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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Invu Reg S | NVUK | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 27.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 27.00 |
| Top Posts |
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Posted at 23/5/2006 18:08 by badday Updated on company visit by armshare.comInvu Inc. Report updated: 19th May 2006 INVU raised £2.5 million net of expenses in exchange for 37.5% of its enlarged share capital just before Christmas 2003. The money, as the January 2004 figures indicated, restored its solvency. The company sells its software for electronic document management in the United Kingdom, Holland and Ireland. It had five product groups and 700 customers. Its strategy is to sell through what it calls value-added resellers. In December 2003 it had 80 of these - by January 2004 it hoped to have 100. The sales performance in the three years preceding flotation had been lively, but the lap times greatly impaired by the handicap of rapidly accelerating interest payments - a thing of the past given the cash injection now perhaps. But the six months to July 2003 indicated that sales of just under £800,000, less than half the figures achieved in the previous full-year, had engendered a £350,000 operating loss. The maiden AIM figures showed turnover almost touch £2 million - 20% up - and the loss, if you're kind about goodwill and exceptional items, reduced to £140,000; and even if you're not, the release of a taxation provision putting the company on a base from which to strive to achieve its current goal - profitability in 2004/5. An upbeat AGM statement confirmed swiftly rising penetration of the target markets. But although sales for the six months to July 2004 weighed in at over £1 million, the adjusted loss of £280,000 - adjusted to ignore a thumping foreign exchange loss - still stung more than a bit. A February 2005 trading statement reassured in respect of current trading, and told too of a strengthened distribution capacity in the Netherlands. Two months later and the said January 2005 figures were tabled - together with the promise of further growth in the current year. A June AGM statement said that the trading continued in line with expectations and that there are certain key parameters that reflected the current level of demand through Invu's reseller channel giving optimism about the future trading prospects. The interim results to July 2005 showed sales of £1.7 million (2004: £1.0 million), pre-tax profit of £70,000 (2004: £(576,000)) and EPS of 0.07p (2004: (0.61p)). During H1 2005, there was an average of 60 new customers per month compared with 2004's monthly average of 40. Recurring revenues were £450,000 (2004: £190,0000. H2 was reported as having started well. The February 2006 update re the final results to January 2006 reported that they are anticipated to be in line with market expectations. In March, 3ntity Berhad, one of Asia's leading Enterprise Solution providers, was appointed the master distributor of Invu products in Malaysia, Thailand and Brunei. The final results to January 2006 showed sales of £4.8 million (2005: £3.15 million), pre-tax profit of £1.25 million (2005: £608,000) and adjusted EPS of 1.24p (2005: 0.37p) - the results included unrealised exchange gains of £10,000 (2004: £260,000). The company reported that Invu is the first document management company in the world to be accredited as an independent software vendor for SAP Business One - it is also the only UK vendor of document management software to be accredited by the Institute of Chartered Accountants of England & Wales; the monthly average of new sites installing Invu products was 60 (2005: 40); licence numbers reached 38,156 (2005: 24,088); R&D expenditure was £710,000 (2005: £530,000); recurring revenues rose 77% to £940,000, with year end deferred revenues of £930,000; Holland was the only foreign market in which the group was active in 2005/6 - with the launch of the Series 6 product, localisation/transla In April, Ei-Infocomm Pte Ltd was appointed the master distributor of Invu products in Singapore and Indonesia. Established in 1987, Ei-Infocomm specialises in network and information integration - it has a blue chip client base including Citibank, Philips Electronics, Daimler Chrysler, Volkswagen and Panasonic. Research Standing We said "The reseller channels are said to be expanding in both quantity and quality, but the money in the bank, as well as supporting an ongoing, heavy and essential R&D budget, will also embolden the company to build up its sales and marketing effort; often a thorny path. I (don't) NVU I said. But another year like that and I might have to change my mind." Invu looks as though it is going to be the winner. The company broker's note dated 18th May projects EPS of 1.8p for 2006/7, 2.1p for 2007/8 and 2.5p for 2008/9 representing P/Es of 15.4, 13.2 and 11.1 based on the share price of 27.75p at 19th May. COMPANY MEETING VISIT ON 18th MAY INVU is a classic example of a company where investors can most easily understand the present and future by delving into the past. It was founded in 1997 by David Morgan, whose career to that date had been in senior positions in IT service businesses. Mr Morgan realised that document management was going to become a significant activity, but back in 1997 he could not discern how this would happen. However, he happened to meet David Goldman, one of the founders of Sage, whose family became a significant investor in INVU. Sage was developed through a combination of producing 'plug and play' software products targeted at SMEs; using as the sales channel hardware and software dealers targeting SMEs; working very closely with the dealers to help them market and profit easily from Sage products; and generate recurring revenues from customer support and software updates. Mr Goldman saw how document management had the potential to be commercialised using the Sage model - this is what Mr Morgan and his team have done - the team includes Mr Goldman's son as chairman and an NED who was a former Sage director responsible for developing the national reseller network. From 1997 to 2000, INVU researched the market but undertook no engineering development. When the latter work started, it was to meet a specification determined by the marketing team - this approach continues to this day, although two developers are tasked with 'blue sky' thinking in terms of the customer benefits which developments in technology can bring. Although INVU's products are targeted at SMEs, they are also suitable for larger organisations, but INVU's business model means that it does not rely on them in order to survive and thrive. In parallel, INVU has developed a well honed process for working very proactively alongside its dealers to help them make money through selling financially attractive solutions rather than document management. The beauty of this structure is that it enables INVU to always remain quite small (it has 52 employees), the costs associated with managing a much larger business are avoided and the cost of capturing customers is significantly reduced because of the existing relationship between the customer and the dealer. Another attraction of this sales process is that it is expected to be scalable internationally - trials are under way with the two recently appointed master distributors, one for Malaysia, Thailand and Brunei (see March 2006 announcement above) and the other for Singapore and Indonesia (see April 2006 announcement above) - the broker's projections assume that very little revenue is generated from this source. INVU is a good example of both the time and approach required to build a proper business and also of a business model which appeals to ArmShare. No one driving along the Northamptonshire country road past converted farm buildings near Blisworth would guess that they housed a business with worldwide potential - such is modern Britain |
Posted at 15/5/2006 16:43 by moogies NVU tipped as a buy on Growth Company Investor today.M. |
Posted at 29/6/2005 08:20 by mad4it Morning, T.Excellent Trading update, but still very much an undiscovered gem. The fact that their are two types of shares and the majority of potential investors can't actually buy NVUK through their nominee accounts doesn't help matters. As long as market conditions aren't bearish, I'd expect a major re-rating when NVUK & NVU become one share next year. |
Posted at 14/4/2005 14:11 by bludax Have a look at the Invu website under investor relations. You can always ring the PR people if you need to get to the bottom of the difference in the share structure. Most brokers seem to be unaware that NVUK is an AIM listed stock and fully tradeable in the UK, whereas NVU is not listed on AIM.Erik |
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