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I flagged up HERE some days ago the fact that revenues from Globo’s (GBO) flagship Go!Enterprise product seemed not to be growing anymore. The Bulletin Board Morons responded with a claim that Matt simply did not understand that sales were second half weighted. No doubt this is company spin. It is also bollocks.
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Comments
craig macfarlane
To be fair Globo call out in their interims that there is a second half weighting. Its not spin but a documented fact.
Tom Winnifrith
Craig
We have not yet had the interims but the H1 Trading statement makes no mention of weighting.
Tom
Steve B
Tom – reference Go Enterprise sales – by implication, your logic would suggest Globo will shortly be issuing a profit warning, since if Go Enterprise revenues have gone ex growth as your interpretation of the figures suggests, then total revenue for the company will fall 12-15 million Euro’s short of the 2014 revenue forecast – UNLESS of course Go Enterprise revenues are second half weighted !
Now let’s have a look at the second half weighting in Go Enterprise revenues to date, using the revenue figures above:
In 2012 second half revenues were 72% up on H1/2012, and in 2013 some 93% up on H1/2013
While H1/2013 was only 34% up on H2/2013, and H1/2014 some 2% up on H2/2013!
If you are unable to see a second half weighting(assuming of course you do not have another agenda), i suggest a visit to spec-savers, because even in these educationally devalued times most secondary school maths ‘o’ levels students would i’m sure have little trouble pointing it out for you!
And as you’re not in the first flush of youth, Costis suggests not to hold your breath waiting for a 2014 Globo profit warning!
Tom Winnifrith
Steve
There is no Reason why sales should be H2 weighted. So I see a different mathematical sequence which is period on period growth of 75%, 35%, 97%, 1%
Yes Go!Enterprise has gone ex growth. This was a growth product but no more.- so what is the excuse now for feeble ( if any) cash generation.
Sell. TP 10p.
T
craig macfarlane
Tom
apologies. I am obviously aware this years interims sre not available yet. I was referring to the 2013 interim statement.
Steveb3
“I flagged up that the fact that revenues from Globo’s (GBO) flagship Go! Enterprise product seemed not to be growing anymore. The Bulletin Board Morons responded with a claim that Matt simply did not understand that sales were second half weighted. No doubt this is company spin. It is also bollocks.”
Suggest you have a look at the Q3 update released today – Go! Enterprise Q3 revenues were 75.3% of the total for ALL of H1 2014, and the first 9 months of 2014 saw revenues surge ahead by 89% compared to 2013.
Go! Enterprise Revenues:
H2 2013 19.7m Euros
H1 2014 19.9m Euros
Q3 2014 15.0m Euros !
First 9 months 2013 18.5m Euros
First 9 months 2014 35.0m Euros – up 89%
If that’s an industry leading product that’s gone ex growth – a urgent visit to specsavers is required.
Despite this exceptional growth, ‘The Group continued to generate free cash flow during the third quarter. The net cash position at 30 September 2014 was EUR36.3 million (30 June 2014: EUR46.0m) after payment of US$12.0 million and associated costs for the acquisition of Sourcebits in July 2014, and other investment and setup costs associated with US expansion.
We expect positive free cash flow generation to continue during the last quarter of 2014 and we remain confident that our year-end results will meet market expectations.’