The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Did you supply the soap from your swiss bunker Derek?
For Christ's sake Haggis - you need calling out on this.
Read Note 2 of the company's own financial statements. Note that this isn't trolling or 'bashing' behaviour, but simply a reflection of what was published at 7am - and draw your own conclusions:
"These results are audited, however the financial information does not constitute statutory accounts as defined under section 434 of the Companies Act 2006. The financial information for the year ended 31 October 2023 has been derived from the Company's statutory accounts for that year. The auditors' report on the statutory accounts for the year ended 31 October 2023 was unqualified with a material uncertainty relating to going concern and did not contain statements under section 498 of the Companies Act 2006.
Going concern
The financial statements of AFC Energy plc have been prepared in accordance with UK Adopted International Accounting Standards (IASs).
The financial statements have been prepared on a going concern basis notwithstanding the trading losses being carried forward and the expectation that the trading losses will continue for the near to medium future as the Company transitions from predominantly undertaking research and development to a more commercial basis.
In line with normal practice, and prior to signing this report, the Directors are required to assess whether it is appropriate to prepare the financial statements on a going concern basis. In making this assessment the Directors need to be satisfied that the Company can meet its obligations as they fall due for at least 12 months from the date of this report.
As part of this assessment, the Directors reviewed the Company's forecast cash position through to the end of the 2025 financial year. This was based on the agreed budget for the 2024 financial year and the forecast for the 2025 financial year. As the period goes beyond the 12 months required it provides additional information when making the assessment. To reach the end of 2025 with positive cash would require at least £7 million of additional funding, however this amount would not be enough for the Company to scale up at its preferred rate."
….worth having a look at the German board to see the views of these shareholders - you’ll recognise a number of recurring themes via the aid of Google translate:
https://www.boersennews.de/community/diskussion/afc-energy/24145/
Haha red_hornet - he really is the European mainland version of David Brent.
"Removes the stain job not the paint job. Let me ask you a question....who does your tampons?"
Eight working days before the AGM (fewer to return proxy form in time) and still no sign of the Annual Report & Financial Statements, never mind seeing the FY22 results themselves - even in unaudited form!
I've never come across such a late filing before once an AGM has been announced - anyone else?
Hmm. Do AFC have any commercial/sales staff in post after this?
Go and read the disclosure rules Ade, you absolute pudding.
Good to see Terry F*ckwitt from Viz continuing to make a contribution in real life.
Getting back to topic ahead of FY results.
https://democracy.brighton-hove.gov.uk/documents/s186516/Ricardo%20Brighton%20hydrogen%20strategy%20i3.pdf
I’ve personally been disappointed at the lack of any visible progress from AFC’s partnership with Ricardo, announced just two years ago. The strategy linked above is being pushed by Ricardo’s social media team today with absolutely zero reference to work with AFC, instead promoting Ceres’ SOFC product…another one to flag with AFCs Exec team ahead of the eventual AGM.
Merry Christmas all holders. If any of you end up watching re-runs of Only Fools and Horses this festive period, feel free to sing this ditty to the opening theme tune….
Stick a Bondy in your pocket
He’ll get a fuel cell from the van
‘Cos if you want the test ones
And you don’t ask questions
Then brother, he’s your man
But where the power comes from is a mystery
It’s like the timing of his bonus
Or supplying Extreme E
Cos he’s the berk that’s driving me berserk
Why do Only Fools and Bondy’s work
Sha la la la la
Apt that it's called 'Copperfield Gin', as drinking enough of it gives the illusion of sales.
Git raises a fair point.
The RNS states 'Completed 300 hours of operation to date with an avoided 1.8m tonnes of CO2 from entering the atmosphere (versus diesel)'.
1.8 million tonnes. Come on. I can get to 1.8 tonnes using https://ieeexplore.ieee.org/document/6344193, but to add in the 'm' is just careless.
I'm keen to see the company succeed but it really needs to avoid these kinds of errors in regulatory releases. Anyway, let's see how Keltbray progresses oop north ahead of other deployments.
https://twitter.com/AFCEnergy/status/1575137239155331075
Good to see the company has tagged in 'Mr Beepz Extreme' for the BBC award nomination rather than Extreme E....
The UK government has announced 'amendments to the Product Security and Telecommunications Infrastructure Bill to give telecoms operators easier access to telegraph poles on private land, supporting the delivery of gigabit capable broadband' within its new Growth Plan his morning. Anything to support Openreach has my support!
What an utterly tedious ba5tard.
‘Aimmillionaire’ stands for ‘Adam I’m millionaire’
I am absolutely stunned that a Remco has solely based a bonus share package - and a handsome one at that - purely on SP movements and without reference to clear growth in sales or the development of 'commercial 'products.
That aside, the immediate focus of the business must be getting systems out of the door and proven on real-world construction sites. I'm particularly interested in two things: total cost of ownership vs an equivalent diesel genset; and run data to inform further development work. Clearly the company cannot release the full gamut of information it has on either topic, but indications on either will be essential for the market to gauge future prospects and ultimately valuation....
I’ll be applying a very simple question to AFC Energy’s interim report.
This time last year, they reported 50+ qualified enquiries. They subsequently announced an extended product range.
So, can this business marry supply and demand? If not, why not?
Any more excuses and Adam Bond will become Hadem Conned…..
Ade, how do you know AFC’s systems ‘break even’? Similarly, Haggis - how do you know something is in the offing on Altaaqa? Show your sources.
Yes; your appalling spelling is a clear trend.
Well what a veritable smorgasbord of chat we've had this morning.....
Haggis is correct in emphasising that it's the company's RemCo that have agreed all senior pay packages. I'm firmly of the view however that an £860k pay package in FY21 vs. a revenue of £590k is frankly pushing it, regardless of how much other listed businesses pay their CEOs.
The major issue however is what happens next. Part of the frustration of a number on here is they cannot properly assess future prospects based on the limited information the company has provided. I'm unclear on technical specification of products, throughput capacity (or even how the factory is set up), price comparison vs. rival technologies (either capex or opex) or how the company plans to service any of its future products.
If the CEO can robustly answer these questions through either public formats like the AGM or ongoing shareholder communications (including its website!), then I suspect investor disquiet will be significantly reduced.