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Its not a huge number of trades. Darren CFO leaving felt uncomfortable, as it always does, which may delay results until Chris Ellis gets his feet under the table. Last year we had been updated with Q1 results by now and interims were mid June. It would be good to get a trading update out as SP has slipped 44% from highs.
Chris's job is to confirm or not Darren's numbers and to confirm clear EBITDA positive message from Ian with an update on cash which should be good given the £1m raise late last year. If Ian backtracks on his view it wont be good.
44% drop needs news or it will keep sliding
Auve Tech, a pioneer in autonomous transportation systems, based in Tallinn, Estonia.
Not so sure USA will want autonimous vehicles from Estonia in volume. With Bell disaster, Lucy disaster, Salt TBC, we will see about these vehicles. Oh of course and something else with AI in its title.
The rule should be do not buy any company with links to Tek Capital, China and that can not get timely communications out. Rather than send an email telling them to do their job I should have sold. Like Tek and others.
I expected at the very least a thank you but we will update the market soon. They did get the share quantity out so must have too been busy adding them up to be polite and reply. :) no egg for them.
Though $9m is only 0.3% of company value and in itself it has no material impact on SP, though the 10% of shares held by Molot and Bogart means sticky hands.
It is the statement on knowledge that they know the shares are way undervalued. They of course have inside knowledge on exactly how negotiations are going, on YPF, Greenland, Sysco and many others not so well known.
The SP has 15% movements up and down in price which is great for traders but the lows keep getting higher. Follow the money is the phrase.
Good presentation team seem very confidant with more wins in contract pipeline, start of expansion plans into Europe, and revenue target of 100m to be achieved in coming years.
Investor meet starts in 3 mins
Agreed if the revenue for FY25 grows at just 10% to £34.6m and costs are held at 8%. PE at 39p = 6.8. Really cheap for a disciplined firm going for growth. I think given 16.8% and 14.3% growth in last 2 years 10% will be exceeded.
Its just a waiting game
It would seem all efforts are being put in to knock the price down. who the beneficiaries will be should be clearer later this year. No news on US sale after 6 months, hardly credible and end of April next date. Lets see what they says on the call
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Puma so true. I got out a few weeks ago. At 12p. Many better companies are starting their moves. Reporting next week Good Energy, Trufin, Time finance, Journeo all moving well city has lost faith with Cliffys failure to deliver.
Casapinos highlighted the details of what the City has not liked.
The underlying business is more profitable, the debt still high but manageable, the dividend has not come back. They hedged to protect themselves but it has come with a cost. Living wage +10% this year will mean they will have to trade well to stay level TY and next year. They will a solid company with peers in more trouble but perhaps more growth opportunities out there for a better capital return. They may likely resume their buy back to get SP to £8 but perhaps keep getting the debt down or dividend would help attract income investors. At a forward PE of 17 they are simply not cheap.
So far market looks to have accepted the reasons for the unwinding of the hedges and thinks price is about right but it is only 8:05
If Revenue maintained at 5% then forecast would be for 2,050m slightly ahead of expectations 6.5% for year
costs up 5.2% not bad considering environment it would be impressive to maintain for half 2.
Property losses up but explained
Operating Profit then heading for FY 86m if H2 matches LY which would be 43% up
Finance costs in line
Finance income jumps around massively with JD
Tax dropped significantly because of one offs last year see note 4
The one offs are going to make bottom line FY look worse unless adjustments come in in half 2.
I emailed them this week to remind them that its been 7 months. While they will not give me a date it might make them think to communicate. That or they leave to the 29th June like last year. It would have to be 28th as that's the Friday. That usually indicates going concern worries which should not the case this year with TMT funds.
We were promised an update by end of March. Auditors will have given a worst case date so should be guaranteed.
US sale process must be outlined. If no update of Sale with dates then board should be removed.