Venture Life Share Discussion Threads

[essentialinvestor] 15/3/2017 13:40

red, just had a few, baby amount only.

Thanks for the mention as had not been following today.

One of my cats ill and have been up since 5.00am, last thing I need is dealing with a poorly puss puss atm.

[essentialinvestor] 15/3/2017 13:36

red, SKG, any idea what has caused that?, oil price?.

[apad] 15/3/2017 13:27

Excellenr, red, keep us informed.

Sold some ROR at 257 and poured the gold into PTSG at 97.49.

apad

[redartbmud] 15/3/2017 11:47

RWS is slowly submerging.
Glad I am holding off for now.

red

[apad] 15/3/2017 11:35

Dacian,

I only managed two purchases of Farn back in early and mid Jan.

Then watched it disappear - a dwindling dot in the sky.

I'm hoping that the results will contain no new news and cause the price to retreat!

Pete,

Also looking to increase PTSG.

apad

[petersinthemarket] 15/3/2017 11:18

Bt another lump of PTSG this week.
Results on 28th.
Safe, solid and growing strongly.
Looks like a potential long term hold to me.
pete

[redartbmud] 15/3/2017 11:14

EI

For some crazy reason, I decided to collate my Tax Assessments for the last 6 years onto one spreadsheet. Maybe because I delved into the archive for some mislaid data on CGT, having made a disposal in 2015/16 where I didn't have an accurate pool cost, or so I thought.
I have reached the stage where I need vallium!

red

[essentialinvestor] 15/3/2017 10:55

It may need an aspirin, apparently that works.

If it keeps going down I may need aspirin ).

[redartbmud] 15/3/2017 10:53

EI

Suggest you add water as well, it might stop the tulip from wilting further.

Watching SKG.

red

[essentialinvestor] 15/3/2017 10:51

SL. is being mashed, lucky escape.

Out of DLG again, sold yesterdays late buys this AM.

My HSTN is wilting a little like a Dutch Tulip, added.

[apad] 15/3/2017 08:36

I've broken FREE!

IRIS a big accountancy software player with Cloud based offerings that has 45 career vacancies owns 10% (15.3% on float). Opus a Gibralter based investment company owns 15.3% (20% on float).

FREE's growth rate has to be stellar to survive and thrive and they have to survive margin pressure. We'll see when FY results are out (Year end 31 March).

I'll stop blithering about it now - sanity has returned.

apad

[apad] 15/3/2017 07:23

TRAK down from 300 to 70 in a year and the posters are enthusiastically averaging down!

CLIN headlines look good (I used to own but got frit). Some jiggery pokery in the timing of big orders that has caused a slump in cash flow. Looks reasonably well explained.
Could be one of my premature cut 'n run mistakes (e.g. DPH). Nothing compared with my belated cut 'n run (GDWN) mistake.

apad

[apad] 15/3/2017 07:03

ps
Bloody steroids!

pps

The price looks very full to me at the moment.

Year end is 31 March.

Decision changed from 'first holding' to 'watch and wait'. Maybe :-)

I'm intrigued by the possibility of growth by social media in such an arena.

Direct clients grew by 24% (£17.36 each which is 62% more than Practice clients) and Practice clients by 115% (35% increase in revenue at £10.86 per month) between interims over the AIM flotation in November.

[apad] 15/3/2017 06:44

email to FREE.

"In Operational Hilites (Interim results for the six months ended 30 September 2016)
Business customers are given as:

"· Accounting Practice clients significantly increased to 27,137 (H1 2015: 12,611).

· Direct Clients increased to 16,724 (H1 2015: 14,582)."

This makes totals of 43,861 for H1 2016 and 27,193 for H1 2015.


The Chief Executive’s Statement says:

"As at 30 September 2016, the Group had a total of 51,865 subscribers, an increase of 18% over H1 2015 (30 September 2015: 43,811 subscribers)"


The website says “Over 50,000 business accounts”

It would seem that CE statement is comparing current business accounts with H1 2016, not H1 2015.
A much more impressive performance increase.

If I am correct you will need to issue an rns correction.

Apologies if I have made an error."

[apad] 15/3/2017 00:31

Thanks, red, very helpful. Especially the reminder that it's a snapshot on a day (I knew this in theory, but I didn't KNOW it) together with the example.
I do look carefully for changes (e.g. finding acquisitive ROR's ridiculous hedging charge).
My cash flow spreadsheets allow for a comparison between SPX and ROR very well indeed. They were a trigger to start reducing ROR. But, I have to accept that squeezing PTSG into the template is not nearly so useful because almost everything becomes qualified.
At least I can look at the results with a little more understanding now - which is just as well as I am buying more risky (early stage, perhaps) shares.
apad
ps
On steroid time!
pps
I discovered that FREE started out as a crowd funding exercise!

[redartbmud] 14/3/2017 21:49

Ps

If you assume the 2 months T/o is x6 to represent the year then it would be £1,198,672 and represented by Debtors of £321,720.
Again crude, as it doesn't take account of seasonality in sales, but it is the best you have, unless you have access to the historic accounts of the business taken over.
Of course, seasonality may affect debtors month on month.

red

Pps
Going back to C it upsets some of the posters because they fail to appreciate the lumpiness of contract stage payments and the difference between the average cash/overdraft for the year balance sheet and the year end balance.
As I have said before, as long as there are no banana skins that affect the profit, the balance sheet is easy to manage. A Company with a T/o of £5bn is no different to control than one of £500m. As long as you have liquidity it works. The guy with the biggest headache is the bank manager.

I had a very good relationship with my bank, and I always delivered on my promises.

red

[redartbmud] 14/3/2017 21:36

APAD

PTSG example
One of the acquisitions on 31 October 2015 was J W Gray Lighting.
The consideration was £1,105,500. Turnover consolidated was £331,112 and debtors £321,720.
The Year End accounts are just a snapshot of the business on one particular day which, in this case, happens to be 31 December.
In the case of Gray T/o was for 2 months but the Balance Sheet that was consolidated represents the accumulated assets and liabilities of that business, plus the Goodwill, which is the difference between the Net assets and the Purchase consideration.
It is quite easy to see how this can distort analyses of accounts.

Maybe you should continue to use your debt sheet, but read the accounts for any factors that may skew the analysis that you are doing.
In the case of PTSG you can easily strip out the the effects of additions in the year from the T/o and individual asset categories, Stock, Debtors, Cash,Creditors etc for comparison to the previous year. I did do it when I looked at the accounts this afternoon. It only took 15 minutes or so, but I didn't safe the result as I had no use for it.

Hope that helps.

red

[redartbmud] 14/3/2017 21:16

APAD

Yes I picked up the Ghh Ltip's thanks.

red

[apad] 14/3/2017 20:31

ps

Grant of LTIP Awards
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer of optical components & systems, announces that awards were made on 10 March 2017 in accordance with the rules of the Gooch & Housego PLC Long Term Incentive Plan 2013 to the following directors of the Company:

[apad] 14/3/2017 20:12

PTSG
"A big factor Yoy were the 6 additions, of varying sizes, where the T/o was for a part year but the Debtors in the B.Sheet were those outstanding as of Y.End."

Ah!

I suppose that acquisitions bring debtors from accounts that don't show in turnover (done and dusted)? If so then the ratio of debtors to turnover is subject to more interpretation.

I guess that a company that is bringing in a stream of orders and is acquisitive is dreadfully difficult to understand based on yearly or half yearly figures from the accounts. Especially where the payment terms are so delayed. It certainly makes my simple cash flow spreadsheet a matter of guesswork.

Maybe I should remove the debt sheet from the calculations all-together as it is so subject to the sector a company serves. On the whole well-managed companies (and would I buy any other sort?) manage their debts - so trust them as it confuses the issue. Perhaps!

Thanks, red.

apad

[essentialinvestor] 14/3/2017 20:02

red, thanks for the WPP snippet.

[pj 1] 14/3/2017 19:53

APAD-will do! I hope he can recover as, similar to yourself, there are few PI's that share their success's and failures, and those inbetween!

I've actually shared the odd social with him and he can be a great laugh, he also seems very lonely at times, so I hope he is well

Anyway......back to shares..

[redartbmud] 14/3/2017 19:46

HT

The accounts don't look too pretty, except for a big tint of red.

red