Invocas Share Discussion Threads

[battlebus] 26/7/2007 15:48

All in good time GAC100.

[gac100] 26/7/2007 08:00

AGM Statement:



Bullish on the face of it. But a bit woolly. Distinct lack of hard numbers, timescales, and concrete acquisition news. Hmm.

[gac100] 25/7/2007 11:37

AGM tomorrow (11am): Caledonian Hotel, Princes Street, Edinburgh

[gac100] 11/7/2007 10:59

pnepne - i don't have the necessary access rights; no doubt when the dust settles on the debt sector and invo's share price starts to recover, someone'll come along and open a thread with a chart.

[pnepne] 10/7/2007 10:50

gac100 can you not just start a new thread and put a chart in the header or anyone else with the neccessary access rights

regards

[gac100] 06/7/2007 15:46

Nice to see a bit of a rise in the price at the end of the week.

jonothedog, if you're still around, any chance we could have a chart in the header?

[gac100] 04/7/2007 07:59

Interesting comments in Begbies results today

"In England, the dramatic growth in IVAs as the solution of choice has been
stifled by concerns voiced by creditor and consumer watchdog groups...We believe that the inherent demand for solutions in the consumer debt market remains and that a fair market for all parties will emerge, which will deliver an adequate margin to us as providers of suitable professionally based solutions. Once that platform is established, which I think may take at least a year, we will grow our presence in this market."

"In contrast, the market for consumer debt solutions in Scotland, which is
already Court regulated and, therefore, not the subject of criticism, continues
to expand. We have continued our profitable organic growth in this market,
through our expanding office network, to become a close second placed provider
of such services, hard on the heels of the specialist market leader."

... and we know who that is!

[pnepne] 27/6/2007 10:16

INVOCAS GROUP PLC
('Invocas' or 'the Group')
RESULTS FOR THE PERIOD ENDED 31 MARCH 2007*

Invocas, one of the UK's leading providers of personal and corporate debt
solutions, is pleased to announce its results for the period ended 31 March
2007*.

Invocas' Personal Insolvency Division is firmly established as the number one
provider of Protected Trust Deeds ('PTDs'), the Scottish equivalent of
Individual Voluntary Arrangements ('IVAs'). The Corporate Solutions Division has
grown rapidly in recent years and enjoys an excellent reputation in the Scottish
market place.



Highlights

• Strong financial performance across the Group
- Turnover increased by 53% to £8.53m (2006: £5.56m)*
- Pre-tax profit grew by 39% to £3.36m (2006: £2.42m)*
- Strong cash inflow from trading of £2.1m
- Strong balance sheet with net cash of £3.4m providing significant
headroom for further growth

• Market share of 16.8% of Protected Trust Deed market for the full
period (2006: 14.8%) increasing to 17.2% for the final quarter (2006:14.2%)

• Increase of some 34% in the number of live Trust Deed cases being
administered

• Newtomorrow, our direct offering to affinity partners, lenders,
intermediaries and debtors, established successfully and providing
platform for new affinity relationships

• Possible changes in Individual Voluntary Arrangement fee arrangements
should not impact directly on Invocas' business



* The financial results in this report relate to the Company's period of trading
for the 54 weeks from the date of our flotation,17 March 2006, to 31 March 2007.
The comparative numbers for 2006 quoted in this report are for the 50 week
period to 16 March 2006 and are based on the financial results of the former
partnership, adjusted for the estimated additional costs that might have been
incurred had the business been incorporated throughout the period. The
partnership profit for that period was £3.07m and, after making allowance for an
estimated £0.65m in respect of directors' remuneration and other corporate
costs, the illustrative pre-tax profit for the period to 16 March 2006 would
have been £2.42m. The adjustment only relates to the inclusion of overheads and
the comparative turnover is unaffected.



Howard Bell, Chairman, commented:



'I am delighted to report a successful year for the Group. We have seen strong
performance in all our key business metrics including turnover and profit and
the underlying conditions in our chosen market continue to move in our favour.



We believe that the current issues with the advertising of, processing of and
charging for IVAs, whilst not directly impacting on our business, all point
towards the need to work with lenders to develop high quality, long-term,
sustainable insolvency solutions which deliver good returns to creditors in a
sensible time frame. Our chosen market positioning and existing business model
already put us in a good position to benefit from changes in the dynamics of our
sector.



I am confident of reporting further progress in the year ahead and beyond.'

[thepinkpanther] 27/6/2007 10:16

the shares look very good value......referring to the results

looking to enter

[berry786] 27/6/2007 07:54

Excellent results this morning, they seem much better than the others and are clearly not affected with all the problems in England. Dont think we will be at these silly levels much longer.
Good luck all

[foxman14] 14/6/2007 17:17

Gac100
You're not the only one left. I bought 3000 at 146p on 25/4 after reading the +ve trading statement. Sold 1000 at 122p. May buy some more prior to the results or if it starts to head north. Tried trading this last year and didn't make anything then! Unfortunately when the markets against you you either have to get out or be very patient (all easier said then done!)

[gac100] 13/6/2007 13:45

Results in 2 weeks (27 Jun) and the share price just gets lower and lower. Am I the only rat left on the ship?! What's happened?

17-Apr: 136p (day before pre-close trading update)
18-Apr: Pre-close trading update (* see below)
27-Apr: 150p
13-Jun: 102p (as I write)

So the share price rose 10% in the 10 days after the trading update, and from there has fallen 32%. Or, overall, 25% fall since the update.

I've been averaging down like a maniac, as the fall seems to me to be driven by nothing more than a temporary bout of adverse investor sentiment. Its persistence is getting to me though, can't say it isn't: looking forward to and fearing the impact of the results in about equal degrees at the moment. Re-reading the trading update frequently.

* It was solid:
"Trading for the period has been strong with levels of activity and revenue increasing in line with market expectations ... The increasing scrutiny by creditors and their representatives of fees and dividend levels included in Protected Trust Deed proposals has not resulted in any significant increase in the number of our proposals being rejected by creditors, nor has it had any impact on the level of our fees ... Current trading remains strong ... We look forward to reporting further progress in our preliminary results statement on 27 June 2007."

[gac100] 24/5/2007 09:02

Trading update today from Begbies Traynor, which includes:

"Personal insolvency remains a small part of our overall operations and, although we have enjoyed good growth in Scotland, we have not expanded our activity south of the border as the market remains in flux."

Sounds like Scotland is the place to be at the moment in the personal debt solutions market.

[gac100] 21/5/2007 11:14

But wait a minute, from Tom Bulford "AIM Reflections for Week Ending Sunday 11th February 2007":

"There are some key differences between IVAs and PTDs. First and foremost is the charging structure. Invocas charges time-based fees, which typically amount to £4,400 over the life of the PTD, which has a three year duration unlike the five years of the IVA."

From the IVA article of my last post:
"It is thought creditors will cap the fee on an IVA - which can currently net a provider £8,000 or more upfront - at £4,500 and payments would be made in stages."

In other words: Invocas fees of £4,400 for PTDs are already below the £4,500 fee cap proposed by creditors for IVAs.

INVO's share price is down today in line with IVA companies.

Buying opportunity?

[gac100] 21/5/2007 10:42

Bad news for IVA providers in England and Wales



No specific comment on protected trust deeds in Scotland, but presumably banks could be looking to cap fees on these too?

[gac100] 04/5/2007 10:53

An article on debt in the first quarter of 2007 in Scotland



"Levels of Scots debt reach all-time high ...

The figures have soared by nearly a quarter on the same 13-week period the previous year, and are at their highest level ever for a single quarter in Scotland [Sequestrations up 30%; protected trust deeds 20%]...

Citizens Advice Scotland said the figures were alarming and reflected that consumer debt is the single biggest issue Scots bring to its offices.

A spokesman said: "Many households are only a couple of pay packets away from their loans or credit turning into unmanageable debt."

[gac100] 04/5/2007 10:31

Personal insolvency continues to rise in England and Wales. Presumably an indication that Scotland is suffering likewise - though Scottish figures don't seem to make the mainstream news in England. Anyone know where updates on Scottish debt are published (apart from in INVO's results)?



Number going bust hits new record

A record number of people have become insolvent

More than 30,000 people became insolvent in England and Wales during the first three months of 2007, official figures show - a new record.

This is an increase of 23.9% on the same three-month period in 2006, the government's Insolvency Service said.

However, the rate of increase in insolvency is starting to slow.

It seems lenders are taking a tougher stance with debtors looking to enter Individual Voluntary Arrangements (IVAs), a type of insolvency.

The number of people entering IVAs in the first quarter was up only 4.7% on the previous three-month period.

[warren12] 21/3/2007 15:53

Nice rise these last few days with no news that I can see, any thoughts??

Can someone please put a chart in the header!!

(sorry about the link size!!)

[battlebus] 14/2/2007 21:06

STILL A BUY

[taylor20] 14/2/2007 18:33

Shares my view of INVO:



Currently no position though...

[diogenesj] 07/2/2007 10:03

JENNY WREN - 7 Feb'07 - 09:50 - 53 of 53 (Filtered)

[Abuse team] 07/2/2007 09:50

Post removed by ADVFN

[themoomincat] 07/2/2007 08:33

what no Johndee?