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The presentation is very clear. 2021 labskin sales £3m. 2021 sales £4.483m.

Thats a FALL

So much for 100%+ growth

This is very reminiscent of the heavily hyped AGM presentation of 2 years ago which really presaged the collapse of the SP. All discussion then was on one part of the Group - the breathalyser which we were promised would be commercialised in a few months. Yet still it is not out of development yet - far less actually sold anything.

It is the same this time. Lots of talk about jam tomorrow but no delivery. As shareholders delve deeper into these hollow promises we will see the SP slide in the same way as a couple of years ago.

Why was there no mention of the China deal? This should have been completed months, if not years, ago.

Davde - Go to 4m 14s in the presentation and the 2021 turnover split is plainly set out, MW £6m+ and Labskin £3m+. This is consistent with the 2021 financial accounts which showed 2021 turnover of £9.7m. In 2020 total turnover was £4.483m. As MW was not consolidated until very late in the year nearly all of this turnover will be Labskin. This means that turnover for Labskin FELL from £4.483m to a little over £3m.

Based on the companies own figures far from being a fastly growing go go company DVRG has been entirely reliant on acquisition accounting to show any growth. Without the purchae of MW turnover would have fallen. No wonder GB was desperate to purchase MW - it covered up the cronic underperformance of the rest of the company.

Wow!

So in 2021 turnover was £9.7m. Of this per GB over £6m was from Modern Water. This means the 'original' DVRG had a turnover of less than £3.7m. In 2020 turnover was £4.483. In other words tunrover in the original business FELL by £0.8m!! So much for the company being a growth stock.

No wonder they had to buy MW

Trills - where do you think the bottom might be?

Trills - the SP continues to crash and you continue to post utter irrelevancies. I wonder if they are related?

The receivables number really is bizarre

Paul - as I recall I saw it coming and have mentioned it on several occasions. The interesting question is how low will it go? I can see no logical reason why it will not fall below the price that GB effectively disposed of a whole bunch of shares.

The market does not believe the jam tomorrow schtick and is understandably focusing on sales, contracts and cash flow. The company is failing on all of these.

As ever Ratty tries to avoid all the important questions. It is almost as if the SP was going up and they went burning through cash.

Odd that Mrs GB is getting a nice return when the shareholders are losing their shirts.

All your jam tomorrow talk is making you sound like GB!!!!

Ratty - you seem to be rather keen to avoid answering any of the rather pertinent questions and suggesting the veracity of some statements. To help you here are the relevant quotes:

‘During the year, the Company paid £25,800 (2020: £27,000) to Dagmara Brandon, close family member of the director Gerard Brandon, for professional services provided to the Company.’ I presume that this is the same Dagmara Brandon who sold DVRG shares?

Note 10 average number of people employed
Sales and marketing 3 (2021). 6 (2020)
This compares to the number of admin and other staff who have increased from 31 to 62. Perhaps that explains the lack of orders!?

I look forward to you addressing some of jc’s points. Whilst you are at it perhaps you might address why the SP has collapsed from 70p to 10p if everything is going so swimmingly? This share is a dog and GB just cannot answer any of the relevant questions. Nothing in the recent announcements on the breathalyser, cruises, China, all the JV s that were due to come to fruition, none of the big sales. In the real world he is steaming through cash with nothing to show for it.

Good to see a sensible analysis.

Seems that they ran through most of the £10m by the end of the year. Tax seems to be one of there main sources of income.

Two extraordinary points;
- although overheads have gone through the roof the number of sales people have halved from 6 to 3. Maybe that’s why sales are so poor?
- Mrs GB got paid for £25k. - this is the same Mrs GB who sold shares in DVRG but forgot to mention it.

The RNS is a load of vacuous nonsense.As I forecast SP is in single figures. So how low will it go? I see no reason why it will not drop below the price GB effectively sold a bunch of shares

Ragnarr - it is none of your business.

LTB - cash burn not huge!!?? Are you living on a different planet. He has got through £10m raised from shareholders not so long ago and seems to be chugging his way through a large amount of the death spiral financing.

So looking through the BG BS.

No progress on the China JV. It should have been signed a year ago. Latest was that it would be signed before last Chrustmas. No further news. All very hush hush BS. Completely unbelievable that we are still been peddled this garbage.

DVTG is making little progress with UK wayter companies as there are contracts with other companies in place. UK water companies typically contract broadly in sync with their 5 year regulatory settlement so this does not look like revenues anytime soon.

I have had enough of the GB jam tomorrow approach and surprised that he is spending even more of our money on new developments and products when he seems incapable of delivering new orders on the technology that he already has.

2021 revenues included a full year from MW. Typically MW revenues are £4m. Adjusted revenues are £5.3m for comparative purposes. A modest increase. Acquisition accounting is the oldest trick in the book to make the numbers better than they are.

As for 2022 there has been no company forecast as a quick review of the comments below show.

It seems that you were caught on by GBs fluff with some purchases on 2/3/2022 at 17.225p. Not looking so clever now!!??

Trotsky - interesting points. However, I would be very concerned if, almost have way through the year, a CEO was not give reasonably confident of the full year turnover figure.

This seems to go to the nub of it. He seems to have no idea how he is going to make money.

Incidentally I think the broker was forecasting £24 not £20m revenues.

The presentation certainly is a shocker. Nothing on route to market or how the company will generate returns.

We still have no guidance from the company itself about revenues for the year. Why not? In previous years this was provided. What are they hiding?

No update on China - although that was supposed to have been tied up months ago - or any of the other JVs announced but nothing happens.

£10m raised a year ago - where has all that gone? Now reduced to death spiral financing.

There are lots of questions but instead of answering the fundamental issues there is a load of twattering.

No wonder the SP is heading into single figures.

Sadly NU GB has done you, and others like you, like a kipper. It is clear that many people think a production order is a sale it is not. There have been no real sales to third parties as there has been no announcement.

GB must be laughing all the way to the bank that he has managed to persuade a few naive PIs to invest in a non order. As I say I think that you bought some then NU!!!!???