruiting drivers, and also that Likewise are prominent attendees at the Flooring Show South at Sandown Park in a couple of weeks' time. Is anyone on this board going? To an outsider (me) it seems Likewise has a lot going for it. Why is it so unloved by the stock market? I'd like to know more before I commit the holy shilling. TIA

The auditors have obviously demanded detailed access to the accounts of the respectively acquired companies in a way which Hercules core managment hadn't anticpated and insisted on some goodwill impairment in the P&L account - hence the actuality of the current P&L forecast. The big issue with HERC is that they pay their workers weekly up front and invoice the contractors for whom the workers are actually working on a monthly basis. The contarctors pay whenever, so HERC factors the invoices to get the cash to pay the workers. There is then a period of say two months when the comp[any is just a heartbeat away from a big bad debt situation if one of their contractors go bust. Just at the time when HERC went public they lost about half a million quid in this way. I don't think there is anything nefarious going on but it will take a year or more to see the acquistion cycle unwind and see what is left on a repeating basis. Nobody likes being in a suspended stock, so there may be more selling to come, but there also maybe some value here so there will be a few nibbles before suspension this time next week. Good time to be a market maker.

BBSN have moved on with other acquisitions including one from News Corp; cross-investment in a marketing agency called System1; and a big training agency called MiniMBA. I would think TMG low on their radar now. However with the big goodwill write-offs and the consolidation of previously separate operating arms into a single agency, I think TMG have cleared the decks and are in the most sorted state they have been for a long time. With the share price at 14p market cap is now ca £12.5m which may represent an investment opportunity.

New ticker QDE.

Martson Holdings is a debt enforcement agency. Maybe that is relevenat experience!

This is the new board for what was HSS, the hire company. Results finally this week. New name but still a dog. GLA. PS Old posts below relate to an historic PRO company, not associated with HSS.

It's no different to previously trying to buy TMG on the cheap. Sets a marker an puts the assets in play.

Anyone want to call the bottom on this? Must be soon - there can be hardly anyone left to sell! They're paying cash for acquistions so they are not on their uppers...

Final results in December first ...

Https://www.arcadiaminerals.global/investors/asx-announcements/

I can't really see why they couldn't have given Ashcroft/Ashcroft's placeman a seat on the board without the fuss of an EGM. But they are kids and want to do it their way, and to be fair they have done it pretty well so far.

...

The shorters have all increased their positions, but the stock is being absorbed. There is tension in this price so which way will it break? It needs further bad news to send it down, else the mms will just give it a tweak and squeeze the shorters.

Ian Dawson, the new Billington Structures Technical Director, has spent most of his career with Severfield.

Any ideas?