Invocas Share Discussion Threads

[jailbird] 20/5/2010 08:22

picked up a few yesterday..

slight overhang of shares, but not alot i feel

[gogoneko] 20/5/2010 08:22

Very disappointed at the lack of improvement in the share price despite what looks to be a large number of purchases being made over the past week.

Based on having witnessed bad investment decisions by them elsewhere my bet is that this is due to Blackrock disposing of its holdings.

[mike_f] 20/5/2010 08:14

10k Buy in first thing, hopefully we will get a blue day today! GLA

[mike_f] 19/5/2010 14:01

Couple of buys and a sell today, 20k buy in just a few mins ago @ 15.3p Hope for a tick up this week. GLA

[mike_f] 18/5/2010 13:24

Couple of buys on PLUS now, this has to tick up soon surely...

[mike_f] 18/5/2010 11:36

jailbird, yes that is a very nice buy! Not pocket money...

[jailbird] 18/5/2010 11:13

Another 100k, seems to be some stock around for an illiquid stock.

at least someone is picking them up

[mike_f] 18/5/2010 10:04

Nice 50k Buy this morning... hopefully this one will start getting noticed soon. GLA

[mike_f] 17/5/2010 17:38

jailbird, agree that this year is well and truely priced... I am looking forward to the next update we recieve from the co. to see how things are progressing but there is no denying that the co. is trading at a huge discount to NAV & Cash atm...

[jailbird] 17/5/2010 16:16

cannot find any emails for comms.with the company

[jailbird] 17/5/2010 16:14

Jury is still out for me regarding revenues and profitability.

Not sure of cash inflow, or is that jigging balance sheet.
considering revenues were lower,or costs cutting helping

but NAv AND cash in bank is positive no doubt, but i like to see what they say going forward. this year is priced in

[jailbird] 17/5/2010 16:10

just noticed that the share fell in February after this bill was passed.

Directors buys were before this news ijn December.
So they were a little premature, maybe.

We will find out next month, but it could affect overall revenues ngoing forward unless they have diversified.

[mike_f] 17/5/2010 16:10

'Revenue comprised £1.6m (41%) from work won in the period and £2.2m (59%) from the back book. The contribution from the back book was significantly lower than the same period in 2008 as a result of the impact of fixed fees on Trust Deed cases from April 2007, and the lower work won in 2007/08 compared with 2006/07.'

Yes this has impacted the companies turnover but to my understanding Trust Deeds aren't the main source of income and shouldn't burden the company too much.

'The review has heralded the development of a new and exciting direction for the Group, and this strategic framework has driven many of the decisions made in recent months. However, we remain firmly focused on the next half-year period and the implementation of management actions to re-position the business model for profitable growth. Our immediate priorities are cash management, cost reduction, and the transition to a more profitable and diversified business mix acquired pre-dominantly through B2B relationships.
A continuous improvement programme is fully up and running, and we can see significant opportunities to further reduce costs through process re-design, waste reduction, and digitisation. We are focused on growing a profitable insolvency services business by exploiting our core areas of capability:
advice, administration, insolvency compliance, and business recovery.'

[jailbird] 17/5/2010 15:49

any advice mike, as you have opened the thread and recommending this company

[jailbird] 17/5/2010 15:19

obviously i am looking to invest, but doing my homework.

I am hoping as you are invested, you may help with some questions..does this concern you at all...the company used the word significant

"proposes potentially significant changes to the personal insolvency regime in Scotland "

but not sure of how much of an impact in revenues?

i think a phone call to the conpany is needed to clarify

[jailbird] 17/5/2010 15:16

that is great mike,

but i this part abt the trust bugs me a little, and you are being selective in your answer..i have beendigging further

The knock on effect for the Scottish economy has to be considered further and the changes may lead to an increase in the cost of the limited credit available for all: many of the dividends enjoyed by creditors from Trust Deeds administered in the private sector will disappear and be replaced by a diminished return in publicly funded sequestrations, with the total number of sequestrations potentially spiralling.

and i see the bill passed, and confirms by concerns in post 7

Home Owner and Debtor Protection (Scotland) Bill

15/02/2010

Homeowners faced with repossession will be given greater protection under the Home Owner and Debtor Protection (Scotland) Bill, approved unanimously by MSPs in Parliament on Thursday 11 February.

The Bill, intended to meet the needs of debtors faced with the threat of homelessness in relation to repossession, bankruptcy and Protected Trust Deeds, was met with welcome cross-party support and backing from Scotland's debt service organisations.

Marking the major effort of all concerned to bring about this necessary response to the real problems faced by debtors, Rosemary Winter-Scott, The Accountant in Bankruptcy and Agency Chief Executive, applauded the positive outcome to this collaborative effort:

"There is no doubt that today's result will mark a huge leap forward in creating the right package of debt solutions to meet people's needs in these difficult times."
Back to contents


* www.moneyscotland.gov.uk
* Investor in People

[mike_f] 17/5/2010 14:41

Howard Bell's statement gives me good confidence:

"Given that the new management team was appointed part way through the period, I am delighted with the pace at
which the team has got to grips with the issues facing the company.
Good progress has been made on cash collection and cost reduction, whilst the value of work won has also grown
despite significant steps being taken to shift our customer acquisition model away from advertising, to one built
upon a foundation of strong business-to-business relationships.
It will take time for management actions to flow through fully to the bottom line, and as a consequence, the
business made a loss in the period before one off costs.
Market conditions in the personal and corporate markets remain favourable for our business and we expect
demand for both our formal and informal personal debt solutions and our corporate insolvency and turnaround
services to remain healthy."

IMHO the only way is up for this company... as i have already mentioned previously £12.5M NAV, £2.1M cash and a market cap of just over £4M!!?? Way too cheap... this is very much off the radar atm.

The loss in the previous period was mainly down to the restructuring and cost reductions and i have no doubt that the next period will show profit once more. Work won in the period actually increased by 16% over the same period in 2008 and 29% of new work won coming in from England...

IMHO this company is trading at a huge discount and when it gets noticed it will easily double from these levels, director buys in December nearly twice the current share price and that was less than 6months ago... the only reason for this fall is the lack of news IMHO and see a great buying opportunity.

All IMHO & DYOR. GLA

[jailbird] 17/5/2010 14:15

thanks

any idea how this could affect invocas..positive or negatively/

We are currently monitoring developments in Scotland following the introduction of the Home Owner and Debtor
Protection (Scotland) Bill, which is currently at the committee stage. This Bill proposes potentially significant changes to the personal insolvency regime in Scotland which, if the Bill is passed as drafted, would lead to a reduction in the number of Trust Deeds and a corresponding increase in the numbers of sequestrations.

[mike_f] 17/5/2010 14:02

Hi jailbird,

Here is a link to the Interim Report for the six month period ended 10 December 2009:



Final results haven't been released yet as Full Year ended 31st March. Should be released soon. GL

[jailbird] 17/5/2010 11:36

mikw,

looking at this one.

bid possible after end results end of June.

No traing update i see, so no new news.

H1 300k loss, if takeout exceptionals. H2 will it profitable? not sure really,

that will be the turning point.

cannot find Annual report for 2009.!!

RNS Number : 5617Z
Invocas Group plc
23 September 2009

INVOCAS GROUP PLC
("Invocas"or "the Company")


Posting of Annual Report & Accounts


The Company confirms that it has posted its Annual Report & Accounts to the
Company's shareholders and that an electronic copy is available on the Company's
website www.invocas.com.

[mike_f] 17/5/2010 10:46

Nice 40k Buy this morning @ 15.4p... this is very undervalued currently! GLA

[mike_f] 14/5/2010 14:06

Live buy sell 14.2-15.45

[mike_f] 14/5/2010 13:16

Article from December:

THE new chief executive of Invocas yesterday said he was delighted with the progress made in restructuring the Edinburgh-based debt management group, despite posting an interim loss.

The firm made an operating loss of £1.6 million in the six months to 30 September, compared with a profit of £600,000 at the interim stage last year.

A one-off cost of £1.3m was declared, including restructuring and terminating contracts.

David Macmillan, who was appointed head of the firm in May, told The Scotsman: "The main issue we faced was the business model being pursued.

"My main concern in May was the cost base and cash position. Both were related to the customer acquisition strategy, which was heavily advertising-led. I've taken Invocas back to its roots, doing business-to-business work."

He said the drop in profits was also partly due to less revenue from the company's back book of work, which was expected owing to a fallow period through which the firm passed two years ago.

Macmillan said Aim-listed Invocas had closed its small office in Dundee and that the company's headcount had been reduced from 159 at the end of March to 143.

Revenue also fell from £4.4m to £3.8m, but new business contracts won rose from £2.8m to £3.2m.

[mike_f] 14/5/2010 13:16

Established in 1998, Invocas is one of the UK's leading debt solutions companies.

We help our partners, their clients and our customers turn debt around by providing them with access to a full range of consumer, business and outsourced solutions.

Major Shareholdings:

John Michael Hall 9,580,000 33.5%
Ian William Wright 4,746,385 16.6%
Stephen John Lightley 3,486,385 12.2%
Peter Cyril Robert Lewis 2,206,385 7.7% *
Blackrock Investment Management 2,455,550 8.6%
AXA Framlington Investment Management 1,005,725 3.5%
Hargreave Hale & Co 900,000 3.2%

* Mr PCR Lewis has a beneficial interest in 226,385 shares and a non-beneficial interest in 1,980,000 shares.

70.3% of the Company's share capital is not in public hands.

In December a couple of Director buys significantly higher than current share price by the CEO which shows great confidence IMHO:

22-Dec-09 Buy David Roy Macmillan 26 GBX 67,956 138000

18-Dec-09 Buy David Roy Macmillan 25 GBX 70,044 70044

I feel the price has been slipping due to the lack of news since December but now the company is extremely undervalued IMHO. NAV of £12.5M and cash of £2.1M with market cap being a measly £4.29M at current price (15p)!!

All IMHO & DYOR. GLA