UK 10:25 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
What a total joke. Daniel Stewart (DAN) the AIM-listed (for now) Broker (and ex-Nomad) has published its interims for the half year to Sept 30 2015. It has managed this even though its FY numbers to the previous March are still not published and so anyone unfortunate enough to be left lobster-potted in this disaster story has not had the benefit of an audited set of numbers for any period since March 2014.
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Comments
Davecandle
Strange article Nigel.
First, it is very difficult to follow with all the different numbers and it is also clear that the cash flow is a simple dating typo as the numbers match but more importantly, although I’m sure the balance sheet isn’t perfect there’s a lot more interesting things to comment on in the P&L and Cashflow even if you do take the numbers at face value.
- Revenue has fallen off a cliff, not that surprisingly – so operating cash outflow for the six months was £973k – over £150k a month cash burn, so money on balance sheet at 30 Sep plus recent raise will run out in April let alone needing reg cap of say £600k on top of that
- The trade receivables are growing at an alarming rate – up by £480k – considering the 50%+ drop-off in revenue – one would expect the reverse – huge red flag
- in the last 21 months they’ve managed to raise just over £3m and by my calcs all but £300k of that will have gone already and the rest will be gone pretty soon – who would want to provide any more funding? To cover reg cap and 12 months operations, assuming an uptick in business, they’re still going to need say a further £1.5m-£1.75m – no chance
- Cashflow also shows a £225k lease deposit – with hindsight not sure if that was that sensible a move in their current cash constrained climate
- Cashflow also shows an investment of £259k in tangible non-current assets since March – what is that? Does that account for the increase in the loan receivable you highlight above? Again, would it have been better to conserve cash
2+2=4
Grammar in keeping with its overall performance. See RNS today – “it’s best efforts”
Drunken Sailor
I am looking forward to a great dancing on the grave of DAN piece later today on that no one is watching o’clock RNS. I somehow think grammatical errors will not be the main thrust of that article.
Cynical Bear
@2+2 – personally I thought the more heinous crime was the grocer’s apostrophe in “examine alternative mechanism’s” – shocking stuff!
nigel somerville
Grocers’ apostrophe, surely?
Cynical Bear
Good shout, Nigel. It is more commonly known as grocer’s apostrophe but the alternative would work equally well. In my head each individual grocer has their own apostrophe that they randomly put in their fruit and veg signs.
2+2=4
@Cynical Bear – agree with you. I hadn’t read that far down the RNS!
nigel somerville
So perhaps grocers’ apostrophe’s! Or just grosser apostrophes…