Venture Life Share Discussion Threads

[apad] 15/3/2017 07:03

ps
Bloody steroids!

pps

The price looks very full to me at the moment.

Year end is 31 March.

Decision changed from 'first holding' to 'watch and wait'. Maybe :-)

I'm intrigued by the possibility of growth by social media in such an arena.

Direct clients grew by 24% (£17.36 each which is 62% more than Practice clients) and Practice clients by 115% (35% increase in revenue at £10.86 per month) between interims over the AIM flotation in November.

[apad] 15/3/2017 06:44

email to FREE.

"In Operational Hilites (Interim results for the six months ended 30 September 2016)
Business customers are given as:

"· Accounting Practice clients significantly increased to 27,137 (H1 2015: 12,611).

· Direct Clients increased to 16,724 (H1 2015: 14,582)."

This makes totals of 43,861 for H1 2016 and 27,193 for H1 2015.


The Chief Executive’s Statement says:

"As at 30 September 2016, the Group had a total of 51,865 subscribers, an increase of 18% over H1 2015 (30 September 2015: 43,811 subscribers)"


The website says “Over 50,000 business accounts”

It would seem that CE statement is comparing current business accounts with H1 2016, not H1 2015.
A much more impressive performance increase.

If I am correct you will need to issue an rns correction.

Apologies if I have made an error."

[apad] 15/3/2017 00:31

Thanks, red, very helpful. Especially the reminder that it's a snapshot on a day (I knew this in theory, but I didn't KNOW it) together with the example.
I do look carefully for changes (e.g. finding acquisitive ROR's ridiculous hedging charge).
My cash flow spreadsheets allow for a comparison between SPX and ROR very well indeed. They were a trigger to start reducing ROR. But, I have to accept that squeezing PTSG into the template is not nearly so useful because almost everything becomes qualified.
At least I can look at the results with a little more understanding now - which is just as well as I am buying more risky (early stage, perhaps) shares.
apad
ps
On steroid time!
pps
I discovered that FREE started out as a crowd funding exercise!

[redartbmud] 14/3/2017 21:49

Ps

If you assume the 2 months T/o is x6 to represent the year then it would be £1,198,672 and represented by Debtors of £321,720.
Again crude, as it doesn't take account of seasonality in sales, but it is the best you have, unless you have access to the historic accounts of the business taken over.
Of course, seasonality may affect debtors month on month.

red

Pps
Going back to C it upsets some of the posters because they fail to appreciate the lumpiness of contract stage payments and the difference between the average cash/overdraft for the year balance sheet and the year end balance.
As I have said before, as long as there are no banana skins that affect the profit, the balance sheet is easy to manage. A Company with a T/o of £5bn is no different to control than one of £500m. As long as you have liquidity it works. The guy with the biggest headache is the bank manager.

I had a very good relationship with my bank, and I always delivered on my promises.

red

[redartbmud] 14/3/2017 21:36

APAD

PTSG example
One of the acquisitions on 31 October 2015 was J W Gray Lighting.
The consideration was £1,105,500. Turnover consolidated was £331,112 and debtors £321,720.
The Year End accounts are just a snapshot of the business on one particular day which, in this case, happens to be 31 December.
In the case of Gray T/o was for 2 months but the Balance Sheet that was consolidated represents the accumulated assets and liabilities of that business, plus the Goodwill, which is the difference between the Net assets and the Purchase consideration.
It is quite easy to see how this can distort analyses of accounts.

Maybe you should continue to use your debt sheet, but read the accounts for any factors that may skew the analysis that you are doing.
In the case of PTSG you can easily strip out the the effects of additions in the year from the T/o and individual asset categories, Stock, Debtors, Cash,Creditors etc for comparison to the previous year. I did do it when I looked at the accounts this afternoon. It only took 15 minutes or so, but I didn't safe the result as I had no use for it.

Hope that helps.

red

[redartbmud] 14/3/2017 21:16

APAD

Yes I picked up the Ghh Ltip's thanks.

red

[apad] 14/3/2017 20:31

ps

Grant of LTIP Awards
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer of optical components & systems, announces that awards were made on 10 March 2017 in accordance with the rules of the Gooch & Housego PLC Long Term Incentive Plan 2013 to the following directors of the Company:

[apad] 14/3/2017 20:12

PTSG
"A big factor Yoy were the 6 additions, of varying sizes, where the T/o was for a part year but the Debtors in the B.Sheet were those outstanding as of Y.End."

Ah!

I suppose that acquisitions bring debtors from accounts that don't show in turnover (done and dusted)? If so then the ratio of debtors to turnover is subject to more interpretation.

I guess that a company that is bringing in a stream of orders and is acquisitive is dreadfully difficult to understand based on yearly or half yearly figures from the accounts. Especially where the payment terms are so delayed. It certainly makes my simple cash flow spreadsheet a matter of guesswork.

Maybe I should remove the debt sheet from the calculations all-together as it is so subject to the sector a company serves. On the whole well-managed companies (and would I buy any other sort?) manage their debts - so trust them as it confuses the issue. Perhaps!

Thanks, red.

apad

[essentialinvestor] 14/3/2017 20:02

red, thanks for the WPP snippet.

[pj 1] 14/3/2017 19:53

APAD-will do! I hope he can recover as, similar to yourself, there are few PI's that share their success's and failures, and those inbetween!

I've actually shared the odd social with him and he can be a great laugh, he also seems very lonely at times, so I hope he is well

Anyway......back to shares..

[redartbmud] 14/3/2017 19:46

HT

The accounts don't look too pretty, except for a big tint of red.

red

[redartbmud] 14/3/2017 19:40

HT

Agreed.
Currently no vacancies.

red

[apad] 14/3/2017 18:48

I sold Hayward Tyler when an engineer I was training phoned his mate at the company who told him that they had got rid of their experienced engineers and were buying in expertise.
That played directly to my prejudices!

The share price carried on up and I thought "Ah Well", or something like that.

Looks like those chickens have come home to roost with a vengeance. A combination of the context and emptying your business of expertise - in a tech. co. Priceless!

Shades of BP, too.

apad

[homebrewruss] 14/3/2017 18:08

Re Paul Scott, doubt he was hacked given the previous string of tweets and he's also sent some ill advised tweets before with a similar stocko layoff. He's probably either in remorse or in the dog house.

Hopefully he'll be back soon.

[apad] 14/3/2017 17:45

See what you mean about twitter, PJ.
Hope it was hacked, but no denial and about the same length of time he hasn't been on Stocko.
:-(
apad

[petersinthemarket] 14/3/2017 17:34

Took a small bite at Johnson Services JSG this week. Lots of debt but also taking in a lot of cash after the restructuring. 2% dividend payer - not sure that is sensible until they are profitable. I like the look of the chart. pete

[petersinthemarket] 14/3/2017 17:31

Something interesting going on at Hurricane HUR. It seems they have been registering a lot of new company names this month. No official explanation yet but plenty of guessing going on.
pete

[redartbmud] 14/3/2017 17:07

Oooh

Skg <1.49% on the day.
Must investigate further.

red

[apad] 14/3/2017 16:55

ppps
Currency weakness on Brexit might trigger some US M&A in O&G service companies.

[apad] 14/3/2017 16:47

ps
BUR getting lots of attention.

pps
Neary on Small Cap is good and has done a piece on BUR. Different style from Paul.

[essentialinvestor] 14/3/2017 16:31

Bought a small amount of DLG back, had not realised they were under 3.45.


Ignoring the noise- added to HSTN in several small lots today,
with the Dutch elections looming, Turkey, Le Pen .. may not be a great decision! ).


I have a very modest bet on Le Pen to win, think it will at least be closer than consensus anticipates.

[essentialinvestor] 14/3/2017 16:22

VTC just does not want to fall atm.

The oil drop is beginning to look a little ugly.

Sold the rest of my DLG this morning, gambling on getting back on the XD
at a decent price.

[redartbmud] 14/3/2017 15:45

WPP

Just a snippet:
Analysts at Credit Suisse lowered their target price on WPP's shares following revised guidance from the advertising giant. (On 6 March)
WPP's belated admission that growth would be less than 2016's 3.1% pace was foreseeable after it lost the VW and AT&T accounts, cutting 100 basis points from its forecast rate of sales growth.
WPP also admitted increased competition between ad agencies was hurting pricing power.

The loss of two headline clients isn't good PR, but that is the world of advertising.

red