Flowgroup Plc Share Discussion Threads

[1fox1] 01/12/2015 19:20

Here here!!

[uppompeii] 01/12/2015 18:32

And take a pay cut.

[1fox1] 01/12/2015 16:31

Fundraising statement on the 30/04/2015. Everything going well. No problems

[hopefulalways] 01/12/2015 16:09

Mr McGregor: Post 308
& 1fox1

Good posting but looked back and Tony Stiff had left the company Nov '09
The share price was around 50p which is when I got out.

[hopefulalways] 01/12/2015 10:01

From another board:

With the climate talks underway and billionaires lining up to put money into saving the planet, it is clear that we have to use gas for many years before clean energy becomes a reality - perhaps in 20 years or so. The Flow boiler once launched will prove that it can be part of the answer to reducing the world's carbon generation. By generating electricity in the home with the Flow boiler more efficiently than a central power station up to a tonne of carbon can be saved per home. This is massive, imagine if the UK and Europe embraces this technology, with 115m boilers to go at Flow would be huge. This is probably what drove Jabil to want to invest and build the boiler. The Flow boiler also provides greater security of supply for the national grid, taking demand off the grid when they are generating in the home at winter peak times. Flow are the only company to get anywhere close and now that they are getting ready to launch should be a great 2016.

[hopefulalways] 01/12/2015 10:01

Had some of these shares and got out way before your story.
Word on the street was that it was still being run as a family business by the chairman and his son (as per your post)and that none of the rest of the board were able to do there job.
RESULT ..... I got out and the company went to the wall.

[mr macgregor] 30/11/2015 14:25

The BGlobal RNSs are still available to view. Here’s a potted history of BGBL for anyone wishing to learn from its directors’ mistakes. You may spot some uncanny resemblances to RNSs issued over the last year by FlowGroup.

Stiff was the Commercial Director with a sunny disposition when BGBL joined AIM in April 2007 and ‘the leading provider of smart meter solutions’ raised £7.8m giving a market cap of £30.4m. It promised strong growth over the coming years.

The first profit warning came four months after the IPO when they admitted sales were below expectations. Admin expenses were on the up but of course this was in preparation for “a year of substantial growth indicated by orders.”
December 07 The rollout of meter installations was much slower than the Board’s expectations at the time of flotation. Increased sales in the second half should enable the group to become profitable on a monthly basis by the end of the year.

May 08 Second profit warning. The fulfilment of a number of significant orders won during the year has been slower than anticipated with revenues significantly below market expectations. Blamed on external factors, mainly customers waiting for Government decisions. Despite the problems the strength of the ‘pipeline of opportunities’ encouraged confidence for 2008.

August 08 Shareholders tapped for £2m at two fifths the flotation price to help deliver forecast significant growth.

December 08 Contrary to the confidence expressed in May “the last six months have been a difficult trading period for the group” but “despite slower than anticipated roll-out during the last six months the significant operational changes and improvements put it in an excellent position to capitalise on significant market opportunities”

February 09 Issue of convertible loan notes raises £1m

April 09 Third profit warning. Funding problems impeding roll out.

Jul 09 Funding secured, board confident (admin expenses still rising quickly)

Dec 09 Group in strong position, confident of prospects (still loss making)

Feb 10 Fourth profit warning blamed on bad weather and customers demanding a new type of meter. Confident on next financial year.

Nov 10 Fifth profit warning, installations behind the board’s expectation, problems with cost controls and difficulties coping with planned installation load.

December 10 Focusing on delivering revenue growth, increasing the quality of earnings and improving shareholder returns. Excited about the products coming to market over the next twelve months.

May 11 Sixth profit warning. Deferred rollouts blamed on Government policy, significant impact on Group performance.

April 12 Announced tie up with Energetix (now called FlowGroup) which has Tony Stiff as Commercial Director

July 12 Board confident

December 12 Seventh profit warning

July 13 Shareholder revolt “For some time there has been disquiet among a number of shareholders concerning the financial and share performance of BGlobal, its strategic direction and the culture and style of its leadership.” Sale of the company requested.
According to Hawkwood Capital the company ”continues to pursue opportunities that have been in the pipeline for a considerable period of time without much evidence of progress.”

Chairman subsequently ousted and his son who was FD is dismissed.

April 14 BGlobal metering, floated with market cap of £30.4m seven years previously and the beneficiary of several fund raisings, sold for £2.3m to Energy Assets Group plc. So much for increasing shareholder value.
Company subsequently wound up and trading name BGBL delisted from AIM September 2014

[mr macgregor] 30/11/2015 12:37

Oh but it isn't about learning from failure is it? I thought it was about finding a way of making a great living by talking a good game, then moving on and replicating your winning scheme when the previous business hasn't delivered on exaggerated claims, blaming that rotten performance on Government policy of course. If Stiff had learned from past mistakes he wouldn't have made sales claims that couldn't be delivered (on numerous occasions with FlowGroup) and he wouldn't be drawing £500k a year from a company that is not beyond turning to shareholders for bail out cash imo.

[blah blah] 30/11/2015 06:48

I don't know Tony Stiff but I know someone who does and he speaks very highly of him. Likewise, I don't know all the history of bglabal but I did meet the company one and was impressed with them. Chances are, given how slow the UK has been on smart metering, that they were a bit ahead of their time.

I think you have been a bit harsh on both parties there. In the US, the odd failure here and there on a CV is a plus sign, and can't be a surprise working in innovative technology companies. In the UK, it is seen as a sign simply as a sign of failure, as though the person hasn't learned a thing from the experience. Guess which has the better record of commercialising new technology?

[staverly] 28/11/2015 18:02

Haven't read the ED note but popped into WHS to read related IC article. FWIW, thought it was reaching, and some. Admittedly I got this one wrong before but I certainly won't be fooled by what appears to be the same puffery. Actions speak louder than words. If the boiler begins to sell in the hoped for numbers then there will be ample opportunity for new/returning shareholders to make a lot of money but, judging by events since they built the initial batch, i'm inclined to be cautious. In the meanwhile that just leaves a cash hungry business model to do whatever it must. DYOR

[jscowi] 27/11/2015 13:46

Article in FT: Few snippets of information - 20% cost reduction, £3k price tag, VAT remains at 5% presumption by Flow, 77 test boilers, Jan 16 re-launch





Next few months are going to be interesting.

[pugugly] 27/11/2015 10:11

IC: Instant death (imo) If interested suggest wait for 4 - 6 weeks when stop losses might kick in (imo)

[18bt] 27/11/2015 08:46

Pick in IC fwiw

[msarwar014] 10/11/2015 14:46

Bought three lots today.that 38798 is mine buy,not sell at 16.22p

[crbema] 07/11/2015 09:48

Naked trader has bought in here.

[cheaky monkey] 06/11/2015 16:01

Some good volume today, something brewing??Here's hoping!

[jscowi] 04/11/2015 13:47

If Ms Spottiswoode & spouse are transferring stock into their ISA's I dont think they will be doing it based on the assumption that the share price is going to tank are they.