Member Info for JG68

Yes ever since Garat was appointed, coincidence?

I think not

What I don't get is this comment on the rns 1 week before original date , surely they know that figure by now / then ?

Would the Gernany provisions under review affect that for this year?

FY 2023 Adjusted1 EBIT expected to be in line with guidance

Why would they need a rights issue to pay for cash outflows of 70-90 million expected this year?

Seems a bit of an extreme measure, no?

Looks like 5h1t day on markets for a change

I hope is bludy is!!

Why Worried about PIs getting rubbed by IIs ?

Not sure I follow why that could happen.

We desperately need a broker to put this tanking into perspective here.

Who knows Fishbon, every time you think just maybe they are getting their act together, something else drops.

Covid loans, miscalculated costing in the US, write offs wiping out all visible profits, now the Germany provisions, whatever next.

Further delay to results?

All I know is that I have that horrible feeling that this board will let us all down at least one more time.

Doesn't look like it.

This will be flat by lunch.

Not anymore

Rather you with us than against Aimless.

Lordy

I think that they weren't transparent last year and the recent cost savings initiatives will impact FCF this year by 21 from the 1st 50, 30 from the second 50, and the final pension deficit of 30, therefore leading to 70-90 outflow which in turn will increase debt.

But from 25 onwards they should be cashflow positive and return to profit.

A bit of an overreaction by our dire market for the new guy, but at least we know how things are.

And I'm well prepared to give him at least another 18 months to turn this round.

It was even forecast by shore capital in August that fcf wouldn't come until 25.

Imo it's just easy to bash cpi being an extension of the current government imo.

Me too, despite saying " I'm writing this year off" for the last 3 years, I'm now treating my investment like capital allocated for at least another 2 years( almost like a fixed in period despite being well underwater).

In a similar boat with my MCG holding, also a dire performer for the last 2 years.

It actually feels like a new "turnaround" really.

Shame this guy wasn't brought in 5 years ago.

Yeah Craig,

I see what you mean.

Given that the shore capital broker note from August after the HY pummelling, and their forecast for FCF in 25, you're probably right.

The first additional cost saving 50 mill wasn't even announced until December.

I just don't get why such a tanking, a bit harsh to say the least, especially on the new guys first RNS.

I read through the presentation slides.

The bit that reassured me somewhat was that the reason they they forecast cash outflows again this year are the one off costs for the cost savings / redundancies, 21 million for the first 50 million and 30 million for the further 100 million announced today, all falling within this year.

Along with the final pension deficit cost of 30 million also this year that amounts to 81 million one offs resulting in cash outflows of 70-90 million this year which will naturally increase debt.

But if all goes to plan they should return to profit by mid 25, this is without contract wins and revenue growth, plus the additional savings though AI implementation, lower interest rates, and a saving in employer NI contribution announced in the budget.

I'm def prepared to give the new guy 18 months to execute this, and hopefully more exciting strategies announced in June.

I'm over 20 k down and 13k of that today, but I'm a little more relaxed than I was throughout the day.

These look like trades earlier in the day given they're all in 16s.

Trenners

I'm not bothering emailing IR, they sort of insinuated in their replies that cpi were growing at a fast rate and would be cashflow positive by this year. Total rubbish.

Craig reminded us that shore capital didn't expect FCF until into 25, it's just a shame that Lewis and IR were not transparent about that in August last year.

IMO the reason this sold off to this level last year was the cash outflows and as a result increase in debt.

And they did guide at the time that it would be a similar performance in H2 23 which it was.

And I think today is exactly the same, they have forecast cash outflows of 70-90 million after 50 million cost saving, and naturally the result will be an increase in debt.

This was unknown to the market although suspected by brokers.

Longer hold for me now.

Like anyone in most aspects of life, all I want is transparent straight talking facts.

LEWIS you should hang your head in shame you blagging ball5h-t merchant.

Am I right in thinking that they will still have a cash outflow of 70-90 million after 50 million cost saving for this year?

And this will add to net debt?

This is probably why this completely tanked.