They have to write something every day! The key here is at what price the fundraising is done, and how. I bought back in in the hope that we will be given some sort of role in the raising.
The new product should be a winner. When updates on older systems have been made customers have been retained and leavers have returned. They have good techs and pretty decent management. We should come good in the end.
Totally agree. Back in myself in a small way. I will still be intrigued as to the offer price though, and I am unhappy there have yet to be purchases by the directors. I reckon both those matters may be dealt with simultaneously quite soon!
I bought a few of these on Friday as I feel that despite the subdued outlook for the next couple of years and the dividend cut (they should scrap it altogeher imo rather than raise funds) if their secret product is really going to be as good as they claim then these could double over 3 years. If their new product isn't the success they are hoping for but trading returns to levels prior to the pw then these are still good value.
Hi P. I sold up this morning, though I did so with the full intention of buying back in when the price settles. I have every confidence in the management (and even the new secret weapon!). I was the first sell off the blocks this morning. Surprisingly there seem to have been more purchases than sales today!
I can see this in the low-60s in a few months, and that will make it a no-brainer of a buy. I will be intrigued to see the fundraising price. The illiqid nature of the stock and the exaggerated spread are no help to us here.
Yes I have to agree Blanketstacker. I think it is sightly unusual to embed news of a fundraising within the text in this way. I must admit that I am also not too confident to hear that the company has a brilliant new service to transform its fortunes.......... but that it's confidential so they can't tell us about it. A shame really as I thought this company was well managed and I suspect that changes in its market are to blame for its problems. Perhaps the mysterious new product will seek to benefit from those changes.
Long term prospects seem good, but there will be a large fall in profitability and the dividend in the next two years. More worryingly the statement says 'in view of the fundraising' BUT there has been no announcement of any fundraising!!!!!! It may be worth selling up here to buy in again sub-60.
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The interims came out a fortnight ago, and I have finally finished going over them. In that time we have seen a fall of jolly near 30%. I think that is very much overdone.We missed the broker estimates by a very long way, but in my opinion these always seemed rather unrealistic. Although profits were down 6%, turnover was actually up 8%. At under 80p this seems like a buying opportunity, and I have taken advantage of it. My reasoning runs thus:
PER = 12.7
PEG = 0.3
Yield = 4.2%
Div cover = x1.7
The company provides software to recruitment firms, and is a consolidator in a very fractured market. It has created its own very profitable and succesful niche, and has management who seem to me to be dedicated and competent.
I think we should be trading around the 100 mark, with a poitential to get back to 120, so again this is not one to make you a millionaire, but there is potentially 25%+ to be made here. Good luck to us all.
Initially I was a little bit disappointed, if not surprised. Now I have had time to read both the full results and your comments I am a lot happier. The headline figures are mixed. I really like the nice increase in recurring revenues, but am less happy with the fall in profits. But you make it quite clear, as does the chairman, that excellent opportunities remain. The acquisitions are operating profitably, and there is a continued organic growth. To be honest, I also rather like the management team here as well. I will carry on holding, and look to add if it drops below a quid and funds allow.
So Blancketstacker, what do you make of these comments in todays results?
On the face of it, these are disappointing results. However, they are not unexpected, given our conscious and pre-stated decision to hold back the number of implementations we completed in the second half of the year. This enabled the successful replacement of the FileFinder 10 product with our new FileFinder Anywhere suite, launched to the market in September 2014, with the first "live" implementations in November. FileFinder systems are business critical for our clients, and so we ensured that the product went through a significant beta test process. This meant that we deliberately implemented virtually no new client FileFinder systems between September and mid-November, so as to ensure that our development, implementation and support teams were able to provide our "early adopters" with the level of service that they required.
This strategy has proven to be the correct one. Client feedback on the new product has been excellent, with a number of case studies and client testimonials already shown on our website.
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