Reflected on this today-it really does look like a rabbit out of the hat to me.The ‘loss’ described in the summer warning turns out to enormous and I suspect the delay in all things on the reporting front would be down to going concern issues.
A lot of smoke and mirrors over the last few years-the attention now swings to implementation and cash generation(not from shareholders).Margins will be now in focus too.
Disappointing that Cavendish can’t put some numbers out but probably wise in this instance |
 I don't really see that they had to hide these results until now. Maybe to get the placing away, but even then that was underwritten by OI. Pretty dire all round with the one ray of light being the margins on DAS/AtON. The only virtue of the incessant dilution is that the loss per share is smaller.
The broker has the lipstick out but still hasn't found the balls to make a forecast, leaving us in the dark about prospects. Some gems include in the FY24 highlights: 'Indonesia is the world’s largest island nation with +17,000 islands growing at c.5% real GDP/annum and 5-7% growth in GDP per capita 2025'. The pipeline itself has not changed much, including both the BFAR and the PCG, neither of whom have budgets to buy anything.
The other positive factor is the sunk cash in inventories which when these contracts do start will reverse quickly. Half the cash goes to the in-country partner.
Someone mentioned the directors today. I do hope that the new one is a bit more on the ball. The current lot to a man have committed an offence according to the Companies Act by not having an AGM within six months of the period end. Sloppy, really, as was the Chairman's statement which repeats a sentence in the second paragraph. It is not exactly that he hadn't the time to get it right.
As for Piedro's point, I rather think that the impetus for the financial mismanagement was from the sales side, not instigated by the FD. |
Last line of Chairman's statement is the punchline:
"We therefore believe the coming years will be transformational."
I was hoping he would be saying "year" - not "years"
This LTH's patience wearing very thin. |
Shocking!!
I am wishfully looking forward to the appointment of a new Financial Officer |
The £8.5M raise looks insufficient for the scale of operations planned. They likely need significantly more funding to properly execute £320M of contracts over 2 years, potentially £30-40M+ through combination of:
Additional equity
Project financing
Working capital facilities
Milestone financing
The key risk is insufficient funding constraining their ability to deliver contracts, creating a negative spiral. |
I am a long term shareholder in SRT and believe Simon and his team work tirelessly on our behalf.
However I do question whether the non-exec Directors offer the necessary depth and breadth of experience to advise Simon. The recent catalogue of errors suggests not. |
There should be more announcements today. |
"are pleased to advise that the final administrative processes on the other contracts are nearly complete and thus expect work to commence at the beginning of the second half of the new financial year."
Much as we have to take any estimates with a pinch of salt, when is this? |
Surprised about how quiet this is today. Also the trading patterns are a bit 'blocky' |
Is this the buying opportunity? If the orders come through yes if there is the usual slip between cup and lip probably not. Simples. |
Terrible set of results which looks like it could have been terminal but the proverbial rabbit out of hat saves the day. |
Despite the £14m drop in revenue loss announced this morning, it's good to see so far that it doesn't seem to have affected the price this morning so far. |
All's quiet as we await publication of 15month results on Monday.
Trepidation, hope, - just the usual sentiments here. |
Thank you all for your probing and excellent prompt response from Louise. I like her statement that METS went extremely well and also her time frame.I was premature in buying more but can handle the delay! |
I wonder if AI would have ever come up with 'Google'? |
That's what has kept me invested in SRT - the responsiveness to serious questions from shareholders - thank you @alterego for taking the initiative and reporting back.
Have you heard the X100 songs promoting the advantages of the new product?
15 minutes communion with ChatGPT4o and Suno.com, the description was revised and these two songs were "written" in a sea shanty style :)
And 5 pretty so-so naming suggestions for the product:
Suggested Product Names
1.SeaLink X100 – Emphasizes the product’s role as a seamless communication link.
2.NaviCom X100 – Highlights its dual navigation and communication functionality.
3.AquaCom Pro – Reflects advanced communication for marine professionals.
4.MarinerConnect X100 – Tailored to mariners seeking enhanced connectivity.
5.OceanGuard X100 – Conveys safety, reliability, and robust performance.
Yes - just 15 minutes - and not the final refined versions (description, names and songs) - but a no risk and almost free start for dabbling with any marketing ideas.
I will share the results (for what they are worth) with Louise and realise that the revised description cannot be shared because it was not meant to be in the public domain and might be covered by copyright. |
yump, in my experience both Louise Coates, Simon Tucker and Richard Hurd reply to shareholder queries, usually very promptly. Like you, I find other companies less reliable. |
I've also had a prompt reply from Louise along similar lines.
AE - "there is now no mention of the X100 on the website."
I find this baffling though. Surely there should be at least some mention of the product coming soon? |
Never in the history of my AIM shares (or main market ones) can I remember any such prompt replies and certainly not on website issues.
(I still haven’t heard from Halfords about my proposal to build them a site search that doesn’t work like one from 1998) ;-) |
I received a prompt reply from Louise, copied below:
"Hi Robert thank you for your email. Yes, METS was indeed very successful. Unfortunately, what your fellow shareholders found was a development page for the X100 which is not yet live. This will be live in the coming weeks along with a carefully timed mass marketing campaign designed to build interest and further preorders before we start to ship product from our UK and EU warehouses in the first week of February. In the meantime, the website developers have corrected their error and there is now no mention of the X100 on the website.
Thank you for the information."
and shortly, followed up with a another message:
"Thank you Robert, I should mention if anyone is still seeing links to these pages it is probably because their browser has cached the pages and they will need to refresh to remedy.
Kind regards.
Louise Coates
Transceiver Sales Director
em-trak Marine Electronics" |
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