Share Name Share Symbol Market Type Share ISIN Share Description
ILX LSE:ILX London Ordinary Share GB0033422824 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 8.375p 0.00p 0.00p - - - 0 06:37:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 17.0 -1.7 -3.8 - 2.65

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Date Time Title Posts
15/10/201315:34ILX: ILX Group plc1,724
11/9/201310:49Proposed Acquisition. Please see these msg brds-
22/4/201011:52ILX Group - Fundamental Analysis12
09/2/200913:03ILX -- Will the seller kindly sod off!!!10
14/6/200709:2359.5P TO BUY NOW!23

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graham1ty: poombear, it is a mishmash of interests. If u looked at the Progility assets on their own, I think u would be pushed to come up with a valuation of £16m. Until they return to profit and display some kind of balance sheet stability, IMHO it is impossible to value the Oz bits. To justify 10p share price, they have to back to making 1p eps.....and that is not forecast until the results for June 2016, to be reported in Oct 2016. You have a wait to see if this is really worth £20m......
graham1ty: I am sorry if this is long, but only four shareholders bothered turning up. The following is all just my opinion. DYOR. I attended the AGM and EGM of ILX on 3 Oct 2013. Price 8.5p, market cap £3.3m ILX held an EGM to approve the reverse takeover of the new CEO's Australian interests. This will give his Concert Party 86% of the equity and dilutes existing independent ILX holders down to 14% of the equity. Background. ILX is a training company, quoted on AIM for years. They train via presentations, apps and online, mainly in project management. After some disastrous acquisitions, training stopping dead in the City, a bit of debt and excessive Director Pay ( paid £4.7m over ten years, the former CEO taking £2.4m from 2002-12) this was on its knees and the share price dropped over 90% under the helm of Chair Paul Lever. In Aug 2012 "white knight", Wayne Bos, an Australian entrepreneur, injected some cash, then more cash, ending up with 29%, some juicy warrants at 10p, cleared out the expensive Board but found more of a mess than he expected. There has been enormous restructuring, a change of Head Office, two new Board members and write offs of £2.4m in the year to 30 June, just reported. WB had undoubtedly saved the Company. Did ILX have a future ? The Annual Report shows that the turnaround was substantially completed. Costs were down, revenue was steady, debt was under control ( though there were still large net current liabilities) and the Board reported "adjusted Profit before tax of £1.1m" which translate into 3.8p according to new house brokers WHIreland. There had been a couple of bolt on acquisitions for revenue, further cost savings and the Board reported that "the full benefit of the resulting reductions in operating costs are not expected to be reflected until the new financial year" so things looked on the turn for this undervalued business, supposedly on a historic adjusted p/e of under 3x. The bolt from down under. With the announcement of results came a reverse acquisition of Wayne Bos' Australian telecoms interests into ILX. He ( and a few other co-owners, together the Concert Party) would be issued 159m shares ( above the current 40m) and the Concert Party would own up to 86% of the enlarged business, to be renamed Progility ( henceforth I hope nicknamed Prodigality.....look it up, it means excess. The Prodigal son ( WB?) was so called because of his excess, not because he came home). The AGM was a formality. I will say here that, due to a family bereavement, the Executive Chairman was not present ( and he missed the last AGM, so I have not met the Prodigal Son). The EGM. Paul Lever, the sole survivor ( £39,000, pretty good for a non-Exec) chaired the meeting in the absence of Wayne Bos. First, and most objectionably, the Chair tried to stop questions before the vote. One of the (rather wet) Directors stated that "all information for shareholders was in the Offer Document" but within minutes, and a few questions, it was quite clear there were many unanswered questions. There followed c30 minutes of questioning before the voting began. Valuation methodology. There is nothing in the Offer Document to justify the valuation given to the Oz businesses. On questioning, it turned out the SOLE non-Exec Paul Lever ( representing us shareholders, remember) had not even been to see the potential acquisition !!! The Board stonewalled, relying on valuations done by outside advisers. And were these advisers independent of the Company ? No, ILX' own advisers SPARK. There was no attempt in the document, or in the meeting, to justify the valuation of £16m placed on those interests. Apparently Grant Thornton had looked at the numbers. There was no indication whether they had just checked the numbers or whether they had been asked to give an opinion on the quantum: I assume the former. Value of Progility. Progility lost A$2.2m last year on revenue of $41m. The previous year there were losses of $100,000. The Balance Sheet looks no better with cash outflows in the last three years of $400k, $3m then $2.5m in 2013. They borrowed another net $3.5m in 2012 and another $3.2m in 2013. Net assets in the balance sheet are $600,000, yes £370,000. Net tangible assets are NEGATIVE $3.7m. They have loans of $7.5m from their shareholders. I asked the question whether they were only solvent because of related party borrowing and got a non-answer about "private companies". I asked about Bearcom, which provides $19m out of $41m turnover. This appears from Note 23 to have been bought in March 2012 for $2.3m, or £1.33m. I asked about the valuation of Bearcom and there was stony and embarrassed silence. I am not sure the Board were being deceitful, I just had no confidence they knew intimately what they were buying. Paul Lever tripped himself up at one point when saying that he had extensive discussions with Wayne Bos about the valuation of the business.....but, er, the document states quite clearly, that as a related party, "Wayne Bos has not taken part in any of the Board's deliberations". Another shareholder asked about potential profits. ILX had in the past, he stated being making operating margins of 10%. From the limited information on the Australian businesses, operating margin had never been higher than 3.5%. So, a business that will contribute c 60% of the enlarged groups turnover of £40m, and has made losses of each of the last two years is valued at £16m. ILX, making an adjusted £1.1m is valued in the market at £3.3m. ILX had net assets of £ gets 20% of the equity. Prodigality had net assets of £370,000 and gets 80% of the equity. Eps, brokers and undisclosed material. It was stated ( as a stone walling technique by the Board) that all relevant information is in the Offer Document. There was therefore a very important disclosue made in answer to a different question. I asked how the market was possibly going to value a hodge-podge of interests, much in Australia. Was there a plan for a dual listing ? : No. Who would follow ? "WHIreland our new brokers have already put out new forecasts". I WAS NOT ALLOWED TO SEE THIS AS A RETAIL INVESTOR, PRECLUDED FROM SEEING INSTITUTIONAL RESEARCH. I have a copy in front of me now. First WHI have no clue what the new business is and there is no description of it and no indication they have visited it. However they must have been fed some numbers as their representative was perfectly willing verbally to reveal their forecasts: adjusted pretax of £1.7m to June 2014 and £2.5m to 2015, giving eps of 0.82p and 0.98p. So, inadvertently, they had disclosed that Prodigality would add little to ILX proforma of £1.1m for this last year AND that eps would be diluted four fold by the massive equity issue. WHERE DID IT SAY IN THE OFFER DOCUMENT THAT THIS ACQUISITION WOULD BE MASSIVELY DILUTIVE AND REDUCE EPS BY 75%. The value of ILX shares without the takeover ? While there were no forecasts on the existing ILX business available, we were certainly being told that progress was being made, that the bulk of the cost savings were done, and that the ship was stable. Would ILX have traded on just 3x earnings ? Without the Prodigality acquisition ( and the 20% drop in the ILX price on the announcement) one would have hope the Board would have considered the shares undervalued at 10p ? The Prodigal Son had made his investment at 10p, and either he is a bad investor, or presumably he wanted to make a return on his investment and thought ILX was worth more than 10p ? I asked the SOLE non-Exec, the sweaty Paul Lever, whether all options had been considered and whether there was greater value to shareholders in other routes, such as a trade sale. I got a straight bat answer that everything had been considered, which I personally did not believe. The value of Prodigality ? Loss making Australian interests ( in transition apparently), no visibility, a broker's note saying eps fall from 3.8p to 0.82p ? And not really any growth the following year ? How would you value that ? 5x ? 8x ? 6p ? 8p ? certainly less than the pre announcement 10p. The EGM. I suppose I must report that shareholder indifference rules. There were three other shareholders present, only myself and one other asked any questions. The acquisition was steam rollered through. My only, vague, vague hope is that I believe the Board when they say the two other main shareholders Octopus and Peter Ward voted for the deal. Octopus had a big holding of ILX at much higher levels ( 2m at 25p in Jan 2010) . They then took part in a first bail out, taking 5.4m shares at 26p. These have both been disastrous investments. Rather than jumping ship, voting against the Prodigality acquisition and trying to get some value out of ILX, they have jumped on the bandwagon. Maybe someone wants to go and visit the Company during the forthcoming Ashes ? The Board. Noone from Prodigality is joining the Board. Board meetings will be held in London. I find that very odd. Have to rely on the Prodigal Son providing all the info on his businesses. We were introduced to a new Board Member, about to be appointed ( new information, not in the Offer Document). It turns out he has known the Prodigal Son for three years, so we do NOT have another independent non-Exec. Share price. A Takeover Panel waiver was granted so that the Prodigal Son did not have to back his investment and actually buy ILX. The Concert Party that will now hold up to 86% of the Company includes a few minority Australian shareholders. I am not sure who will be precluded from buying in the market, but given the waiver I think the main man cannot do anything, in the market, to support the share price. Not sure who else will. A few private shareholders will suddenly realise they own Prodigality and will sell. Who would buy ? Noone know the business now ? Eps are down the pan for a number of years of uncertainty. I believe existing shareholders have been well and truly shafted. We await the return of the Prodigal Son to see if he is welcomed home As always I welcome any feedback from the Board. I apologise for any unintentional errors and will immediately correct them on request. Chambers Dictionary: "Prodigality......state or quality of being prodigal: extravagance; profusion; great liberality"
poombear: Both the UC and Mineral & Energy units have declined in both revenue and profit from 2011 in both 2012 and then again in 2013. All the revenue growth has come from CA Bearcom, but that unit itself is also making a loss, due to cost of sales. The question is, and this is what we are being asked to accept, is that costs are due to one off restructuring costs, which now complete, will see a return to profit. The question I have is how much were the restructuring costs? What are the forcasts for 2014? It does appear that there is an over valuation, but I find it difficult to to come up with my own. On the plus side, there are synergies here, with the cross selling of additional services to both companies existing clients, and Bos really has the incentive for a higher share price as he owns most of the shares. Lets not forget he owns Progility privately and is in effect making it a listed company, why would he want to see a low share price? I should add that the current ILX share price indicates the market see's it as a floundering company, so on balance, with reservations, think I lean on the positive side for the deal.
4lexandertg: On the upside, WB has a significant equity stake and interests are therefore aligned with ordinary shareholders (albeit I concede he has the convertible notes and warrants etc - and we haven't seen his salary yet). Quick analysis comparing the 12 month results with the 15 month results shows revenues for the 3 months to end June were £3.5m with operating profit of £410k. That compares well to the previous 12 months - revenues £13.5m and operating profit (before restructuring) of £500k. If the £400k operating profit can be maintained, then even using a basic 5x EBIT multiple the existing business should have an EV of £400k x 4 x 5 = £8 million - subtract net debt and deferred consideration and the share price should still be 20p.
graham1ty: poombear. The bad news is WB is out to make as much money as he can. The good news is that shareholders might benefit a little from new blood, new ideas and slashed costs. I hate it when a CEO can be compensated out of all proportion to the size of the business. However, it does mean they work bloody hard to get the share price up. I wonder how his new colleagues ( sorry, those that have not been sacked)views his compensation. Will so many leave that it undermines what is left ?
graham1ty: I would not put too much weight behind the Webb investment. look at the total value of their fund: £586m. The first time they appeared on the Register is May 2012 when the share price was over 15p....and 4.4% of their fund is in if it has halved, they have lost c4% of their total funds value in ILX alone....... And they had an enormous Australian operation already (£2.5m), so do not know what is new about that ?
markt: Hi Mike nice to see another poster ... ....I already know a little about DLM....(obvious to monitor both if own ILX)... You work for DLM ? DLM/ex-IHP is much higher risk imho than ILX....since compared with ILX it does not have much steady turnover and profit to support the fixed operating costs including being listed...(whereas ILX has large turnover for e-learning company imo...and reports a profit "after" paying all costs (incl expensive directors imho !) and a high dividend !)... From memory DLM doesn't have that much cash or real assetts.....and low, imho, I see it as very high not so interesting to me since personally I wouldn't be willing to risk investing much money ...... (generally I tend to avoid listed companies with cap. values in the region of 1M..unless real NAV supports the share price and that they can afford running costs from income (most can't)....since so many of them go nowhere (eg. Metrodome !) or go bust or keep issuing new shares to stay alive) (interim results, sales of 579K, and operating loss of 563k . Ouch. Loss is almost 100% of sales ! And real assetts situation is around 1M negative. with those numbers I would say it is over priced at 1M cap. value !..with that operating loss and 1M -ve assetts it looks very risky to me ! (No bank will lend them any money imho.....could raise money perhaps by new share issues...but would mean dilution...) (if the creditor of "trade and other payables" calls in short or long term debt then DLM can't pay....current liability is 789k and only got 220k current assetts !) (real market value of goodwill or other non-current intangibles...I don't know, but not much use if need to pay "current" liabilities) and did a cash raising in Nov. and a subsidiary was wound up.... One factor against DLM imho is that it has hundreds of millions of shares and a share price of 0.2p; puts me off...personal preference. and share price looks to be 1/5th of what it was 1 year ago !!. Whereas the ILX 12month trend is upwards, with lots of ups and down along the way...much better imho. Sure they are working hard at DLM, so good luck to them. DYOR NAG !
markt: ...I guess everyone has their own preferences... I have some of both.....more ILX than FIF.... FIF track record is not good imo.....big cash raising at 85p around 2007....and it is now 4 years later and anyone that paid 85p is sitting on 28p share price...and low dividends wrt 85p. Accounts every year say almost the same things.....' a new great team' 'new products'.....but 28p share price and cash raised at 85p. Massive loss for some, luckily not me..... employs 2300 people and bought companies for a multiple of current co. market one has to question the strategy they have used or the prices they paid... my concern at FIF is the risk......which is up to each person how they size or value that risk.... I am not saying that FIF can not go up.....but if wheat and sugar prices increase at 50%/year then FIF price in 5 years could well be lower ! and vice versa.... Wheat price is dependant on rain.... I don't like investing much money in companies whose share price has any connection to how much rain there is !! (if Euro falls 30% will FIF sales to France collapse ?...change in wheat and sugar prices ?...I don't know) At CRE the same strategy has been followed. In 2000 the share price was 100p. Now it is 73p. 11 years later !! "At this moment" one would have to say that the strategy used has been a load of XXAP !! Fingers crossed that it will change. ILX track record of acquisitions....also bad....but luckily I was not a shareholder then .....I normally manage to avoid most loony valuations/floats which look 10 years ahead ! --- recent ILX interims....good imo.
markt: Long post, sorry ! ===== Price to sell 25p !! What resulting P/E are we down to now ?!! 27M shares before scrip issue... if assume that long term > 3% investors take the scrip and that private investors do nothing and hence receive the divi (unless took the scrip last time....) then .. 200k pnds divi cost and 0.7M new shares to make 27.7M shares 2010 sales....and broker prediction (very close to the company....large I think that company has checked that the numbers are correct wrt to current expectations of the directors... while noting that a large investor in the co. is not going to recommend to sell the shares !.....but noting they bought shares not so long ago, only going to do if they like their analysis of the numbers....) 11.8M and expected for 2012 is 15M and 17.5 in 2013 !! over 4 years they expect that the turnover will be not so much below double ! that is amazing growth. Very very few companies are expected to provide that level of turnover growth while having -a P/E below 10 (P/E =6 for next annual report according to broker analysis, 4.9p EPS, based on 1.8M PBT, achieved 1.4M in last annual report...and have achieved growth in sales and closed the loss making part of the co....and high international sales growth in last 2 years so I think it is achievable...) -to have a low debt and -have global sales....and - have sales linked to the computer sector and -to the education/learning sector via a computer (good sector imo, base of users has rapidly grown, ipads, itables etc laptops, notepads and is expected to continue to grow rapidly) and some of those numbers are already proven/reported... on the -ve side the company is not well known.....and is a microcap so it is difficult to become seen ! (until perhaps closer to hopefully achieving the predicted year end results...and hopefully announced OK or good future expectations)... P/E of 6.....crazy imo... 1.8M PBT.....400k divi (or part as scrip)...0.45M tax @ 25% (1% reduction per year company tax)...leaves approx. 1M...making the end of year debt perhaps around 0.9M. Small. Can then be ignored perhaps since well covered by income...and future profits could be used to increase the dividend if the company wanted.....Already pays a few years it could easily pay double that in my view and still wouldnt be paying out all the earnings. In 2 years time it could be a 7.5-10% divi relative to current sell price of 25p....and be linked to a rising share price, if growth in turnover and EPS is produced as expected or even in part as expected. For me, it is a good combination. Often a company with such prospects has shares with a P/E of 20, much higher exposure to risk of a fall if any bad news. If producing 4.9p and close to debt free...then in theory it could pay 4.9p as dividend. 20% divi at current selling price of 25p. And in good sector and growing 5 years later that EPS has good chance to be higher. Perhaps 50% higher 5 years later, minimum imo, makes 7.5p. 'Could' pay a divi of 33% next year !!...but a growing company would never normally do such a thing...unless they can find no other use for the money and I think they would (with higher return than 5%).... If producing 4.9p EPS...and continue to pay 1.5p divi....then 3.4p goes to increase the assetts of the company....and shareholders own those asetts pro they get 3.4p/share richer even though the cash does not go in their bank account. Also, what is the buy out price for a company that is rapidly growing turnover and earnings and could pay a 20p dividend ??!! Well if you can borrow money at say 5% (via bonds, loan notes, bank debt)....then to buy a company like ILX which produces 20% income (related to todays selling price of 25p) makes fantastic sense... and if you can cross sell products....and increase profits even better and if can reduce costs by merging ILX with another company or department doing similar work....then profit can be increased even further... if remove the cost of the board of approx. 1/2M and cost of AIM listing and accounts etc....perhaps 300k-500k....then the predicted internal profit increases from predicted of 1.8M to 2.5M-3M. While cap. value is around 7M according to ADVFN. (after scrip issue I expect it to increase to 7.2M due to approx. 200k of extra shares...estimating that 1/2 will take the scrip issue). 2.5M-3M predicted PBT if remove the cost of the board and being listed company....accounts etc etc.... with 7.2M cap. value. This RATIO IS AROUND 3 !!!. Crazy !. And if you have 7.2M then you can only get a 3% return I think from Govt. bonds or long term deposit......or is it the ILX earnings are especially high in comparison.... in reality of course you can not buy ILX at current share price....would have to pay more....but still be cheap buy compared with its earnings even at a higher price, imo... Imo the current share price is ridiculously too cheap.... Any views ?
markt: 1.8M PBT expected ...up from 1.4M in past year...and co. has said that currently doing nicely and in line... 1.8M PBT versus a cap. value of 8.6M and 5% divi... and 1.8M PBT is after approx. a cost of 1M for the directors and AIM listing etc if said that raw PBT is closer to 2.8M then imo you can see better the profitability of ILX and its low P/E vs cap. of 8.6M (if someone wanted to buy ILX they could pay double and the earnings versus price would not be expensive imo, 2.8/18...only around 6 or 7.....and would get existing global sales...+ contacts in various continents through which could also sell products of anyone that bt. them + experienced co. capable of competing and achieving sales of around 10M (not a start up), or if ILX bt anyone else then same cross selling benefits (std. stuff in software related sector) (there is another UK elearning co....cap. of around 1M....and other cos. elsewhere....could buy via shares if good deal...OK, noting ILX history on acquisitions has had some problems over last 10 years, but has produced co. now with sales of around 10M or so, an achievement) on -ve side for ILX is past problems.....but partly caused by the financial crash....(co. provided a lot of training for finance sector in London, that part closed at end of 2010...) nothing g'teed with shares....but risk/reward looks very good at the moment imo partly needs time for people to hear about the new company situation and numbers after closing part of business at end of 2010....and partly needs nice or good RNS and results...and I guess the closer we get to the year end and to achieving the mkt expectation of 1.8M PBT the share price could benefit (Expansion into Auz has been very quick and big...and good news since Auz economy has been doing very well....partly driven by massive mining sector doing very Govt. and cos. have money to spend imo....if continues then could easily impact ILX share price, sales are significant % of the total....) and of course some profit taking perhaps from people who bought in the 20-30p range not many weeks/months ago...may slow progress...normal... Oh, and of course Octopus have a big stake now...and a director on the one assumes that they will be trying to do as much as possible to assist , contacts etc etc..and of course also the T1PS people who are widely connected and they have been doing a lot of they could come up with something for ILX
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