Utilitywise Share Discussion Threads

[freddie ferret] 06/2/2018 17:18

This seems to be holding up quite well given the wider market trend today. :) :)

[bennywin] 06/2/2018 11:53

Lol, been there myself Freddie.

[sharesoc] 02/2/2018 22:25

There is a recent blog post on Utilitywise available here:

[karadas09] 02/2/2018 08:29

Bennywin, how do you work out 8 mill profit? That would put UTW on a forward P/E of 4 which would surely result in some upward momentum when trading resumes. Would be nice after the January my portfolio has had.
I have thought all along that the problems were all accounting related and the business was still cash generative. The biggest risk in my mind was not generating enough cash to cover breaching the banking covenant coming after the £7 million repayment and stopping taking cash advances up front. That seems to be all sorted for now.

[bennywin] 02/2/2018 07:13

Re today’s debt RNS
It does appear that trading is ok and that they should be on course for around 8 mill profit for the coming year.

If they continue at that rate, then the debts should be cleared fairly quickly.

[bennywin] 02/2/2018 07:08

Freddie
We are already in 2018

[freddie ferret] 01/2/2018 19:25

I'm not holding my breath for the lifting of the suspension before jan 2018 but I will be happy to be prooved wrong.

[freddie ferret] 01/2/2018 19:24

Again we have from the same link.

Timing of announcement of final results

The Group must now complete its year-end audit process in respect of FY17 and currently expects to complete this and announce its final results by 31 January 2018. However, due to the volume of work required to complete the process on a contract-by-contract basis in the financial systems of the Group and for the Group's auditor to complete its audit work, as explained above, there is a risk that the audit will not be complete by this date.

Further updates will be given to the market, with regard to the financial implication of the proposed changes in accounting policy and the confirmed date of final results announcement, as soon as both are known with more certainty, as the work progresses

[freddie ferret] 01/2/2018 19:22

The last 2 sentences of this C&P are material imho.

A prior period adjustment will be required upon the adoption of the new proposed accounting policy. Work is ongoing with the Group's auditors to finalise the value of amendments in respect of FY17 and earlier years.

-- The cumulative impact of the non-cash accounting adjustments, across all historic financial years, is expected to have a material negative impact on Group equity as at 31 July 2017. It is not yet known whether there will be a material impact on the profit of the Group for FY17, due to the requirement to finalise the split between FY17 and earlier years.

-- There is also likely to be a material impact upon the Group's reported revenue and accounting profit in the year ending 31 July 2018, with the absolute impact becoming estimable once the revised accounting policy is finalised.

-- The Group's sole banking lender is aware of all related developments and discussions are ongoing with the bank. Should it become necessary, once the financial outcome is known and agreed with the Group's auditor, efforts will be made to obtain waivers of any retrospective breaches and amendments to the Group's relevant banking covenants in future periods.

-- The Group currently expects to complete its year-end audit process in respect of FY17 and announce its final results by 31 January 2018. However, due to the volume of work required there is a risk that the audit will not be complete by this date.

[bennywin] 01/2/2018 10:08

Hardly going to be next Jan Freddie, it will hopefully be in the next few weeks once the auditors have finished their job.

[freddie ferret] 31/1/2018 15:38

We already sort of know that.
Next Jan if all goes according to plan.
I guess the suspension may be for the long term?

[nocton] 31/1/2018 14:39

Did anyone go to the AGM or have news about what was said? Surely some questions were asked about when the results would be published?

[r ball] 30/1/2018 19:26

Not really that bothered now. It's just they are close to home. Oh well

[freddie ferret] 30/1/2018 17:32

You should have bought some.
You may still be able to privately, however it probably could not be got on the register in time.

Oh dear! :)

[r ball] 30/1/2018 07:13

I wanted to attend but need a proxy vote.

[sailing john] 29/1/2018 08:51

Suspended pending results
AGM tomorrow (will be interesting!!!!)

[eipgam] 21/1/2018 20:21

you mean 'due'

[grim] 19/1/2018 22:44

Kennedy Ventures was recently suspended jew to late reporting.

[sailing john] 18/1/2018 07:47

No AIM very strict on late reporting - will be suspended if no results by 31st Jan
And given that they have suggested this is a possibility I would say high risk. Surprised that this wasn't highlighted in the update. dyor

[karadas09] 17/1/2018 23:58

Late submission? More likely a fine

[ouiey1000] 17/1/2018 23:12

I didn't think Aim had rules

[r ball] 17/1/2018 22:20

See aim rules for consequence of not publishing accounts by 31 Jan - suspension

[r ball] 17/1/2018 22:19

KaradasImpairments are not fully priced in which is why the share price fell my 16% today.