Bilby Share Discussion Threads

[william_quinn] 17/3/2019 14:53

otter, I dont own shares in this company as my take on matters are, poor cash flow, average of 3 months for receivables no provision for bad debts (the receivables amount looks like it will never actually be received if you check the IPO terms for contracts you'll see why)huge amount of intangibles and the working capital is abysmal apart from the fact that the two original owners have cashed out but are receiving £50k/annum for rent and when frs16 comes into effect soon it will greatly affect the bottom line.

Also I don't think that recognising sales the way they do is at all helpful.

Just my opinion.

ps and charging inventory to cost of sales is the icing on the cake.

[debsdowner] 17/3/2019 11:56

otter,

All seems clear to me. The board of directors allowed a placing when they must have known they were not going to meet market expectations.

The founder managed to exit and the buyers of his stock suffered considerable losses after the interim results.

The FCA need to start a proper investigation immediately. The vast majority of work the company carries out booked well in advance and as such the company would have a reasonable ability to predict sales and profitability 2 to 3 months in advance.

All the FCA needs to do is obtain their orders documentation in the first instance.

Anyone that has been buying here post the placing up to the interim results announcementhas a good claim for compensation.

[ottermarket] 16/3/2019 22:23

First post here. I'm an American, forgive me. Quick question for the board: has anybody here spoken with management to try to quantify the moving parts that led to the change in guidance? I know what they've said in the press release, but obviously the news has been short on details. I've been going through the financials and the company's accounting of various receivables, inventories, etc, trying to put the pieces together. I have some theories but I'd be interested in hearing others' thoughts. Email me at [e-mail] to chat or set up a call. Thanks.

[nico115] 15/3/2019 19:42

Do you mind if PM you as I'm doing something about it You are absolutely right,too much wrong doing here

[debsdowner] 15/3/2019 10:11

A number of people are accountable under a duty of care and joint and several responsivity.

All the executive directors for allowing a placing when they would have known of a significant profit shortfall in the months prior to the financial period end and should have considered issuing a profit warning. A 10% profit fall would have been the trigger.

But alarmingly the brokers should have ensured no placing was done by a founder shareholder as well who still had connections with the company.

The FCA needs to be contacted in the first instance then the brokers questioned. If parties who took part in the placing could be contacted as well they also have a duty to ensure a proper investigation is done.

Its important the credibility of the public confidence in the city be maintained.

[nico115] 15/3/2019 09:10

You certainly know your stuff debsdowner Who do you think is liable ?Stanford who I believe have never been in charge of a placing before (they haven't called me to explain why a profit warning happened weeks after the placing )?The BOD?Ellingham who was Copelo FD and was recently promoted to ceo?Is no one accountable?Surely there needs to be change on the BOD?Forecasts were for 8m Pbsc and now looks like a 4m loss?Thoughts please Debs ?

[debsdowner] 15/3/2019 07:53

nico

My speciality is retail but I do understand the construction sector so hope my experience is of assistance to readers.

Most construction orders to scheduled work are booked months in advance and that being the case the company would be able to estimate what the sales and orders are likely to be like 2 to 3 months in advance of any financial period.

I find it alarming seeing a placing in the last month of trading period when the company would have known about a sales decline and significant fall in profits.

This is a shocking state of affairs and needs a full investigation the company should have some information in the minutes if not then the company are not running the company properly and that also needs investigating.

[pictureframe] 15/3/2019 07:21

Debt = unable to service debt = death spiral

[danny baker] 15/3/2019 02:45

Bilby's problems seem to be mainly in the original Copolo company, P&R Installation Company Limited. They haven't given much detail about the MOD contract. What we do know is that this contract was originally with AmeyCarillion, then with just Amey after Carillion went bust. Bilby will treat the losses on the MOD contract as non-underlying as it will be a discontinued activity. By walking off site, P&R will be liable for very substantial costs - I would guess £3-4 million. As Bilby have only forecast underlying EBIT of £2-3 million, this will clearly push the company into a pre-tax loss for the financial year. At the half-year stage Bilby had used £4.4 million of the £5 million overdraft facility. Cash is going to be very tight at the year end. I can understand why the institutions are standing back and not adding to their holdings. Results next financial year should be a lot better but first, investors will wait to see how bad the results are for this year.

[nico115] 14/3/2019 21:14

Totally agree DebsdownerIt's managements like this one who give Aim such a terrible name The broker ,Stanford,have collected their fees and I've not heard a thing from them since buying stock in the placing at 100pSurely they have a duty of care to find out what happened? Debsdowner ,Will the problems have been logged in the minutes ? Should Ellingham have had a trading statement before the profit warning ? I thought this was compulsory ?Notice how holders are aggressive as they only want to read bullish posters .Notice how some posters here haven't posted ever before and also haven't commented on other stocks which means they either work at Bilby or at the broker Stanford Thank you Debs for your support,it means a lot to me I AM taking this further as there has been wrongdoing here Thanks Nico

[nico115] 14/3/2019 17:49

Your first post ever !!You must be another employee of Stanford Or are you David Ellingham?Hmmmm,I'm very wary of someone who posts on advfn for the first time If you had invested in Bilby like I did just before the major profit warnings you would also be fuming

[nico115] 14/3/2019 16:47

Not one institutional buyer who got stuffed at 100p on the profit warning are willing to buy at 35pWhy aren't they kicking Ellingham out? They need to act and act quick ,they will have my vote as this company needs a change of management and broker

[nico115] 13/3/2019 17:38

This needs new management we can trust

[nico115] 12/3/2019 16:17

If you propose to speak, always ask yourself: Is it true? Is it necessary? Is it kind?

[nico115] 12/3/2019 16:13

Not quite sure what's boring ?The founder sells Stk weeks before a warning and Ellingham has meetings with Institutions 5 months into the financial year when it was plainly obvious the figs would be poor That's not boring ..that's a disgrace Can u trust the Bod ? I can't !

[callumross] 12/3/2019 13:30

Nico115 - you are a bore. Go away.

[nico115] 12/3/2019 13:28

And Ellingham still hasn't bought any stock He was so bullish for second half ..which was misleading And now ..not bought a share even though shares have collapsed 75pct since his promotionWonder why Copolo promoted him??!!

[nico115] 11/3/2019 18:10

Looked like a stake builder today at 38p buying clips of 50kBe great to get a bidder who would sack the management here Lots of cost savings and a great future without this BOD who I just don't trust

[nico115] 11/3/2019 18:09

Like after 5 months ?

[garyb01] 11/3/2019 18:01

Lol ... not in that gang - used the brain cell you thought I'd lost when price between 130-137... anyway stop deflecting - you been in with authorities yet?