Member Info for JPJPJP

Next Gen stream has not yet launched (was due July 2025, now saying Q1 2026)

July 2025! sorry

Https://www.londonstockexchange.com/news-article/ACRM/trading-statement/17410286

extracts

- revenue flat for 25 vs 24 at £2.1m

- forward contract revenue down from £2.5m to £1.9m

- admin costs down to £1.8m annualised

- profitable trading in Oct, Nov and Dec 2025

- Next Gen stream has not yet launched (was due July 2024, now saying Q1 2026)

- potential of jam tomorrow

Richard Mayall, Co-Founder and Chief Solutions Officer (according to https://acuityrm.com/about/company ) is no longer a director of Acuity Risk Management Ltd, the appointment being terminated on 1 Jan 2026 (he was appointed on 6 March 2020)

https://find-and-update.company-information.service.gov.uk/company/12369714/filing-history

I can't help but wonder if the financial position of the company is putting prospective customers off.

If you were about to commit to a new piece of software in this important area, would you choose a supplier that has never been cash flow positive or profitable? How certain could you be that they will be still around to update / support the product in, say, 12 / 24 months?

If you were an Acuity sales person and a prospective customer raised the financial viability of the company as a concern that was putting them off buying the software, how would you respond?

The RNS, that I missed previously. I wonder if this change was instigated by the company, or by the previous FD?

https://www.londonstockexchange.com/news-article/ACRM/directorate-changes/17322839

Neither a cash call, nor a fire sale, just a bit of tidying up of the balance sheet so as to better focus the business...

or was it?

Another sale of VMH is welcome of course.

The value is likely very low, but the fact that the customer is a new one in the defence space is positive.

More needed, soon.

Is the most encouraging part of today's new business RNS that it can be taken as a sign that the new version of STREAM is completed and available to sell?

£71k from a new client for a pilot programme. If ACRM can survive until the pilot programme is completed (and is successful), there is potential there.

£55k additional revenue from an existing client is good news too.

But the ££ value is small. Welcome of course, but small.

There is no doubt that more sales revenue is urgently needed.

As Freeman was (only) a Director of the Ltd company subsidiary, rather than the plc, I don't think his departure requires an RNS

https://find-and-update.company-information.service.gov.uk/company/12369714/officers

Cytek "our team"

https://cytecsolutions.com/about-cytec/#ourteam

Now at Cytek it seems

https://uk.linkedin.com/in/adammfreeman

Does anyone know if this was part of the streamlining / savings plan? Or if his departure was not in the company's plan?

Is the money needed to fund the completion of the new version of STREAM?

Further, if a prospective customer called ACRM today, to buy STREAM, does the company actually have the product available in a form to sell?

Wowzers, this is very bad news imo.

In 11 days (since the shareholder presentation), the company has gone from being on the brink of announcing significant new business wins, to getting the begging bowl out (again).

Angus really can't survive this, can he?

There is nothing that would be better for the future of the company than the appointment of a credible Chair.

But I am getting worried that it might be too far gone for the more credible candidates to want to take the risk.

Philip J Milton & Company Plc first announced a notifiable position on 25 Jun 2025, with a 4.08% holding.

The share price then was 0.98p

Following further holdings notifications, the latest one came yesterday.: 9.48%

The price yesterday was 1.13

A single buyer accumulating almost 9.5% of the shares in a period of less than three months and the share price has "moved" so little.

Is it really that unloved / untrusted / unwanted (insert your own word)?

It seemed to me that the CEO is more in charge of things now than he was in the March presentation. The Chairman had much more of a backseat role this time and that is a very good thing.

It was repeated several times that the company is on track to be profitable by the end of this year. There was no mention of becoming cash generative though.

It is still "jam tomorrow" and there are now fewer tomorrows left than there were in March. Is this the most critical quarter so far in the company's history?

Is this the sort of thing that "Vendor Management Hub" could have helped LNER to avoid?

https://www.lner.co.uk/news/lner-media-update-data-information/

"We have been made aware of unauthorised access to files managed by a third-party supplier, which involves customer contact details and some information about previous journeys.

Importantly, no bank, payment card or password information has been affected.

We are treating this matter with the highest priority and are working closely with experts and with the supplier to understand what has happened and to make sure appropriate safeguards are in place.

We will provide further updates as more information becomes available."

I honestly believe that the best announcement for the company's future would be the appointment of a new Chairman.

The more one thinks about the point highlighted by DD77, the worse it gets.

In the 7 July RNS announcing the launch it was stated

"All existing customers will be moved to the new version throughout the rest of 2025. With immediate effect, most new SaaS customers will experience NextGen STREAM®, with those requiring on-premise installations to follow in the months ahead."

and there were no updates until, in the half year report almost two months later, we learnt that the new product was still not working properly.

Remember the statements made in the 11 Mar 2025 presentation: that the company would be cash generative going into Q4 2025 and profitable from the end of Q4 2025.

Half year report for period to 30 June 2025

Cash at beginning of financial year £606k, Cash at end of financial year £418k

Net cash used in 6 months to 30 June 2025 £279k

Acuity Risk Management Ltd Accounts for the period to 31 Dec 2024 were filed at Companies House on 20 Aug 2025.

https://find-and-update.company-information.service.gov.uk/company/12369714/filing-history

A couple of things that caught my eye

- scope to grow international revenue - US was flat vs 2023 at just £189k for example

- 22 employees versus 19 in 2023

- reorganisation costs (terminating Kerry Chambers contract) was over £140k

- £1.6m+ unrelived tax loss carried forward

- balance sheet still very dominated by goodwill, at almost £1.7m - unchanged from 2023