Provexis Share Discussion Threads

[nestoframpers] 08/1/2024 15:56

if he pulls the By Health deal off he will have been cheap.

Are you forgetting all the share options he has , tons of them he will be obscenely rich if BH deliver. Which he does not deserve , he is worth £20K a year maximum.

[vipdibas] 08/1/2024 15:35

What's going on in here any ideas !

[bareknee] 01/1/2024 20:50

Informer

Why are you surprised about the drop in Gross Margin ? We took a share of the profits from sales of FF from DSM under the AA so the old Cost Of Goods figures was purely down to our own FF+ product, whereas now we see the cost of FF in Cost Of Goods as well.

The previous Full Year results gave us a decent view of this. It appears that the Gross Margin on FF is down a bit from that in the results just posted, but not hugely.

FYI - I'm assuming that the Cost Of Goods and the GM on the FF+ side of the business aren't changing much and working out the FF SD only side of things from that.

edit : Just had a look at my spreadsheet. I estimated the Gross Margin on FF SD to be 34% between Jan and March. From the figures released the other day I estimated the GM to be 26%. Given the, smallish, uncertainties in those calcs, I think that's about right.

The overall GM has come down because the margin on FF+ is reasonably high ( ~65% ), but, as sales of the lower margin FF SD start to dominate revenues, then the overall GM comes down.

If you're going to contact Ford about the numbers you might also ask why, given he told you at the AGM that DSM customers were paying up front for FF, we're owed substantially more than this time last year. Those two things don't really add up, though it may be that recent sales have been to non-DSM customers who are on more standard 30, 60 or 90 day terms.

[informer] 01/1/2024 16:26

6 months Interims to September '23 show that Invoiced Sales have effectively doubled to £ 387,534 almost matching the £ 389,916 sales made during the whole of 22/23 confirming the good feeling felt by those who attended the recent AGM.

Sales for the quarter to 31st December were £270,000 with Sales of £320,000 currently being processed - a significant increase from the corresponding period in 22/23.

Cash at Bank to March '23 was £ 379,121 against £ 318,819 as at 31st December showing a Cash Burn of £60,000 confirming IF's hope that any additional funding in the short term would be unlikely.

All positives until you see that Cost of Sales have rocketed nearly 10 times from the corresponding period last year and almost 2 1/2 times the £ 95,000 for the whole of 22/23 - effectively reducing the GP from a healthy 75% to a poor 35% - nobody saw that coming ? I have requested clarification of this figure - watch this space......

It is noted however that a Royalty will become payable to DSM on Gross Profit generated from Fruitflow sales transferred from DSM over the next four years - have these been accrued on current sales ? A greatly reduced GP would of course be an advantage in this respect.

Whilst IF may be criticised as being an Accountant as opposed to a seasoned CEO it is his Accounting skills which I believe justify a significant part of his salary and he appears to take care of the Bank Balance as if it were his own. If he fails he will have been seriously overpaid - if he pulls the By Health deal off he will have been cheap. It is my belief that it would cost significantly more to replace him.

The position regarding Stocks being held and at DSM is unclear - how will they be affected by sales orders currently being processed ? How will the next manufacture be funded ?

Bottom line the Balance Sheet shows that Liabilities have effectively doubled thus substantially reducing Net Assets this is surely not ideal.

Hoping to get a breakdown or at least some explanation for the Cost of Sales figure.

[redprince] 30/12/2023 07:38

Yes on the margin front i suspect that when By-Health finally get over the line there will be large discounts - this is likely to take longer than most of us thought.

The only glimmer of hope By-Health aside is the micro gut interest from DSM - however my reading of that is basically the same lack of genuine interest from global brand owners that they have tried to spin for the last 14 years.

The only winners in this company are IF and the hapless Buck and Ford showed his usual contempt for shareholders once again yesterday.

This company proves the point time and again that Aim is little more than a playground for people to masquerade as directors whilst lining their pockets with undeserved riches.

[bareknee] 29/12/2023 12:52

Well, I was wrong on both counts.

Why on earth he couldn't have the Interims ready this morning beats me, and our cash position is better than I expected !

edit : Gross profit is down on the same period in the previous FY and our loss has increased by ~100k so we're, at best treading water and, with inventories down we're plainly going to have to source, and pay for, some FF II SS pdq

[bareknee] 29/12/2023 12:31

If I had to bet on it, I'd be putting money on a temporary suspension RNS after the bell.

Hope I'm wrong like, but, in my mind, we plainly need a cash injection to remain solvent

[redprince] 29/12/2023 12:20

Im going with a poster on the red channel - its either poor results or news on a fund raise hence waiting for the last possible moment before releasing.
Then again its the same thing every year.

[bareknee] 29/12/2023 11:58

Aye, leaving it to the last day is poor investor relations. Not having it ready before the market opens is even worse.

There may be a good reason for today's tardiness, but when you have a history of being on the last minute for no good reason, then there's less goodwill knocking about.

[redprince] 29/12/2023 11:42

The company that never fails to disappoint - always the eleventh hour with the results.When you are receiving top $ remuneration is it so much to ask to get the results out in a timely manner?

[redprince] 09/12/2023 11:15

BB - agree that Sirco is not going to make us much money - just good to see that MM still consider it worthwhile even after 5 years.

Wewillwin - there is no chance of a p&d here - that ship sailed many years ago.

[wewillwin20] 07/12/2023 15:56

Pump n dump then placing

[gix er] 06/12/2023 07:22

I agree BB.
Although there is a massive market for drinkable yogurt it will take a fair bit of effort to compete with the likes of cholesterol lowering Benecol or even the supermarkets own brands of yogurt drinks proven to lower cholesterol. Will having the added benefit of Healthy Blood Flow (Fruitflow) and immunity support give it the edge? Who knows, but if its priced correctly and gets a good marketing campaign then hopefully we are both wrong :)

If they had launched 5 years ago, like we expected, we would know by now.

[bareknee] 05/12/2023 19:44

Even in it's new format, I can't see Sirco being anything close to commercially successful enough to make much of an impact on our top and bottom lines, but it would be great to be wrong.

Unless there's some other active ingredients, claiming efficacy on cholesterol is a weird one. AFAIK the UK is still bound by the same pre-Brexit situation on health claims.

[gix er] 05/12/2023 18:37

We can only hope so redprince. They have had over 5 years since they were planning to launch the last time.

Wonder if the new agreement with DSM has made the difference or if its still a DSM premix/market ready solution?

[redprince] 05/12/2023 17:59

Well done gixer (again) and great to see - will they have the marketing campaign that they promised for the last one that didn't launch?

I certainly hope so - with the right push this could be really big but as ever the public need educating.

Ballsy move in the current economic climate.

[winner31] 05/12/2023 12:51

Great find

[gix er] 05/12/2023 12:22

www.sircoheart.com/

[gix er] 05/12/2023 12:22

redprince,

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