RE: Uncrossed trades21 May 2023 15:37
Dear All,
I have finally got a response from Harry Berry (non-exec Chairman) and he says results/trading statement will be out in a few weeks and audit is in progress. I told him the total silence since Jan is unacceptable from investor relations perspective and that it destroys management credibility and asked that they at least put out a notice of results asap to provide some degree of reassurance. I believe these results will be pretty awful and they will take the chance to throw everything in these results to clear the decks for a better 2023.They should be keeping a tight grip on costs right now to preserve cash so that they dont need to raise any money. Ive also contacted the CFO and CEO but i dont expect them to answer. Will share any more responses I get. Fundamentally there is nice business here but they need to keep costs down (reduce R&D spend if necessary and that means reducing headcount) chase down trade receivable's and nail on some more contracts to put the business on a a stronger financial foundation. If they can do that they should be able tor trade their way out of this position and get back on track.