Westminster Share Discussion Threads

[threeputt] 05/6/2017 08:06

glad am not currently in, those results don't look good to me, was expecting better

[someuwin] 05/6/2017 08:03

All sounds very positive going forward.

[graham1ty] 05/6/2017 08:02

Youkme, the truth hurts ! Keep up the good work

[graham1ty] 05/6/2017 07:58

Mad monk, that assumes it is Oman. Would a big, major airport, in a country with unlimited money, give a major contract to a small loss making company with no experience of running a big international airport ?

Ask their advice, maybe, but give the contract ?

[madmonkflin] 05/6/2017 07:56

Well the airport is supposed to open this year so his comment about MOUs taking ages to convert to contracts is hopeless. How long will they waste setting something up with no foundation.

[graham1ty] 05/6/2017 07:52

The ferry was running for 26 days in December, ten sailings per day. Do the sums. They took £6000, or c £250 per day. That is £25 per sailing.......about one passenger on each crossing ?

Do the maths, that is the implication

[graham1ty] 05/6/2017 07:49

Youkme, I am leaving comments on the other thread. With revenue of £4.4m and overhead of £4.5m that is too many family members snouts in the trough

[graham1ty] 05/6/2017 07:46

PF is proud of the work done by the Westminster Group Foundation. A simple look at the Charity Commission website shows it had income of £4481 and spent £1500. Enormous. Not

[youkme] 05/6/2017 07:31

dress it you any way you want. Loss largely the same, debt increased, and the ferry! lol just lol, just admit it, SQ does not work here ffs. 3% of market now and you need 14% for break even! for all the ramping here its still making a huge loss, expect another fund raise in very near future Imo

[graham1ty] 05/6/2017 07:29

Ticket sales for the ferry were £6000 !!! It launched on 5 December, so that is about £1800 per week, or £90,000 per annum. WOW

[nick2412] 05/6/2017 07:27

Re ferry :- that was the soft launch before year end and they expect the ferry service to be cash flow positive this year. SQ usage planned for longer routes.

[graham1ty] 05/6/2017 07:26

The difference between "adjusted EBITDA" a £25,000 profit.....

....and real life, a £1.9m loss.

Total revenue was £4.4m. Yet overheads were £4.5. You can never ever make a profit, even at 100% gross margin, if the overheads are greater than even yr revenue

[graham1ty] 05/6/2017 07:24

The ferry has 3% of the addressable market !!!! So after about £3m of cost, one redundant vessel, two official launches......and they have gained 3% market share !!! You could not make this up !!! And if that is 3% of the passenger market, then that is 3% of 97,000. Or just 3000 passengers per annum ??? Empty.

Oh, and good to know, the SQ is operational but off for a service. Why a service ? It has never been used !!

[neo26] 02/6/2017 13:30

GrahamThe company said the insurance will cover the cost of repairs but they will not pay us for loss of earnings as the operations didn't commence yet.The me contract will be game changer of course.I'm looking forward to q1 2017 update, just how much progress have they made this year, considering last year started slow they stated they have broken even on ebitda levels for whole of 2016.This year they have started positively..

[graham1ty] 02/6/2017 11:57

Neo, if u referring to the crash SQ had, then maybe some will be covered. But the actual cost of the boat, if it proves to be unusable, will surely be at WSG cost ?

Either way, the SQ is not really relevant. That money is gone ( unless they can sell it). The underlying profitability, the cash drain and the contract are all 100 times more important.

[neo26] 02/6/2017 10:29

GrahamI thought the insurance footed the bill?

[madmonkflin] 02/6/2017 08:56

That would be the P&L then.

[graham1ty] 02/6/2017 07:52

Results will be interesting. A lot depends on whether the auditors allow them to capitalise all the contract development. If they do, then the auditors accept that the likelihood is it will be signed. If not, it all has to go through the P&L. Judging by the fundraisings, they have been spending maybe £1m per quarter on the contract. So, there could be a couple of million hit to the P&L.

Secondly, will they take a write off on the SQ ? It is obviously not fit for purpose. One RNS months ago said they had spent I think £1.3m on the SQ ( including transport, repairs etc). If they admit that they cannot use it, and are trying to sell it, then there might be a write off of part of the SQ cost.

I hate "adjusted EBITDA" as it can be used to hide anything. The headline may be "EBITDA positive last year", but I suspect the statutory profit will actually be a pretty big loss. After all, last year they raised £475k in Feb, £1.3m in June and £1.2m in November. That is c£3m of additional spending with nothing to show for it.

[jambam] 01/6/2017 22:29

tomorrow could be interesting...hoping good news on Monday seeps out early

[neo26] 01/6/2017 21:12

results out monday first thing, might be interesting week.

IMHO

[deanowls] 31/5/2017 17:32

Maybe there counting the revenues in coppers?

[youkme] 31/5/2017 16:16

No contract still taxdodge? never mind more endless ramping and total nonsense for another 5 years

[neo26] 31/5/2017 13:54

RNs out got excited their for a second..

[neo26] 30/5/2017 18:20

What would be interesting to know is how wsg have done in q1 2017, the ferries would have been running for a full quarter and the airport would have got increased passengers for the same period last year.This contract should be getting to a close and maybe they should tell us who the potential client is!!!