Provexis Share Discussion Threads

[redprince] 23/10/2024 08:49

Gixer - re margin yes that could help to explain it until you look at net margin and see it has deteriorated also - so both should not have reversed in light of the higher share we were expecting.

It is always same smoke and mirrors with this lot.Jam tomorrow whilst telling the same mugs the same old drivel and lifting their legs on us again.

[redprince] 23/10/2024 08:07

Gixer - the point is if i and others are scratching our heads (yet again) at these accounts then it is simply not good enough.IF has a job to do and part of it is to inform us in a transparent way as to the companies underlying performance.

Year after year we cannot glean any meaningful information because of "exceptional" this and that.After 15 years this is beyond risible.

Siggy - at the very least Ford needs to take a substantial haircut and outline a roadmap.15 years of spiel and losses says it all.

Guarantee you he wont want to answer on By-Health profit arrangement because the Chinese will have negotiated a much lower royalty rate for us in early years so they can recoup their investment faster.Meanwhile we hear about "substantial multiples" of existing sales blah blah blah - and IF gets his £200k pa.

[gix er] 23/10/2024 07:16

???Sorry siggy, the only connection I have to PXS is that I am a shareholder.

[sigma3333] 23/10/2024 06:17

redprince
I recall PXS were given a dressing down over the concert party raid in 2009 - the former CEO indeed took the opportunity to make a significant profit from stock options. Although only my opinion, I believe the current CEO behaviour is to avoid another P&D. The one person that has kept PXS going is gixer - in fact the latest find around from Duttaroy is very exciting. The CEO has lived off the prospect of blue cap/China for nearly 10 years now. If it doesn’t happen by end of this year then I believe time for a SR.
(by the way I firmly believe gixer is the curent CEO, or works for PXS).
siggy

[gix er] 23/10/2024 06:10

redprince, I am clearly no accountant and to be perfectly honest company accounts/results (not just from Provexis) do bamboozle me :)
But..... when you say "Our gross margin was materially worse which is at odds with the above statement."
Surly this was always going to be the case with the new agreement and now having to buy the raw material (fruitflow IISD)? Whereas before we where getting a share of the profit with no costs involved.

[redprince] 22/10/2024 20:39

I am truly sick of the unnecssarily confusing way that our accounts do not give a clear view of the underlying results.

I am a qualified accountant and if i am saying this then i am certain others have the same concerns.One material long term holder on the red channel has expressed no confidence in IF in view of the above.

Quite frankly he is taking us all for a ride.
The only FD in corporate history who managed to hide in Australia for the best part of 10 years and virtually noone knew.Explains why he was whispering to me in a previous call.

I can only hope that the biggest private holder is feeling the same.
A substantial salary reduction is called for.

I would like to remind you all that when Ford came onboard post SIS he was part time and on a salary of £70k.Now his total remuneration stands at £200k - does he even do a 37 hour week?

[sigma3333] 22/10/2024 20:31

redprince
as shareholders we have every right to flag any concerns around corporate governance to the authorities.
siggy

[redprince] 22/10/2024 19:57

Gixer yes this is what i am referring to.

. A royalty is payable to DSM on the gross profits generated from Fruitflow sales to customers transferred from DSM over the first four years of the Transfer of Business agreement. From 1 January 2023 the net profit accruing to Provexis on sales of Fruitflow in the calendar year - on a pro-forma basis, assuming like for like sales and margins - would be materially ahead of the net share of the profit that would have accrued to Provexis with like for like sales and margins under the existing 2010 Alliance Agreement; on the same pro-forma basis, assuming like for like sales and margins, the net profit accruing to Provexis would further increase in each of the subsequent three calendar years. The year ended 31 March 2024 therefore included nine months of the royalty at the first year rate to 31 December 2023, and three months of the royalty at the lower second year rate. Royalties payable to DSM are included in cost of goods. The terms of the Transfer of Business agreement otherwise remain strictly confidential between the Company and DSM.

Fruitflow II SD sales of more than £724k have been made in the 2024/25 financial year period from 1 April 2024 to 30 September 2024, more than 11% ahead of the full year sales for the year ended 31 March 2024. In addition to the sales made so far in the 2024/25 financial year, confirmed sales orders for Fruitflow II SD in excess of £190k are currently being processed. The Company is dealing with numerous sales enquiries from existing and new customers for further direct sales of Fruitflow in 2025 and beyond.



On 28 March 2024 the Company announced that it had agreed to purchase a further batch of Fruitflow II SD inventory from DSM, to satisfy increasing demand for Fruitflow. The inventory purchase totalled £341,000, and on 5 April 2024 Provexis issued 45,123,732 new ordinary shares of 0.1p each in the Company to DSM in part satisfaction of the inventory purchase, with the remainder of the inventory purchase to be paid for in cash.

A reconciliation of the underlying operating loss to statutory operating loss is provided below:

2024 2023
Rev 801,964 389,916
COS (518,169) (95,497)
Gross profit 283,795 294,419



Our gross margin was materially worse which is at odds with the above statement.

Once again IF has imo been deliberately vague and actually misleading in the way the accounting information is presented.If your net profit was expected to be better it is
reasonable to assume all other things being equal that your margin was better.

He appears to have accounted for the stock that was paid for but not that which was yet to be settled.
You normally only count in cos the cost of stock in the sales being reported.
So why did he count all the stock that had been paid?
It makes a mockery of the original claim about improved net profit.

Accounts are meant to inform the user but ours even after 15 years never leave us much if any wiser.

The usual smoke and mirrors from pxs.

[gix er] 22/10/2024 17:13

Fair enough, I just don't remember IF ever mentioning anything about margins, other than like for like, either before or after the new agreement. He has on numerous occasions mentioned the following.
"A royalty will be payable to DSM on the gross profits generated from Fruitflow sales to customers
transferred from DSM over the first four years of the Transfer of Business agreement.
• From 1 January 2023 the net profit accruing to Provexis on sales of Fruitflow in the calendar year - on a pro-forma basis, assuming like for like sales and margins - would be materially ahead of the net share of the profit that would have accrued to Provexis with like for like sales and margins under the 2010 Alliance Agreement. On the same pro-forma basis, assuming like for like sales and margins, the net profit accruing to Provexis would further increase in each of the subsequent three calendar years."

I thought this might have been what you were referring to.

[redprince] 22/10/2024 16:24

Gixer - no i dont mean net profit - the margin is reflected by cost of sales whereas net profit is after all other overheads...
I was expecting the margin to have improved as per IF's reference to improved share of
margin on the back of the new terms with DSM.The margin showed no such improvement.

[gix er] 22/10/2024 06:38

redprince, I assume you mean net profit and not margin?

[sigma3333] 21/10/2024 07:04

gixer
will let you know, but don’t hold you breath- haha !

siggy

[gix er] 21/10/2024 06:37

Well I hope (there's that word again) you can glean some info from him on Friday that is not already in the public domain.

[sigma3333] 18/10/2024 16:36

gix
the time of crossing fingers and living in hope are long gone. IF has to demonstrate progress next week.
siggy

[gix er] 18/10/2024 06:55

Fingers crossed it remains a popular product an they consider launching in the US as well.

[sigma3333] 17/10/2024 08:03

gixer
at a very hogh level it looks like FF is competing with caffeine. Probably over 1000 users worldwide now. Looks like demand outstripped supply. I recall the raspberry was out of stock on amazon at one instance.

The likes of Redbull and Monster are caffeine based. I am sure all players in that market are looking for innovation. Not saying FF will be in Redbull, am saying FF is getting noticed in that space.
siggy

[gix er] 17/10/2024 05:26

Apologies for my earlier post stating platinum pump sales of 500+
I think i was mixed up with platinum PRE work out instead of platinum PUMP pre work out that has 400+ sold in the last month.

It still adds up to over half a kilo of FF a month for both flavors of platinum pump from amazon UK alone.

[gix er] 16/10/2024 08:05

600,000mg = 0.6kg

[winner31] 16/10/2024 07:44

Yes 1000,000 mg = 1kg

[sigma3333] 16/10/2024 07:39

winner
I recall 10p per 150 mg was once shared by gixer, add a bit of inflation.

This is small compared with the total orders

siggy

[sigma3333] 16/10/2024 07:27

winner

easy mistake

600 g / month, properly less than £1K cost to them

siggy

[winner31] 16/10/2024 07:19

600kgs per month ! Can that be right ? What was the cost per kg can anyone remember ?

[gix er] 16/10/2024 05:50

siggy,

Just had a look on Amazon.
Blue Raspberry = 500 + past month
Lemon Lime = 100+ past month

20 servings @ 50mg

50 x 20 x 600 = 600,000mg of FF

Add in the other sellers in the UK and the rest of Europe and it must be adding up to a fair bit of Fruitflow.

Well fingers crossed anyway :)

[sigma3333] 15/10/2024 19:33

gixer
yes, they’re keeping that bit quiet
redprince
I can’t argue with that is where it is at present. However, platinum pump is now selling over 400 buckets a month alone on amazon - that is 400 more users of FF than 3 months ago. I expect IF to share a sales curve at AGM.
siggy