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23/11/202116:32EC #3: GLOBO - GROWTH, AT WHAT PRICE?25,522
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DateSubject
01/2/2017
12:44
auphilman: My understanding is that aim shares are subject to capital gains and losses the same as any other share purchase. I ma no expert but there might be some exemptions if they were subject to VCTs or maybe bought in ISAs. Try the tax board.
07/11/2015
08:28
effortless cool: An interesting question. Previously Head of Research and Tech and Telcos analyst at that most wonderful of brokers, Daniel Stewart. In that role, way back before I even started this thread (2010) he covered Globo. I can't remember the exact details, but I do know that he maintained ludicrously high target prices; something like 100p when the share price was 15p. Of course, I am sure that Mike Jeremy was an entirely innocent party in the massive fraud that has emerged at Globo and, in spite of his obvious closeness to the Chief Executive, had not the slightest inkling of what was going on. It must be terrible for him that he has simply been used as mouthpiece to propagate management's lies to shareholders. As we will all recall, jazza liked to dismiss every bear claim on the basis that we had not taken his advice to "call Mike Jeremy". Thank goodness we all recognised him to be a prize chump.
06/11/2015
14:46
patio58: 5 weeks ago, amazingPlus500Globo plc Interim Results 2015Source: UK Regulatory (RNS & others)TIDMGBORNS Number : 4740AGlobo plc29 September 2015Globo plc29 September 2015FOR IMMEDIATE RELEASEGLOBO plc("Globo" or "the Group")INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015Globo plc (LSE-AIM: GBO / OTCQX: GOBPY), the international provider of Enterprise Mobility Management (EMM), mobile solutions and software as a service (SaaS), is pleased to announce its unaudited interim results for the six months ended 30 June 2015.Financial highlights -- Revenue up 56% to EUR72.4 million (H1 2014: EUR46.5 million) o GO!Enterprise revenue up 126% to EUR44.9 million (H1 2014: EUR19.9 million)o CitronGO! and GO!Social revenue up 6% to EUR21.3 million (H1 2014: EUR20.1 million)o Telecom & SaaS revenue grew 16% YoY to EUR5.0 million (H1 2014: EUR4.3 million) -- The Group continues to build on its strong recurring revenue streams: o GO!Enterprise EMM & MADP had a renewal rate of the prior year's licences of roughly 99%o 68% of GO!Enterprise MBS project revenue was generated by repeat orders-- H1 Gross profit margin increased to 59% (H1 2014: 58%) primarily due to the increased proportion of direct sales -- EBITDA increased 55% to EUR34.2 million (H1 2014: EUR22.0 million) -- Last twelve months (LTM) EBITDA was EUR63.1 million -- Profit before tax rose 37% to EUR22.0 million (H1 2014: EUR16.1 million) -- Earnings per share increased 14% to EUR0.049 (H1 2014: EUR0.043) -- Net cash generated from operations increased to EUR21.0 million (H1 2014: EUR16.6 million) -- Free cash flow1 of EUR7.2 million (H1 2014: EUR4.2 million) -- LTM free cash flow of EUR10.3 million -- Net cash position increased to EUR47.4 million (31 December 2014: EUR40.4 million) (1) Free Cash Flow (FCF). Free cash flow is calculated by taking the net cash flow from operating and investing activities, adding back the cost of acquisitions.Operating highlights -- Significant growth in licence and end user base: o GO!Enterprise Enterprise Mobility Management ("EMM") business-to-employee device licences installed base up 93% to 1.1 million at the half year (30 June 2014: 0.569 million)o GO!Enterprise Mobile Application Development Platform ("MADP") business-to-consumer licences installed base up 63% to 40.8 million (30 June 2014: 24.9 million) o CitronGO! and GO!Social monthly active users up 9% to 3.7 million (30 June 2014: 3.4 million) -- Renewal of approximately 50,000 GO!Enterprise EMM licences and an incremental purchase order from a U.S. Fortune 100 company, worth US$1.2 million (EUR1.0 million).-- U.S. growth remains on track, with expanded operations and headcount increases in the region. During the period we strengthened our sales and marketing capabilities with the addition of Keith Higgins as our U.S. Chief Marketing Officer and the hiring of numerous sales and marketing professionals. In order to attract additional talent, a software development centre has been established in Pittsburgh, Pennsylvania. The Group has also expanded the capabilities of its Canfield, Ohio development centre.-- Globo secured a major contract for numerous mobile application projects with a strategically significant South Asian industrial conglomerate customer in June 2015. The initial contract value is in excess of US$1million, and the diversified nature of the customer offers additional future opportunities for new projects and licence growth.-- New customers added in Q2 2015, including eRevmax, CenClear, Northlands Police, Aegean Oil, International Life, Lafarge, UBB Bank, Peoplecert and Watt & Volt. These new customers follow strong contract wins in Q1 2015, including the U.S. Army, ING, EMC, INTEL, Musananda (UAE), Vodafone and Coca-Cola. -- Continued awards and recognition from industry observers: o Highlighted in Ovum's 2015-16 Decision Matrix for MADP Solutions as a major "Market Challenger" amongst the 12 leading MADP vendors, with the potential to become a Tier-1 playero Highlighted in Gartner's 2015 Enterprise Mobility Management Suites Magic Quadranto Innovative Application Award in February 2015 for the "EMBRYOGENESIS" appo Recognition for our TUI app in March by Tourism Awards 2015 in the category 'Applications for smartphones and tablets'o Distinction at the Mobile Excellence Awards 2015 in June for the mobile app "be inlife" (International Life)-- Announcement at Mobile World Congress in Barcelona of FIPS 140-2 certified encryption for GO!AppZone. Globo is the only company to offer this level of security for such a development platform.-- Launch in the U.S. of a Fully-Sponsored Level 1 ADR with over-the-counter trading facilities on the OTCQX platform, traded under the ticker GOBPY.Situation in GreeceSince the end of June 2015, our Greek operations have faced the challenges of the Greek political uncertainty in combination with the impact on financial markets of slowing growth in China which resulted in capital controls.The Group has taken all relevant measures to avoid any operational or financial impact, as previously announced. Our Greek revenues in 2015 are estimated at between 6% and 7% of total revenue and we do not see any potential impact on our results for this year. The situation in Greece has now stabilised and our Greek operations continue to function as normal.Post period-end-- We have announced a EUR14 million proposed acquisition of a Bring-Your-Own-Device (BYOD) and Mobile Security software provider based in Europe. The acquisition target offers a set of security solutions for the mobile industry with strong focus on BYOD and Mobile Applications Security. It has a successful track record with customers in the banking, finance and public sectors, and has built a strong reseller network including telecommunications companies, IT solutions providers and mobile technology players. This acquisition is intended to enhance the GO!Enterprise portfolio with certain aspects of security that are not covered in the current GO!Enteprise platform, and provide instant access to certain additional regulated financial markets. Globo expects the acquisition to be completed in October 2015.-- Globo has entered into a major partnership with I Love Velvet (ILV) Inc., based in New York, to address the mobile POS (mPOS) market globally. Our combined mPOS solution has been selected by a major International Bank to enable its more than 2 million small business and professionals customers. Official commercial launch is planned for Q1 2016 after the completion of a pilot programme scheduled for Q4 2015.Outlook-- Our positioning within the field of Mobile Enterprise creates strong momentum for further growth in enterprise customers and new project wins.-- Strong business momentum is expected due to the traditionally stronger second half of the year and continued US expansion.-- Our current cash position and cash flow covers all of our operating requirements and will enable us to pursue selective acquisition opportunities in the near term. In order to grow the business through more sizeable acquisitions, we continue our High Yield Bond discussions. Globo maintains a prudent view on the methods of financing its acquisition led growth.Commenting on the results, Costis Papadimitrakopoulos, CEO of Globo, said:"We are proud of the continued success of our growth strategy. Over the course of just a few years, Globo has been positioned as one of the leaders in the Mobile Enterprise space and our business continues to evolve in a number of different business areas. Our International operations and growing US presence are driving opportunities for our customers and the Enterprise transformation towards mobile systems and applications is accelerating.We remain committed to increasing shareholder value, both through organic growth and strategic investments in technology, expertise and market reach."A presentation to analysts and brokers hosted by Costis Papadimitrakopoulos, Chief Executive Officer, and Dimitris Gryparis, Financial Director, will be held at 10.30 on 29 September 2015 at 55 Old Broad Street Street, London, EC2M 1RX.To join via conference call:UK dial-in: 0800 368 0649Overseas dial-in: +44 20 3059 8125Access Code: GloboTo join via the website:http://globoplc.com/interim-results-2015-presentation/The slides for the presentation will be available on Globo's website:http://www.globoplc.com/en-GB/results-and-presentations/For further information please contact: Globo plc +44 20-7378-8828 Costis Papadimitrakopoulos, CEODimitris Gryparis, Finance DirectorMike Jeremy, IRO RBC Capital Markets +44 20-7653-4000 (Nominated Adviser & Broker) Pierre Schreuder or Ema Jakasovic Canaccord Genuity +44 20-7523-8000 (Joint Broker) Simon Bridges or Emma Gabriel Brunswick Group Chris Blundell or Charles Pemberton +44 20-7404-5959 About Globo plcGlobo Plc is a global provider of complete enterprise mobility solutions and SaaS. Our GO!Enterprise (EMM) and GO!AppZone (MADP) offerings help businesses expand their engagement with employees and customers through the mobile channel via a secure and extensible environment that runs on all smart devices. The Group operates internationally through subsidiaries and offices in the U.S., U.K., Europe, Middle East and South East Asia. Globo was included in the 2014 Gartner Enterprise Mobility Management Magic Quadrant report, in Ovum's 2014-15 Decision Matrix for EMM Solutions and 2015-16 Decision Matrix for MADP Solutions, and in IDC's January 2015 report on Mobile Enterprise Application Development Platforms. For more information visit www.globoplc.com.CHIEF EXECUTIVE OFFICER'S REPORTOverview(MORE TO FOLLOW) Dow Jones NewswiresSeptember 29, 2015 02:02 ET (06:02 GMT)In the six months to 30 June 2015 Globo maintained strong operational momentum, driven by our Enterprise Mobility product suite, Mobility Business Solutions (MBS) offering, and increased direct sales leading to strong revenue growth and cash generation.The main areas of focus during the period have been the: -- Increase of our direct sales personnel and execution capacity -- Increase of our technical capabilities in the implementation of strong Enterprise Mobility solutions driven by security and Mobile Apps -- Expansion of our U.S. activities and market penetration -- Optimisation of our Sales and Marketing processes to attract new direct customers and achieve stronger engagement with cross selling and up selling opportunities-- Establishment of strong partnerships that will help us build a stronger commercial and innovation path -- Evaluation of acquisition targets that will help the company scale up -- Optimisation of our international presence and operational platform to minimise the exposure to operational and software development costs, thus keeping the underlying margins at a very strong level -- Continuous innovation in new products and expansion of existing ones During the period we continued to improve our competitive position in an enterprise mobility market which is being driven by strong demand for enterprise use of smartphones and tablets and increasing interest in mobile-based applications.Our Enterprise and Consumer mobile product lines continued to deliver significant growth, forming the basis for future recurring revenues and profit generation for the Group.As expected our Enterprise Business is now the most dominant component of our revenue, representing 62% of our total sales, driving our working capital performance and improving cash generation.We saw strong underlying demand and new customer wins for our GO!Enterprise platform, leading to revenue growth of 126% to EUR44.9 million (H1 2014: EUR19.9 million). Our consumer mobility revenue (CitronGO! and GO!Social) also performed well, growing 6% to EUR21.3 million (H1 2014: EUR20.1 million).Overall, Group revenue grew by 56% to 72.4 million (H1 2014: EUR46.5 million). EBITDA increased by 55% to EUR34.2 million (H1 2014: EUR 22.0 million), whilst profit before tax grew EUR5.9 million to EUR22.0 million (H1 2014: EUR16.1 million).Free Cash Flow(2) totalled EUR7.2 million in the first half compared to EUR4.2 million in the same period last year. This is a reflection of the shift in revenue balance towards enterprise mobility with an associated improvement in the payment cycle.(2) Free Cash Flow (FCF). Free cash flow is calculated by taking the net cash flow from operating and investing activities, adding back the cost of acquisitions.Customer and contract winsThroughout the first half of 2015 we have been winning new customers in addition to new users and business from our existing customers.Significant new customers include eRevmax, CenClear, Northlands Police, Aegean Oil, International Life, Lafarge, UBB Bank, Peoplecert and Watt & Volt, U.S. Army, ING, EMC, INTEL, Musananda (UAE), Vodafone and Coca-Cola.In addition, we secured a material South Asian industrial conglomerate customer in June 2015 for numerous mobile application projects. This customer is already contributing a strong revenue stream which is expected to surpass US$1million during 2015, with strong future potential.These additions augment an interim base of approximately 3,500 enterprise customers and associated recurring revenue streams from GO!Enterprise projects and licences.GO!Enterprise Business recurrenceAs expected GO!Enterprise has become our dominant revenue stream. This brings improved recurring revenue visibility with 97% licence retention, with almost no licence churn and a 65% repeat project ratio.U.S. ExpansionGlobo continued its U.S. growth by expanding operations and increasing headcount in the region. During the period we strengthened our sales and marketing capabilities with the addition of Keith Higgins as our U.S. Chief Marketing Officer and the hiring of numerous sales and marketing professionals. In order to attract additional talent, a software development centre has been established in Pittsburgh, Pennsylvania. The Group has also expanded the capabilities of its Canfield, Ohio development centre.First half revenue in the U.S. increased by 611% to EUR15.2 million (H1 2014: EUR2.1 million) contributing 21% of total group revenue.We consider the U.S. our most important market as it represents 60% of the global EMM+MADP market, which in 2015 is expected to reach $4.6 billion. Our main focus remains the U.S. Enterprise mid-tier market (companies with revenues of between $10million and $1billion) which is in itself equivalent to the fifth largest economy in the world.Our U.S. operations are headquartered in Palo Alto with additional offices in San Francisco, New York, Ohio and Pittsburgh, with representatives located in Canada, Los Angeles and Atlanta. We currently employ approximately 29% of our global head count in the U.S.Recognition in Gartner's "Magic Quadrant for Enterprise Mobility Management Suites" and "Magic Quadrant for Mobile Application Development" reportsDuring the period we achieved inclusion in both the EMM and MADP Gartner Magic Quadrant, being officially one of the 4 players globally that has presence in both reports. This is a tremendous achievement and highlights our commitment to our investment strategy.Strategy - Investments and AcquisitionsAs the Mobile Enterprise Market evolves we observe continuing consolidation favouring larger entities. We define this market as divided into three levels each of almost equal scale, as follows:- Top-tier global players who provide mobility solutions as part of their overall product portfolio, with the consequence that they cannot offer the focus of "pure play" alternatives- A group of leading "pure play" players who provide mainly Enterprise Mobility Solutions as their mainstream business- A lower tier of smaller technology or service companies that offer innovative mobile solutions and services but with limited ability to execute or grow.Globo's strategy is to establish leadership in the "pure play" segment through a combination of organic growth, backed by product investments, and selective acquisitions.The Group has been targeting a series of acquisitions since the end of 2014 and we hope to progress certain of these over the coming months. We have recently announced the proposed acquisition of an innovative BYOD - Mobile Security Company in Europe for EUR14 million.Our current cash position and cash flow covers all of our operating requirements and will enable us to pursue selective acquisition opportunities in the near term. In order to grow the business through more sizeable acquisitions, we continue our High Yield Bond discussions. The Company maintains a prudent view on the methods of financing its acquisition led growth.Launch of new products and servicesDuring the first half of the year we expanded the capability of our GO!Enterprise offering in many different areas:-- At Mobile World Congress (MWC) in Barcelona in February we announced the full availability of our FIPS 140-2 certified Mobile Application Development Platform (GO!AppZone) being the only company worldwide offering such a solution.-- During June we released our GO!AppZone deploy service which now offers connectivity and control of mobile apps through the GO!AppZOne cloud in a "pay as you go" transactional model. This improvement is expected to drive significant demand for SMEs deploying mobile apps in a more cost efficient way-- During June we completed GO!Enterprise Windows10 development in cooperation with Microsoft and being one of the first vendors to support the new Operating System from its first day of launch.-- Development of further product enhancements and new features has kept us busy during H1 2015 and new product releases are expected this year.Operational performance: GO!Enterprise, CitronGO! and GO!SocialDuring the period, our combined mobile solutions revenues grew 65% to EUR66.2 million compared to EUR40.0 million in the same period last year.GO!EnterpriseOur expansion plans are underpinned by the combination of global growth in demand for smartphones and tablets and the BYOD trend. This is a market which IDC predicts will reach US$7.0 billion by 2017.The first half of the year showed our commitment to continued product expansion and improvement, with the launch of GO!AppZone Studio and GO!Enterprise WorkSpace.Our fully integrated solutions of mobile Security, Mobile Productivity and Mobile Application Development Platform in combination with a strong consulting and services offering is underpinning our future performance and opens up significant opportunities within each customer.We continue to build our direct sales force, notably in the U.S. and UK and we are expanding our MBS capability, adding personnel in Greece and India where labour costs are more favourable. In the meantime we are ramping up our customer facing consultants in the U.S. and Western Europe while expanding our indirect relationships with resellers and software integrators.Revenue from GO!Enterprise is recognised in two categories:-- Via licensing options on a per user/device basis, which are renewed annually or on a perpetual basis. These are accompanied by software assurance service contracts.-- Via consulting and implementation services for the development of tailor-made solutions and apps for customers or partners within the MBS division.(MORE TO FOLLOW) Dow Jones NewswiresSeptember 29, 2015 02:02 ET (06:02 GMT)The table provides a breakdown of revenue drivers in respective business divisions: H1 2015 H1 2015 Revenue H1 2014 Licences H1 2014 Revenue Licences Installed Base Installed (3) Base (3) Enterprise Mobility Management (EMM) Licences (4) 1.1 million EUR11.4 million 569,500 EUR5.0 million Mobile Application Development Platform (MADP) Licences (5) 40.8 million EUR14.0 million 24.9 EUR4.9 million Mobility Business Solutions (MBS) Services (6) N/A EUR19.5 million N/A EUR10.0 million TOTAL EUR44.9 million EUR19.9 million (3) Disclosed number of Installed Base is not equal to the licences sold during the period. It represents the total number of licences being active at the specific time including licences sold during the period and licences that are active and have been sold in previous periods.(4) Enterprise Mobility Management (EMM) licenses include GO!Enterprise Office, Mobilizer, BOX, MDM, Sync, LinkBusiness to Employee licenses, sold on a per named device model.(5) Mobile Application Development Platform licenses include GO!Enterprise Reach (Business to Consumer licenses) sold in blocks of 50,000 or 100,000 devices.(6) Mobility Business Solutions (MBS) related to GO!Enterprise Project ServicesWe are planning to launch significant add-ons to our GO!Enterprise and GO!AppZone platforms tapping into several "hot" areas of the market such as Internet of Things (IoT), Wearable devices as well into Machine to Machine (M2M) communications where we see a tremendous opportunity for future growth. In the meantime we are expanding our GO!Apps Ecosystem of readymade apps that give instant access to customers who want an out of the box solution that works for them.The expansion of our GO!AppZone (MADP) family of products with the introduction of GO!AppZone cloud services are offering Application Test services, Application Native Build services for iOS, Android, Windows8 and BlackBerry as well as a Cloud Connector (MBAAS) which can interconnect applications and Back End Systems in a secure and flexible way.We are building a developer community of users and the follow-on potential for revenue streams built on the desire to secure, deploy and monetise the resulting apps.We are confident that the breadth of services that GO!Enterprise offers (EMM and MADP) combined with the momentum of demand for mobile first services and our US sales and distribution initiative in particular will further enable Globo to build on its recognised position as one of the leading mobile enterprise software and solution providers.CitronGO! / GO!SocialCitronGO! / GO!Social saw first half revenue of EUR21.3 million (H1 2014: EUR20.1 million), up 6% from the previous year, and representing 29% of total Group revenue compared to 43% in H1 2014.Feature phones continue to represent a significant portion of the mobile devices used around the world and mostly in the emerging markets. Several factors such as cost, energy and data consumption of smartphones and slow mobile network infrastructures in the emerging world, limit the entrance of smartphones, making CitronGO! a favourable solution for those who want to enjoy social networks, chat and email from a feature phone.Globo provisions the CitronGO! and GO!Social offering on a white label basis with an emerging markets emphasis (given the continuing prevalence of feature phone use).Revenues are generated from services provided to end users via Mobile Value Added Service Providers (MVASPs) and Mobile Network Operators (MNOs) as part of their own content offerings. As of 30 June 2014, CitronGO! and GO!Social were being offered in countries throughout Europe, Africa, Latin America, Asia and the Middle East, principally via mobile value added service providers (MVASPs) as part of their own subscription application and content offerings. At the end of the first half we had recorded 7.6 million unique users and registered 3.7 million as active on a monthly basis. Globo receives a fixed service fee per active user on a monthly basis.Telecom - S.a.a.S SolutionsTelecom - S.a.a.S Solutions saw first half revenue of EUR5.0 million (H1 2014: EUR4.3 million), an increase of 16% on the previous year. This strong growth resulted from utilisation of investments we have made in the previous two years in order to enrich our service portfolio with new services.In this division Globo provides its WiPLUS WiFi service, a fully-managed deployment for hotels, airports or marinas etc., and similar locations, for which venue owners pay a monthly fee. Secondly, via Reach Further Communications Globo provides MVAS Services to MNOs and other VASPs. Finally, Globo Mobile Inc. provides other telecom services to international telecom carriers. Globo continues to expand its product offering within this segment, which is EBITDA enhancing to overall performance and supports the Group's overall mobile offering whilst increasing market footprint.OutlookGlobo continues its growth trajectory for both revenues and profits and free cash flow while its operational performance is underpinned by growing recurring revenues from its Enterprise Mobility products and services.Our Enterprise solutions are recognised for their quality and breadth of completeness and vision, which fuel our future growth as ever more Enterprises use the mobile channel to increase employee effectiveness and customer engagement.The first half of 2014 saw a continued growth in our US revenues and operations where we think there is a great potential in the future and we have been investing heavily. In the mean time we take advantage of our geographic diversification to maximize returns and minimize expenses, thus achieving a very strong operating result. The continuous development and new innovations within of our product line drives future demand and we are satisfied that we are now recognized as one of the most complete vendors in the Mobile Enterprise space.Since the beginning of the year we have been evaluating several acquisition opportunities that we feel will add significant value to the Group. We have recently announced the proposed transaction for the first one. We believe that our organic growth, strong technology offering and our ability to integrate new businesses in the short term will result in future acquisitions acting as a multiplying factor for our performance.We are now in the traditionally stronger second half of the year and we look forward to an exciting period of growth for the Group in 2015 and beyond.Costis PapadimitrakopoulosChief Executive OfficerFinancial ReviewThe Group delivered a strong financial performance across all business areas in the first half of 2015.Revenue increased by 56% to EUR72.4 million (H1 2014: EUR46.5 million), reflecting predominantly good growth in the mobile sector of the Group.Gross profit increased by 59% to EUR42.96 million (H1 2014: EUR27.0 million) with a gross margin of 59.3% (H1 2014: 58%).Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 55% to EUR34.19 million (H1 2014: EUR22.04 million).Depreciation and amortisation of non- current assets was EUR10.96 million (H1 2014: EUR5.61 million), reflecting significant investment in product development.Operating profit increased by 41% to EUR23.23 million (H1 2014: EUR16.43 million).Profit before tax was EUR22.00 million, an increase of 37% over the same period last year (H1 2014: EUR16.06 million).The taxation charge for the period was EUR3.57 million (H1 2014: EUR0.43 million).Basic earnings per share for the period increased by 14% to EUR0.049 (H1 2014: EUR0.043).At the end of the current period, the Group had net assets of EUR198.20 million (H1 2014: EUR155.57 million) and total assets of EUR283.67 million (H1 2014: EUR203.94 million). Total assets included EUR78.72 million in non-current assets, EUR5.38 million in inventories and work in progress, and EUR95.21 million in trade and other receivables, prepayments and other current assets. Total liabilities increased by 77% to EUR85.47 million (H1 2014: EUR48.36 million).On 30 June 2015, cash and cash equivalents totalled EUR104.36 million (30 June 2014: EUR67.78 million) and net cash was EUR47.43 million.Improved working capital performance resulted in operating cash flow of EUR23.02 million (H1 2014: EUR18.23 million).Net operating cash flow increased by 27% to EUR21.04 million (H1 2014: EUR16.56 million).During the period a total of EUR14.22 million (H1 2014: EUR12.69 million) was invested in product development and infrastructure, mainly relating to the mobile products and services of the Group.The Group has recorded Free Cash Flow(7) of EUR7.2 million (H1 2014: EUR4.2 million) due to the increase in GO!Enterprise sales which have a shorter collection cycle.During the period, and prior to the expiry of the available drawdown, the Group used the remaining term loan under the Barclays & EWUB facility. The use of the loan proceeds are intended to fund the contemplated acquisitions that we have just recently started to execute.(7) Free Cash Flow (FCF). Free cash flow is calculated by taking the net cash flow from operating and investing activities, adding back the cost of acquisitions.Our liquidity management has resulted in several changes during the period:(MORE TO FOLLOW) Dow Jones NewswiresSeptember 29, 2015 02:02 ET (06:02 GMT)-- Since the beginning of the period we have progressively transferred our reserves to bank accounts with stronger rating than the previous ones. The Group holds bank accounts with several banks in the UK, Switzerland, USA, Dubai, India, Greece and Cyprus. At 30 June 2015 the Group held cash in banks with the following credit ratings: Credit Rating As at As at 30 June 31 December 2015 2014 EUR'000 EUR'000 A+, A, AA-, Aa3 * 103,489 9,977 B3, B, B-,Baa3 869 72,774 CA - 11 Total 104,358 82,762 * Banks located in UK, US and Switzerland-- In an effort to minimize exposure to a single currency and FX fluctuations, the Group holds cash balances in several currencies given its diversified collections and payment needs. At 30 June 2015 the distribution of balances per currency was the following: Currency As at 30 June 2015 Euro (EUR) 57.1% British Pound (GBP) 20.8% US Dollar ($) 21.9% Local Currencies (Rupiahs, Dirhams) 0.2% Total 100% Globo Technologies S.A performance & outlookRevenue at Globo Technologies S.A., an associate of the Group, increased by 3% to EUR19.35 million (H1 2014: EUR18.74 million). Profit after tax was EUR0.78 million (H1 2014: EUR1.71 million), with profit attributable to the Group of EUR0.38 million (H1 2014: EUR0.84 million). The Group received, on schedule, the fifth instalment, of EUR1.65 million, from the acquiring entity (GMBO Holdings Ltd, previously Zipersi Consulting Ltd). This comprised EUR1.48 million of principal and EUR173K in interest due, in respect of the Group's divestment of 51% of Globo Technologies S.A., the e-business and software service. We expect that outstanding payments, totalling EUR6.7 million, to be received in three instalments up to the end of 2016, will be collected on timeFinancial performance metricsAs our Group is continuing its international growth and in the need of providing additional financial analysis of certain KPIs that comply with different reporting standards (Non IFRS) we are providing a set of financial KPIs analysis that examines several areas of our working capital performance in order to evaluate the: -- Days Sales Outstanding (DSO) We define DSO as the result of multiplying 365 days by outstanding qualifying receivables (related to customer sales) divided by the total value of raised invoices for the last twelve months.For the last twelve months ended 30 June 2015 the DSO calculation is the following: LTM H1 2015 LTM H1 2014 EUR'000 EUR'000 Qualifying trade receivables* 49,194 27,678 LTM Invoices Issued 139,450 88,900 DSOs 129 114 * Qualifying trade receivables include trade receivable, notes receivable, cheques receivable and exclude prepayments to vendorsThe increase of 15 days in DSOs is mainly a result of invoice ageing as outlined in the RVWAA (see below) calculation below. -- Receivables Volume Weighted Average Aging (RVWAA) Given the seasonality of stronger sales during Q2 and Q4 of each year, it is important to examine the volume weighted average ageing of receivables in order to judge the receivables collectability quality and controlling and collections execution performance.This way we evaluate the overall receivables collection performance as a financial KPIFor the period ended 30 June 2015 the RVWAA calculation is the following: Up to Between Between Over 12 3 months 3-6 months 6-12 months months EUR'000 EUR'000 EUR'000 EUR'000 Qualified trade receivables H1 2015* 37,835 9,509 1,850 - Qualified trade receivables H1 2014* 7,400 6,806 12,642 830 RVWAA H1 2015 71 Days RVWAA H1 2014 185 Days * Qualifying trade receivables include trade receivable, notes receivable, cheques receivable and exclude prepayments to vendorsAs shown above, the Group has reduced the RVWAA by 62% to 71 days (H1 2014: 185 days) as a result of increased controls and execution in collection policies and customer relations.-- Non - IFRS Adjustments to Gross Profit, Operating Profit, PBT, EBITDA, Operating Cash, Investing and Free Cash flow due to R&D expenditureThe Group IFRS accounting policy follows the IAS 38 standard for the capitalization of product Research & Development expenses. As a result the costs for developing our products are capitalized and are amortized over a period of 3 years.We hereby present non - IFRS adjustments in several KPIs of our financial performance after the adjustment of R&D expenses being directly expensed (instead of being capitalized and then amortised). Financial KPIs H1 2015 H1 2014 EUR'000 EUR'000 IFRS Gross Profit 42,959 27,001 Non-IFRS R&D Adjustments 10,515 5,289 Non IFRS Gross Profit 53,474 32,290 Non IFRS Gross Profit Margin 74% 69% IFRS Operating Profit 23,230 16,340 Non-IFRS Operating Profit Adjustments (3,455) (6,910) Non IFRS Operating Profit 19,775 9,430 Non IFRS Operating Profit Margin 27% 20% IFRS Profit Before Tax 22,001 16,058 Non-IFRS R&D Adjustments (3,455) (7,000) Non IFRS Earnings Before Tax 18,546 9,058 Non IFRS Earnings Before Tax Margin 26% 19% EBITDA 34,191 21,952 Non-IFRS R&D Adjustments (13,970) (12,199) Non IFRS EBITDA 20,221 9,753 Non IFRS EBITDA Margin 28% 21% IFRS Net Operating Cash Flow 21,039 16,559 Non-IFRS R&D Adjustments (13,970) (12,289) Non IFRS Operating Cash Flow 7,069 4,270 IFRS Investing Cash Flow (14,005) (12,970) Non-IFRS R&D Adjustments 13,970 12,289 Non IFRS Operating Cash Flow (35) (681) Free Cash Flow 7,192 4,216 Non-IFRS R&D Adjustments 0 0 Non IFRS Free Cash Flow 7,192 4,216 Dimitris GryparisChief Financial Officer(8) Free Cash Flow (FCF). Free cash flow is calculated by taking the net cash flow from operating and investing activities, adding back the cost of acquisitions.CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the 6 months ended 30 June 2015 Six months Six months Year ended ended ended 30 June 30 June 31 December 2015 2014 2014 EUR'000 EUR'000 EUR'000 (unaudited) (unaudited) (audited) Revenue (Note 2) 72,426 46,499 106,386 Cost of sales (29,467) (19,498) (43,604) Gross Profit 42,959 27,001 62,782 Other operating income 1,612 3,092 204 Distribution expenses (9,123) (2,929) (8,547) Administrative expenses (8,063) (6,021) (15,000) Other operating expenses (4,155) (4,713) (2,118) Operating Profit 23,230 16,430 37,321 Finance income 368 347 792 Finance costs (1,981) (1,554) (4,125) Share of gain / (loss) of associate 384 835 1,715 Profit before Tax 22,001 16,058 35,703 (MORE TO FOLLOW) Dow Jones NewswiresSeptember 29, 2015 02:02 ET (06:02 GMT) Taxation (3,573) (435) (692) ------------ ------------ ------------ Profit for the period from operations 18,428 15,623 35,011 Total 18,428 15,623 35,011 Other comprehensive income Exchange differences on translating foreign 3,779 2,103 2,815 operations Other comprehensive income for the period, net of tax 3,779 2,103 2,815 Total comprehensive income for the period 22,207 17,726 37,826 Attributable to : Equity holders of the Company from operations 22,207 17,726 37,826 Earnings per share for profit from continuing operations attributable to the equity holders of the Company Basic and diluted earnings per share total operations (EUR per share) (Note 3 ) 0.049 0.043 0.094 CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 30 June 2015 As at As at As at 30 June 30 June 31 December 2015 2014 2014 EUR'000 EUR'000 EUR'000 (unaudited) (unaudited) (audited) ASSETS Non-Current Assets Property, plant and equipment 2,619 2,692 2,776 Intangible assets 49,243 39,849 45,260 Goodwill 7,615 9,019 7,615 Deferred tax assets 640 394 481 Other receivables 4,607 7,452 6,045 Investment in an associate 13,723 12,459 13,339 Other investments 276 51 118 Total Non-Current Assets 78,723 71,916 75,634 Current Assets Inventories and work in progress 5,382 5,642 4,870 Trade receivables (Note 4) 54,495 32,958 50,788 Other receivables 4,868 3,174 4,234 Other current assets 35,845 22,465 21,101 Cash and cash equivalents 104,358 67,780 82,825 Total Current Assets 204,948 132,019 163,818 TOTAL ASSETS 283,671 203,935 239,452 EQUITY AND LIABILITIES Shareholders' Equity Ordinary shares 4,653 4,653 4,653 Share premium 65,890 65,890 65,890 Other reserves 5,440 5,115 5,440 Translation reserve 6,631 2,140 2,852 Retained earnings 115,590 77,774 97,162 Total Equity - Capital and Reserves 198,204 155,572 175,997 Non-Current Liabilities Borrowings 51,660 21,814 39,697 Retirement benefit obligations 279 283 281 Finance lease liabilities 18 8 23 Other liabilities - 425 Provisions for other liabilities and charges 612 - 593 Deferred tax liabilities 6,489 872 3,305 Total Non - Current Liabilities 59,058 23,402 43,899 Current Liabilities Trade and other payables 8,972 4,682 4,698 Income tax payable 1,718 3,668 1,078 Taxes payable 841 416 772 Finance lease liabilities 19 13 22 Borrowings 5,270 - 2,700 Other liabilities 9,589 16,182 10,286 Total Current Liabilities 26,409 24,961 19,556 TOTAL EQUITY AND LIABILITIES 283,671 203,935 239,452 CONSOLIDATED CASH FLOW STATEMENTFor the 6 months ended 30 June 2015 Six months Six months Year ended ended ended 30 June 30 June 31 December 2015 2014 2014 EUR'000 EUR'000 EUR'000 (unaudited) (unaudited) (audited) Cash Flows from Operating Activities Cash generated from operations (Note 5) 23,020 18,228 36,414 Interest paid (1,981) (1,554) (4,125) Income tax paid - (115) (1,337) Net Cash generated from Operating Activities 21,039 16,559 30,952 Cash Flow from Investing Activities Investments in business combinations (158) (627) (9,149) Purchases of tangible and intangible assets (14,215) (12,690) (24,425) Proceeds from sale of tangible and - - - intangible assets Interest received 368 347 792 Net Cash used in Investing Activities (14,005) (12,970) (32,782) Cash Flows from Financing Activities Proceeds from issue of share capital - - - Share issue expenses - - - Proceeds from borrowings 15,433 - 30,036 Repayment of borrowings (900) - (10,000) Proceeds from new finance leases - - 37 Repayments of obligations under finance leases (8) (3) (14) Financing fees of Senior Secured Term Loan 433 - 464 Net Cash from Financing Activities 14,958 (3) 20,523 Net Increase in Cash and Cash Equivalents 21,992 3,586 18,693 Movement in Cash and Cash Equivalents Cash and cash equivalents at the beginning of the period 82,825 64,194 64,194 Exchange gain / (loss) on cash and cash equivalents (459) - (62) Net increase in cash and cash equivalents 21,992 3,586 18,693 Cash and Cash Equivalents at the End of the Period 104,358 67,780 82,825 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2015Attributable to equity holders of the Company Share Share Premium Other Reserves Currency Retained Total Capital Translation Earnings Reserve EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Balance at 1 January 2014 4,653 65,890 5,115 37 62,151 137,846 Profit for the period - - - - 15,623 15,623 Other comprehensive income for the period - - - 2,103 - 2,103 Total comprehensive income for the period - - - 2,103 15,623 17,726 Increase in Capital - - - - - - Share options - - - - - - lapsed Total contributions by and distributions to owners of the Company 4,653 65,890 5,115 2,140 77,774 155,572 Balance at 30 June 2014 4,653 65,890 5,115 2,140 77,774 155,572 Balance at 1 January 2015 4,653 65,890 5,440 2,852 97,162 175,997 Profit for the period - - - - 18,428 18,428 Other comprehensive income for the period - - - 3,779 - 3,779 Total comprehensive income for the period - - - 3,779 18,428 22,207 Increase in Capital - - - - - - Share options - - - - - - lapsed Total contributions by and distributions to owners of the Company 4,653 65,890 5,440 6,631 115,590 198,204 Balance at 30 June 2015 4,653 65,890 5,440 6,631 115,590 198,204 NOTES TO THE INTERIM FINANCIAL STATEMENTSFor the 6 months ended 30 June 20151 Basis of preparation(MORE TO FOLLOW) Dow Jones NewswiresSeptember 29, 2015 02:02 ET (06:02 GMT)The condensed consolidated interim financial information for the 6 months ended 30 June 2015 has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2014, which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.2 Segment informationThe following segments are based on the management reports received by the Board of Directors (who are the chief operating decision makers) which are used to make strategic decisions. The Directors consider the business from a product perspective. The main segments are:Mobile products and services: The main activity of the Group. The Group sells its own mobile software products and services to its clients.Telecom services (S.a.a.S): The Group combines telecom services with its own software products (e-business and WiFi services) that are then sold on a "software as a service" basis.Third party goods: The Group resells third party goods, to its customers, mainly comprising mobile equipment as part of integrated mobile solution projects.Transactions between segments are recorded at cost.The Directors assess the performance of the operating segments based on revenue from external customers and gross profit. The segment information provided to the Directors for the reportable segments for the 6 months ended 30 June 2015 is as follows: Third party Telecom Mobile products Total goods Services and services S.a.a.S EUR' 000 EUR' 000 EUR' 000 EUR' 000 Revenue from external customers 1,203 5,024 66,199 72,426 Inventory costs (1,066) - - (1,066) Other expenses - (2,062) (15,824) (17,886) Amortisation - (929) (9,586) (10,515) Gross Profit 137 2,033 40,789 42,959 Depreciation - 58 388 446 Expenditure on tangible fixed assets - 100 145 245 Expenditure on intangible fixed assets - 89 13,881 13,970 Total assets 168 22,410 230,063 252,641 Total Liabilities 331 4,980 19,829 25,140 A further analysis of the Group's revenue for the period ended 30 June 2015 is shown below: Revenue for the six Third party Telecom Mobile products Total months ended 30 June goods services and 2015 (EUR'000) (S.a.a.S.) services Consumer mobility services - - 21,285 21,285 Enterprise mobility licenses &subscriptions - - 25,359 25,359 Mobile software projects - - 19,555 19,555 Third party goods 1,203 - - 1,203 Wi-Fi Broadband services - 199 - 199 Software as a Service - 4,825 - 4,825 Total 1,203 5,024 66,199 72,426 The segment information provided to the Directors for the period ended 30 June 2014 is as follows: Third party Telecom services Mobile products Total goods (S.a.a.S.) and services EUR' 000 EUR' 000 EUR' 000 EUR' 000 Revenue from external customers 2,118 4,313 40,068 46,499 Inventory costs (1,921) - - (1,921) Other expenses - (1,509) (10,779) (12,288) Amortisation - (1,120) (4,169) (5,289) Gross Profit 197 1,684 25,120 27,001 Depreciation - 53 270 323 Expenditure on tangible fixed assets - 64 337 401 Expenditure on intangible fixed assets - 100 12,189 12,289 Total assets 902 21,765 145,005 167,672 Total liabilities 160 2,266 11,674 14,100 A further analysis of the Group's revenue for the period ended 30 June 2014, is shown below: Revenue for the six Third party Telecom Mobile products Total months ended 30 June goods services and 2014 (EUR'000) (S.a.a.S.) services Consumer mobility services - - 20,125 20,125 Enterprise mobility licenses &subscriptions - - 9,948 9,948 Mobile software projects - - 9,995 9,995 Third party goods 2,118 - - 2,118 Wi-Fi Broadband services - 225 - 225 Software as a Service - 4,088 - 4,088 Total 2,118 4,313 40,068 46,499 A reconciliation of gross profit to profit before taxation is provided as follows: Six months Six months ended ended 30 June 2015 30 June 2014 EUR'000 EUR'000 (unaudited) (unaudited) Gross profit for reportable segments 42,959 27,001 Other operating income 1,612 3,092 Distribution expenses (9,123) (2,929) Administrative expenses (8,063) (6,021) Other operating expenses (4,155) (4,713) Income from associates 384 835 Finance costs (net) (1,613) (1,207) Profit before tax 22,001 16,058 Revenue from external customers Six months Six months ended ended 30 June 2015 30 June 2014 EUR'000 EUR'000 (unaudited) (unaudited) South Eastern Europe 25,349 20,611 Western Europe 7,967 2,725 Eastern Europe 2,173 2,140 Africa 3,621 1,502 Central/South America 8,691 8,197 North America 15,195 2,134 Asia/Middle East 9,415 9,190 Oceania 15 - Total 72,426 46,499 3 Earnings per Share Basic earnings per share are calculated by dividing the profit after tax attributable to equity holders by the weighted average number of ordinary shares in issue during the period. Six months Six months Year ended ended ended 31 December 30 June 2015 30 June 2014 2014 (unaudited) (unaudited) (audited) Profit from total operations attributable to equity holders of the Company (EUR000's) 18,428 15,623 35,011 Weighted average number of ordinary Shares in issue 373,689,061 363,107,113 373,689,061 Diluted earnings per share assumes that options and warrants outstanding at 30 June 2015 were exercised at 1 July 2015, for options and warrants where the exercise price was less than the average price of the ordinary shares during the period. On this basis, the calculation of diluted earnings per share is based on the profit attributable to ordinary shareholders divided by 373,711,762 (six months ended 30 June 2014: 363,107,113, year ended 31 December 2014: 373,716,423) ordinary shares.4 Trade Receivables As at As at 30 June 30 June 2015 2014 EUR '000 EUR '000 Trade receivables 47,296 27,456 Post-dated cheques received 1,916 233 Notes receivables - 5 Less: provision for impairment of receivables (18) (15) Trade receivables - net 49,194 27,679 Advance payments to subcontractors and suppliers 5,301 5,279 Total 54,495 32,958 (MORE TO FOLLOW) Dow Jones NewswiresSeptember 29, 2015 02:02 ET (06:02 GMT)
05/11/2015
18:53
rec0very stock: Class Actions work in the US and Aussie. Shareholders there do get some money back. The legal systems are similar, but the UK track record is not good. At some point that will change. Maybe the Tesco Class Action will be the break through, maybe it will be QPP or maybe it will be GBO. As long as it is no win no fee you do not have anything to lose, except for your time. One of the reasons why UK has had so many of these frauds is that everyone thinks shareholders rights do not matter. That needs to change. Auditors work on behalf of shareholders. Only they get to see detailed financial info. GBO auditors were very well remunerated - that was shareholders money they were remunerated with. Holders do however need to write off their investment. Accept that your shares are worth 0p. If a grey market gets set up to enable shorts to close - they were at over 7% when suspended, then if you are lucky you may be able to get 0.25p. If 2 years down the line you get some money back from a Class Action then you can treat yourself to something nice with the money. As far as offsetting your losses against Capital Gains tax is concerned, you have to wait until the shares are officially cancelled as worthless - this is not the same as being delisted. I would expect that will not occur until FY 16/17.
04/11/2015
13:18
loverat: Wow Looks like Judge Rinder has been working his magic here today. We seem to have a thread full of lawyers. And I really loved this post too - 4 Nov'15 - 09:17 - 25265 of 25277 for totally missing the point. Anyway this is an interesting post below. There was actually a very big debate on the Langbar thread in 2007 about whether losses could be recovered with a trading history. Not quite the same scenario but the final conclusion was that previous trading history was not relevant. Of course this could be different if claiming from the auditor - but certainly worth checking legally before posting. And as bigboots was in Langbar - perhaps he might be best placed to know. Jaknife will remember the debate too. Effortless Cool 4 Nov'15 - 10:10 - 25272 of 25277 1 0 bigboots re 25266, You were sizeably short on 22 October and closed the same day (reported here on 23 October) for a £10k profit, according to your posts. It would seem from your court summons that you subsequently went materially long. From this, it would seem that you were trading this share, rather than investing in it; the mistakes you made being (1) to close your short and (2) to reverse to a long. I don't think this trading history leaves you well placed to claim against the auditors. bigboots - 22 Oct 2015 - 15:27:55 - 23943 of 25270 Shorted 100,000 with a 10% stop - think i will get 4p out of it tomorrow - simple trade bigboots - 23 Oct 2015 - 07:00:56 - 24072 of 25270 That was an easy 10k on the short thank you
28/10/2015
17:36
bustedflush2: Small Cap Value Report (28 Oct 2015) - GBO, UTW, POS Wednesday, Oct 28 2015 by Paul Scott 17 comments 36 Good morning! Globo (LON:GBO) Shares suspended. (I hold a short position in this share) Update - I wouldn't normally comment on a share where I hold a short position, but seeing as this one is suspended, probably for some time to come, then it's an exception. Today's update doesn't really say a lot, other than; The company has reported the situation to the police in the UK, Greece, and Cyprus The FCA is investigating the situation Shares remain suspended What everyone really wants to know, is whether there's any cash left? It should be possible to ascertain that within 24 hours, just by contacting the various banks where deposits and loans were held. So I don't understand the delay on this point. Personally I'd be surprised if there is much cash remaining, if any, but time will tell. - See more at: hxxp://www.stockopedia.com/content/small-cap-value-report-28-oct-2015-gbo-utw-pos-109896/#sthash.kzRl3bQv.dpuf
28/10/2015
10:56
elcapital: EC #3: GLOBO - GROWTH, AT WHAT PRICE? - GBO Chizgreen68 - 26 Oct 2015 - 07:26:31 - 24536 of 25067 I dont mind how much time the company needs - I'm long GLOBO New Thread new Year (one for the bulls) - GBO Chizgreen68 - 25 Oct 2015 - 21:43:09 - 7104 of 7530 I wonder how much damage a buy back would do to the shorts. Could put some of them out of the game permanently if they over leveraged. We live in interesting times! Night all EC #3: GLOBO - GROWTH, AT WHAT PRICE? - GBO Chizgreen68 - 25 Oct 2015 - 19:20:23 - 24483 of 25067 Kiwi, you can learn about this stuff on a Chartered Accountancy course. It was year 3 in CIMA many years ago, but dont quote me as it may have changed. Cheers and GL
27/10/2015
18:08
bobsidian: The typical private investor tends to be optimistic and orientated toward value creation. The downside is a predisposition to being blinkered toward risk. The typical short seller tends to be pessimistic and orientated toward value destruction. The downside is a predisposition to being focussed on risk. If you take the time and trouble to read in full the financial statements of a company, the risks facing its business are outlined to allow an appreciation of the nature of threats to viability. One look at the comparative index performances of the FTSE100, FTSE250, FTSE Small Cap and AIM tells a story. The significant underperformance of AIM since 2009 should be a warning to investors. It has a habit of being the graveyard for investor ambition. If you look at 2014 in isolation, two AIM stories seemed to stand out: BLNX and ASC. Both companies had meteoric share price rises in 2013 followed by catastrophic share price collapses in 2014. That kind of boom and bust performance seems to be the theme of AIM over the years. It is one of the primary reasons that serious long term long only investors stay away from AIM. Equally it is one of the primary reasons that short sellers target AIM in general and the significant share price outperformers in particular.
26/10/2015
20:39
macarre: Paul Scott seem to have had a fantastic day. Globo (LON:GBO) Share price: suspended No. shares: doesn't really matter any more! Market cap: probably nil - See more at: http://www.stockopedia.com/content/small-cap-value-report-26-oct-2015-gbo-im-vindicated-rstr-109308/#sthash.7fWxpDyz.dpuf
26/10/2015
18:32
moathunter: For each of us to come out better from GBO: # Tweak our investing process so we won’t make this sort of mistake again. Personally, for every potential investment from now on it’s a 10 second google search for anything under “[company name] fraud” or “[company name] creative accounting.” Drop permanently if a few sites come up. Same with Chinese cos.- too high a probability of total capital loss so just drop them. # Look at our portfolio concentration. If you’re really hand-wringing this GBO outcome, perhaps diversify against humble ignorance a little more. Personally it represented 7% of a 14 stock portfolio (or holding cash when no cheapness can be found), so no great shakes. # It would seem that the FTSE market is pretty overheated and due for a fall within 2 years and therefore the few companies that appear cheap at the moment like GBO perhaps have a higher probability of being deservedly cheap. Think I made an 'unforced error' in buying GBO due to simply not being able to find other cheap companies. (Re. overheated FTSE market, consider top down shiller P/E and Buffett GDP indicators and bottom up there are barely any decent companies trading for 60% below net nets or sub net net with P/E <5 or low p/b and 8 or 9 Piotroski score, barely any). Squeeze the positive out of this by changing your process a little now... and the outcome will be better soon. For more on this: hxxp://www.pmjar.com/?p=1401 And perhaps be comfortable sitting on the sidelines holding cash and staying out of the market if top down and bottom up it appears overpriced. Bargains will come in time. Be grateful that we’re not migrants wearing our worldly possessions.
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