Fulcrum Utility Services... Share Discussion Threads

[jl5006] 05/2/2020 19:39

Guess little news til pipeline sale completed.
This has to have a swift upturn once the debt is covered by the sale , the divi is disclosed and the buyback begins.

[57eady eddie] 29/1/2020 07:07

Great news with these 2 appointments. Feel that the company is getting it's ship in order for a decent year ahead

[ivancampo] 21/1/2020 16:42

Completion due in Q1.

[pictureframe] 21/1/2020 16:37

when is the sale to ESP due to conclude? Cant see this anywhere.

[bc4] 10/1/2020 16:49

Any one noticed any rampers on here! take a look

[ivancampo] 10/1/2020 16:29

Buy order being worked imo.

[solarno lopez] 09/1/2020 16:43

Take a look at the Calisen Group

[57eady eddie] 09/1/2020 16:09

These volumes are massive. Wonder what's going on. Would expect an RNS soon

[costax1654x] 09/1/2020 13:33

Anyone noticed ORM ?Gold asset in Salamanca and 5 mil ? Cash,no debts, for 3 mil mcap!

[pictureframe] 09/1/2020 13:33

big volume today

[solarno lopez] 09/1/2020 07:53

Intention to float from the Calisen Group similar to FCRM

[ducatiman] 08/1/2020 19:09

A bit of interest today!

[pictureframe] 08/1/2020 14:06

nice move so far

[pictureframe] 08/1/2020 13:25

I suspect news on divi soon

[topvest] 30/12/2019 12:31

Dunamis is still trading. There is such a thing as subsidiary accounts as well as Group accounts!

[jl5006] 25/12/2019 15:41

Dont follow TV
£14,378m included in FCRM 18 A.Cs - net income was c 200k. Dunamis H1 17/18 showed Rev 10.2m EBTA 1.8m.
dunamis will have had to close off their 18 A/Cs- whwnever - and unless thereis anything else there should be no 19 acs

[topvest] 24/12/2019 21:25

Dunamis Group Limited are a subsidiary of Fulcrum as per page 68 of the Annual Report. If you are researching a group then it is often helpful to look at the subsidiary accounts. I looked at the profitability of Dunamis previously, but since that time its gone downhill fast. My analysis is correct. They are obviously late in getting the accounts audited, and who knows why given their poor performance on getting things audited on time, but possibly due to ongoing impairment reviews given the shockingly bad H1 results. There is a £15m investment carrying value in these accounts, if you bother to look at the 2018 ones!
My history is in this BB. Purchased at c8p many years ago and sold at an average of 27p in 3 chunks. Should have done much better, as didn't sell anywhere near the top but at least earned some nice dividends as well.
As I've said above, I am neutral at the current price but won't be re-entering until the ship has been steadied. The Chairman is trustworthy in my view, but they have handled things pretty badly over the last year or two and seem to be continually running from one disaster to the next. They need a new CEO to sort everything out and re-focus the strategy on generating cash rather than consuming it.
EBITDA forecasts have reduced from something like £10m to £7m and now £5m in a short period.
I will take a look once the audited 2020 results are out. I fear there is more likely to be another miss on current year results / further intangible write-downs, and then its maybe time to re-enter. Too early for me to get back in as there are too many red flags.
On a more positive note the deal with E.S. Pipelines is a lifesaver and obviously put together at short notice given the liquidity crunch they were facing. Once the business stabilises, then there is now a reasonable prospect of recovery as there is a reasonable underlying business to salvage.

[contrarian joe] 24/12/2019 20:29

I believe he was invested in here,so can't see anything wrong posting well thought out reasoning why he no longer retains a holding,i've followed the story for a while & happen to agree on he's analysis.

[jl5006] 24/12/2019 19:59

Contrarj
And you listen to sone who is not invested.

[jl5006] 24/12/2019 19:54

TV
Do nnot follow your post
FCRM acquired Dunamis in Feb 2018 - whatever residual body remains - i do not know-
Their trading is incorporated in FCRM and whatever umbrella coy there is.
WHY ARE U POSTING THIS?

[contrarian joe] 24/12/2019 17:22

Thanks Topvest.

Had them on my watchlist,"not any longer",to many red flags for me,trust is a big issue here as you have alluded to.

[topvest] 24/12/2019 16:54

Yet more signs of sloppy accounting. Dunamis accounts haven't been filed on time so they have changed the accounting reference date by 1 day; this is a not very well known trick to get a 3 month filing extension!

THE DUNAMIS GROUP LIMITED
You have been sent this email because you are following THE DUNAMIS GROUP LIMITED (09762558)

The following information is available from the company's filing history.

Date Form Description
24 Dec 2019 AA01 Previous accounting period shortened from 31 March 2019 to 30 March 2019
To stop following this company go to companies you follow.

[topvest] 23/12/2019 18:39

It’s not really an asset light model as they are retaining the I&C assets. I’m probably neutral at the current price. Too early to buy back in my view, as there remains scope for further negative news. As stated previously, I don’t think their preliminary announcement a few months ago was very trustworthy. It said one thing and Cenkos then issued a 60% downgrade which wasn’t really consistent with their mild warning outlook. As suspected, Cenkos were better informed. Another profit warning is still possible given H1 was £1.5m EBITDA, whilst H2 needs £3.5m. All 3 segments look pretty bad in H1. I will revisit after the finals.

[jl5006] 23/12/2019 10:15

Working capital stretched
A changing mix of new contract sales, moving away from payments in advance toward credit terms, may place a strain on working capital as the volume of credit sales increases. The Group needs to ensure that it has the funding required to deliver on its strategy and future growth plans and that it manages its debt and cash balances effectively.
Makes lot of difference - PIAs were advantageous
And Dunamis revenue down significantly - down to EMC EU action.
BUT
Positive outlook!