Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Looking in here for the first time and really just trying to understand the issues. Apologies in advance for any stupidity or ignorance!
Would I be right in thinking that VANQ was never involved in broker intermediated car finance, only has potential exposure through Moneybarn, that Moneybarn only ever offer fixed not discretionary commission payments, and that the current concern is therefore about the administrative (and FOS) cost in dealing with scattergun complaints from CMC opportunists?
If so, then I think this is very oversold. Seems to me that ultimately we may well see the FCA put a mandatory redress scheme in place, avoiding individual FOS case fees, that scheme catching only those firms making discretionary payments. FOS became utterly overwhelmed with having to deal with individual PPI complaints and I just can’t see the FCA wanting to go down that route again.
Or is it the case, as reported in certain news feeds, that the increased number of complaints centres on VANQ core business of cards and loans, ie irresponsible lending? It doesn’t actually seem that way to me but the 11/3 RNS isn’t 100% clear.
As I say, apologies for any ignorance!
Worth noting that this pitch was to "a unique audience of NHS leaders and investors".
Nice to see them win, (because any NHS involvement and/or subsequent investment can only be good for us) and for them to confirm that they are hoping to get UKCA this quarter.
Some more positives from Upfront today
https://www.linkedin.com/posts/gonzaloladreda_timeislife-lvone-ugcPost-7173735155528794115-OaWd?utm_source=share&utm_medium=member_desktop
You can watch their pitch here
https://www.youtube.com/watch?v=SXc3f5yUbts&list=PL9ArOtRubZFgIKycwdRfBerz4s04i5Zne&index=26
Also have to remember we have a low free float, massive director/shareholder alignment, and that most existing investors will, I suspect, be under water at the moment and likely to hold rather than sell given the prospects. So any buying pressure is likely to have an accelerated impact on the SP (unless I've misunderstood!)
Directors out of closed period now interims published (earlier than required), and doesn’t look like there will be any raise for them to join in on, so wonder if they will buy? Has to be a reason they were keen to break up the CP and so give themselves the opportunity.
HD2U - agree on the retailer own brand. Said it before, but only major retailers “own brand” and so orders in that respect could well be significant. CDMO and CRO was all about building customer base and solidifying our finances through a fee for service model. The plan has always been to take those customers through to manufacturing where real money can be made, especially with products like Upfront/52North which seem destined through IDAP for widespread and early adoption in the NHS and potentially global national health systems. The US currently represent 50% of our clients and that geography represents our biggest growth area.
And just to add that Salistick is absolutely everywhere at the moment in Israeli media outlets including various TV channels following its launch there. 100,000 units have now been sold, but it’s only for sale in the U.K., Nordic regions, RSA, and now Israel - the ROW is yet to come, and we make and kit for the test.
You can fault the comms, but not the results. ABDX are achieving their plans, in the timescales indicated. And as far as funding goes, seems to me we have weathered the sticky patch without any raise and if they’re not expecting to raise in 2024 as revenue increases then there should be no real concern about raises thereafter unless that is to fund a growth prospect.
Manufacturing increasing and with 29 different CDMO projects now in play there is plenty of scope to significantly increase that, and therefore our annuity income, in future.
All very positive, but these are the things that stood out for me;
He hasn’t given us current cash so we can’t extrapolate current burn
He has said H2 revenue will be materially higher than the £2.4m H1 24
Crucially, however, he says “ The primary objective of the Board remains to move the Company to a breakeven and cash flow positive position which it forecasts will be achieved in 2024 without the need for additional funding.” At the investor conference Yates said positive cash flow would be reached at £8-9m of revenue. That would therefore indicate that H2 revenue will be £5.6m - £6.6m, which is truly fantastic!
And of course “no additional funding”
Great interims as far as I’m concerned and can’t wait for more details on the own brand retailer work.
One thing I always forget is our relationship with MyHealthChecked, ticker MHC, previously called Concepta. In 2020 we acquired their manufacturing site in Doncaster and agreed to provide ongoing development and manufacturing services for them, and in 2021 we agreed a global licence with them to use AppDx.
They of course are now selling their “branded” tests through Boots, but they don’t actually make them. Just makes me wonder if some kind of further collaboration with them might at some point be in the offing at some point.
Only thing I would add is that we are predominantly a fee for service model which means Yates will have a very good idea of future revenues, which will be based on project timelines and milestone payments. So when he says revenue will be higher, he should be basing it on good numbers.
Fair comment Trader!
We can only go on what Yates said in the Investor presentation, which was that;
Like the H1 comparable, he is expecting material growth in H2 this year compared to the £2.9m in H2 last year.
Costs in H2 are lower generally
R&D credits are received in H2
No one off "settlement" costs in this H2
No longer paying a CFO
Good pipeline..
I hope for, but doubt he will give a full year revenue forecast, If he does, I am hoping for H2 revenue of £3.5m plus. I do think he will give us an up to date cash figure - anything North of £1.35m would be OK I think).
Sorry, here’s the link
https://nocamels.com/2024/03/new-home-pregnancy-test-needs-saliva-and-no-bathrooms/
Another piece from the latest Salistick marketing push.
This one’s more interesting because it gives a better idea of current sales numbers;
“ The UK launch was soon followed by one in Sweden, which Krief calls the company’s best market as Swedes are more willing to try innovative products. There, Salistick was introduced in every pharmacy in the country and even gynecologists started recommending it.
“In a few months, SaliSticks has already sold over 100,000 units. So it’s encouraging,” Krief says. Around 840 million pregnancy tests are sold every year, according to Saligostics.