Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
Yes we were clearly misled by whoever said that. AR definitely did NOT say we would not require further funding. You can’t believe anyone.
My word I didn’t realize there were three people doing the same job, that really is taking the ****! The Board certainly needs to be held accountable at the AGM. And this whole leaking information to that idiot Tom Winnifrith has to stop as well.
I note the first loan of £5m from TF is not due for repayment until between December 2022 and December 2023 and the rest not until December 2023.
The finncap report may be out of date or produced by an unreliable broker with an agenda but it definitely suggests we will need c£3m of funding next financial year. This is because we will be spending £3m on R&D and £3.5m in capex in this financial year and next. Most of this will be probably be on the new Illumina test and contributing to existing customers’ platform migration, but also on the development of other new products. I agree that the revenue projections seem light (how can the forecasts for India be only £0.75m in 2021?) but you have to factor in there will probably be low growth in UK/EU as customers wait for the new Illumina solution. I think additional funding next year sounds credible so we urgently need confirmation of that. I note it says in the report that we plan to discuss the TF funding structure post-settlement. Hopefully that means they will look to convert their warrants and not that they will seek repayment! I presume there is an agreement that they don’t need to be repaid until at least after 2021. I am thinking of going to the AGM on Thursday so we should all try and put together a list of questions for anybody who definitely decides to go. Apart from those issues mentioned above I would like to know why we need a Chief Business Officer and a Commercial Director. I will think of a few more in the coming days.
There are sales and profit projections available now through finncap, see RNS Reach of 12th October that refers you to a portal to get their research. Sales current year £8.5m, next year £11.9m, 2021 £15m, full break even not expected until after 2021. Funding of c.£4m needed next year, not sure if will be equity or further debt. Seems we are still in bed with finncap although they totally messed up the placing.
I liked the update. There was at least more communication. Trade was better than we thought in H1. We know when we are getting the interims. All payments and actions have been completed in relation to the litigation. We know there will be an update on the strategic review by the AGM. A small step but positive.
I hope they are not fixated on a ridiculous price for Mankayan after the nonsense CB was spouting earlier in the year about $250m. We should honestly take $50m if we can get it, let’s not be greedy and just get on with completing the disposal. I will eat my left buttcheek if we get $250m!
I will try and answer this tonight but in the meantime has any date been set for a meeting with LR? I live in the Channel Islands and could fly over for a meeting on 25th October in Manchester at about 10am because I have another AGM to attend that day.
Yes there is lots to be positive about but I don’t think costs are under control when you look at the duplication of roles on the board and disproportionate cost. It is difficult to justify getting on for £1.5m of director salaries when the company will not produce more than £4.5m of gross profit this financial year and therefore a significant overall loss.
Can anyone answer the following? Why was the placing done in two tranches? Why did the directors subscribe only at the time of the second tranche? Finncap organized the placing jointly and will be paid for it but I thought Reynolds had sorted this himself because Finncap were useless? Why did Barry Hextall not participate in the placing and buy shares on the open market instead? Thanks
What RNS? I can’t see one?
RNS last Friday said strategic review would be released this calendar year, can’t see it being in next 2 weeks?
The growth rate between H2 2017/18 and H1 2018/19 concerns me. Although test volumes increased by 21%, revenue increased by 7%, which means that revenue per test is falling, presumably because of the greater proportion of international sales. The increase in test volumes of 21% was also lower than the 27% growth rate reported between H1 2017/18 and H2 2017/18.
Growth in test volumes has been slowing and so has the average revenue per test.
We need more new contracts to come onstream.
With a cost base of c.£10m per annum (it will inevitably increase from the £9m to 31/3/18 because of the appointment of Rees and Jefferys as well as the expected growth) we need sales of roughly £19m to £20m just to break even, or 180,000 tests.
This is not going to happen until y/e 31/3/20 at the very earliest and most likely y/e 31/3/21.
My forecast for loss before any exceptionals to 31/3/19 is £4-5m. This is not a small loss as Loserfrith claims.
Why are we buying stock from Illumina when our service with them is not starting until 2020? Seems ridiculous to me!
I cannot see Illumina buying us until we have established a service with them.
I keep on holding although I am very disillusioned. I even bought more at 13p last week because I thought with the settlement secured we could move on and the future was brighter, but I feel royally shafted by the Board.
It's easy to blame finncap but the Board needs to take responsibility for this farce. They should have known better.
Let's see what tomorrow brings but I won't be selling for now.
On current run rate will need to raise more funds Q1 2019.
Let's hope there is news before then.
Pleased to hear we are actively marketing to large mining companies now but where are the results of the further studies done on Mankayan and Eureka?
Dubious at worst of course!
Let’s make no mistake these were terrible figures with no confirmation of breakeven and derisory revenue growth since the last half, all of which was made worse by the after hours release of the final results on the last day they had to be published, topped up by a placing. You couldn’t make it up. I am not sure about the future of NIPT now but I do think this placing will get away with £0.8m of the funds coming from directors. The problem is we then have to wait for the outcome of the strategic review and the inevitable need for more funds, which will depress the share price. I think it is time for a change of Chairman. Reynolds confirmed operational breakeven at the trading update RNS in May but the lack of reference to it in the final results suggests it was untrue. His links to Winnifrith are unhelpful at best and dubious at best. Let’s hope we survive because the going concern note was pretty gloomy and was no doubt the reason the results were released so late because they had to agree it with the auditors.
I am comparing revenue NOT test volumes. Fact is H1 revenue 2018/19 was £3.8m and H2 revenue 2017/18 was £3.55m. This is not a seasonal business so that makes growth of 7%. Of course I need to see the detail of that revenue but it’s single digit however you look at it.
Pretty disappointing. No mention of operating breakeven this financial year. Growth in H1 2018 vs H2 2017 non-existent at less than 10%. Did anyone spot anything positive we didn’t know except we will probably look to enter the US market? Why did this have to wait until after hours?
So what’s the latest time for an RNS? 23:59.59?!!!
If they are not going to publish the results today they should at least let us know and explain why. But this should have been done at the start of the day. Doing this now at the end of trading on Friday afternoon is terrible. But not doing it would be worse.