Another bad day at the office for Neil Woodford as this morning he is mourning the loss not only of Halosource (HAL) – whose revolutionary water was not good enough to put out the insolvency fire – and Utilitywise (UTW) which called in the administrators as announced at no-one-is-watching o’clock last night (6.20pm) and confirmed this morning. Clearly Utilitywise couldn’t provide the water either.
Previously writing on Utilitywise (UTW), in July it was a “Strategy Update” only David Brent & major shareholder Neil Woodford are clever enough to understand? – with that including CEO Brendan Flattery attempting to reassure that “the strategy update outlined today will enable Utilitywise to meet its two new financial targets, as well as maximising the medium term potential from the business”, though I concluding of course though, there is no guarantee that it will – and I’ll continue to avoid at least until there is some clear net cash generation demonstration. Today a “Strategic Review and Formal Sale Process” announcement…
“Evolving the proposition channel strategy”, “differentiated segment and channel propositions”, “technology-led efficiency proposition, adopting a more consultative sales approach”, “invest in the development of a multi-channel ‘go to market’ strategy”. Welcome to a “Strategy Update” announcement from Utilitywise (UTW). Who’s swallowed the dictionary of management bullshit?...
Shares in Utilitywise (UTW) are currently approaching 10% further lower, towards 30p, on the back of an update on the financial impact to it of accounting standard IFRS 15 (Revenue from Contracts with Customers), interpretations of which are mandatory for future accounting periods from the start of 2018…
Previously writing on Utilitywise (UTW) it was as the Woodford-backed dog currently suspended as unable to publish audited accounts, updates. The shares are today trading again after publication at last of results for the company’s year ended 31st July 2017!...
Yesterday Utilitywise (UTW) was “pleased to announce that the group has agreed amendments to its banking facility agreement… based upon forecasts that have been shared with the bank in respect of the group's plans for cash generation over the coming months”. Today there’s a Half-year net debt announcement (couldn’t these have been announced at the same time then?). Anyway…
Having less than two weeks ago stated that it “expects to complete its year-end audit process in respect of FY17 and announce its final results by 31 January 2018”, today Woodford-backed dog Utilitywise (UTW) has announced “the directors have now concluded that the company will not be able to publish its annual audited accounts for the year ended 31 July 2017 by 31 January 2018”. Cue share suspension…
A “Final results update” from Utilitywise (UTW). Such an announcement would not normally be a cause for alarm, but here Woodford Investment Management has a major shareholding - and it was previously Auditor requests estimation methodology review by a third-party, results delayed again!…
Having previously noted transparency and visibility concerns about Utilitywise (UTW), I today note the shares currently more than 10% lower at around 50p on the back of a “Final results timing update” announcement…
With its direction of financial performance reflected in a share price down from not far off 200p at the commencement of 2017 to 73p, an “in line” trading update from Utilitywise (UTW) might be expected to boost the shares. It hasn’t…
