Upcoming Trading Statement on Friday 20th May. Good Luck all. |
 The LTIP award is a conditional grant of shares, which vest and become exercisable at nil-cost on the third anniversary of the Grant Date, subject to the individual's continued employment with the Group. Vesting of the LTIP awards are subject to the achievement of earnings per share targets (the "EPS Targets") over the year ended 31 July 2024 and total shareholder performance (the "TSR Targets") over a three-year period; with 50% of the maximum award vesting for threshold performance in the EPS target, and for the TSR target, 25% of the maximum vesting for threshold performance above the medium.
For Executive Directors, additional grant allocations will be issued on a 100% TSR hurdle against the benchmark of AIM for a full three-year period. For members of the Senior Leadership Team, with the exception of Claire Cross, 100% of the additional grant allocation is subject to the achievement of EPS Targets. For Claire Cross, 90% of the award is subject to the achievement of EPS Targets and 10% subject to the achievement of TSR targets. TSR targets will be measured against the Company's average share price from 1 January 2022 to 31 March 2022. |
See you on 31st July 2024, hopefully before!
So the target is 100% from a base share price of about 90p.
I'll take 180p on 31st July 2024! |
By November the recession will be here and they'll be able to trot out another excuse for delayed recovery and zero profits |
Never trusted these guys since, back in 2018, they allowed their chief operating officer to sell shares just 3 weeks before a profit warning. He's gone now but chairman still there. Take a lot to get me back in... |
I don't think we'll be hearing from this lot until November now, based on past news. |
I sold on the last update, nothing about that update made me want to own this |
Now back to the price the day of the covid crash. What a dog of a share this is all the way down from 250p |
Another new low :( |
A green day woohoo. Up a stonking 1.4% |
...more like lovid cows, wtf are they doing over at gatc....??? |
Heading towards covid lows |
Since when are liberum TPs ever hit? They always seem to be way way above market and based somewhat on hopium.Should've exited this dog on the warning. But as you say can it go any lower. Today the answer was yes |
Liberium has TP of 100p from 190p though...
My view is Liberium was too high with 190p and is now too low with 100p.
EquityDevelopment seems to have a better idea IMO. 145p not so high and not so low. |
Pretty dismal set of results. The worst part is how they've managed to turn £22.7m of net cash into £4.8m (even allowing for the £5.6m of VAT repayment). No indication that there has been any real upturn in trading. Can't see any immediate catalyst for a re-rating of the shares... |
Gattaca is the UK's largest specialist engineering/tech recruitment agency. Its shares have fallen >70% (vs c. -25% sector) from their 52 week high of 285p - principally due to January’s profit warning. There is work to be done, but even so we believe the scale of the sell-off looks totally disproportionate to the issues involved (Re temporary disruption from a major IT system implementation, staff turnover/culture, etc).
Following the recent appointment of Matthew Wragg as CEO - a highly capable & experienced industry professional with ‘sales’ running through his veins - the early signs of a successful turnaround are tentatively taking shape, with productivity levels inching up anecdotally MoM since January. Furthermore the company is “seeing encouraging trends across many of its sectors”.
We have pencilled in FY23 PBT of £2.5m on NFI of £49.1m with a 145p/share fair value, albeit these estimates are prudent, and we would ultimately hope to upgrade as key milestones are met. Similarly, we assume the FY22 dividend will be temporarily suspended, leaving net funds (pre IFRS16) of £5.0m as at Jul’22 (excluding £10.4m of non-recourse finance). |
Going to be interesting to see how the market responds. Results seem OK. A shame they can't turn a profit on their revenues but markets seem buoyant. No dividend. Surely can't go lower. I'm hoping we have a base to build on from here. |
"The shares appear oversold...
Gattaca is the UK's largest specialist engineering/tech recruitment agency. Its shares have fallen >70% (vs c. -25% sector) from their 52 week high of 285p - principally due to January’s profit warning. There is work to be done, but even so we believe the scale of the sell-off looks totally disproportionate to the issues involved (Re temporary disruption from a major IT system implementation, staff turnover/culture, etc).
Following the recent appointment of Matthew Wragg as CEO - a highly capable & experienced industry professional with ‘sales’ running through his veins - the early signs of a successful turnaround are tentatively taking shape, with productivity levels inching up anecdotally MoM since January. Furthermore the company is “seeing encouraging trends across many of its sectors”.
We have pencilled in FY23 PBT of £2.5m on NFI of £49.1m with a 145p/share fair value, albeit these estimates are prudent, and we would ultimately hope to upgrade as key milestones are met. Similarly, we assume the FY22 dividend will be temporarily suspended, leaving net funds (pre IFRS16) of £5.0m as at Jul’22 (excluding £10.4m of non-recourse finance)." |
Holding through results next week is going to be tough, cant help but feel even reiteration of 'below expectations' etc could send us down. Despite this already being firmly in the news now. Tricky spot for holders right now |
That's what I said below. 'the scale of further improvement' required for me is another veiled profit warning or reiteration that they have continued to underperform. They acted before results to attempt a reset. But will the new top team be ambitious or cautious in forecasting any turnaround |
From Small Caps Live Weekly
Gattaca (GATC.L) - Board Succession
This is perhaps a tame title for a company that has just lost its CEO and CFO!
Having joined the Group in October 2018, it was Kevin's original intention to leave at the end of this year but he felt, and the Board agreed, that given the scale of further improvement required in the business, an earlier change of leadership was in the Group's interest.
"the scale of further improvement" does not sound good and suggests he was pushed. It is an internal replacement, which has pros and cons:
In line with the Group's succession plan, Matt Wragg, currently Chief Customer Officer, is appointed to succeed Kevin as Chief Executive Officer.
Who perhaps didn't rate the current CFO?
"the Board believe that the business will be best served by a CFO who can partner with the new CEO for the long term."
It may, of course, be that the CFO was planning to go soon anyway, but boards often value continuity to a clean sweep, unless things have gone wrong significantly.
In light of this, look out for the kitchen-sinking to come soon, and then perhaps a gradual recovery under the new management. |
This stock has been in the duldrums since the last update. The so called bad news is already in the price. Today's news is however positive and what many holders hoped for. New captain at the wheel. One that actually knows the business. They say the business is growing but not reaching its full potential. They are rectifying this issue. "Whilst Gattaca has been growing, we recognise that this growth is not in line with that of our market. Matt and Oliver have a thorough understanding of the business and have worked together for several years. They are well-positioned to deliver the necessary short-term improvement and develop the business over the long term." |
While I agree a lot of caution is needed here especially as we approach results. I'm happy that they at least don't appear complacent and are willing to make adjustments on the board to get things moving. Gla |
Surprised it took them so long to fall on their swords. The worrying thing for me is the sentiment expressed in the release is very negative in tone. When they talk about delivering the short term improvement needed it reads as present tense ie they have decided to go because trading has not in fact picked up. So maybe prepare for another bad update with no tangible change in the picture from the warning? Perhaps a preemptive move to head off the backlash when the next update is delivered |
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