Lies, Damned Lies and Thomas Cook’s Headline Statistics

“Lies, damned lies and statistics”  a phrase often attributed to Disraeli, is used to describe the persuasive power of numbers, particularly the use of statistics to bolster weak arguments. Some of the headlines used in Thomas Cooks third quarter results last week seemed to lend some strength to the adage.
“The 12th consecutive quarter of improved profitability”, trumpeted Cooks, whereas;
1. Underlying operating profit fell by 9% from Q3 2014 to Q 3 2015
2. The 2014 Q3 loss from operations was £42m.  So how can 2015 have seen the 12th consecutive quarter of improved profitability.
3. The loss before tax in Q3 2104 was £81m. in Q3 2015 it was  £44m. Can even the near halving of a loss, be in any way described as an improvement in profitability
Even comparing the 12 month figures, rather than just Q3 figures, Cooks made a loss before tax of £137m.in the 12 months to June 2014 as against a loss before tax of £14m. in the 12 months to June 2015. That again represents a reduction in losses, not an improvement in profitability, or am I missing something.
“Operating profit  improved by £53m for the quarter.”  
 
Did it really? Q3 2014 operating loss was £42m which improved to an operating profit of £3m in Q3 2015.
 Hang on, do I hear you say, 42 + 3 = 45. How does TCG get 42 plus 3 to equal 53. It doesnt.  It adds it up correctly to get £45m. and that is the real total improvement  but then it uses a like for like figure to make what appears to be a false comparison and a better headline, by claiming a “profit improvement” of £53m for the quarter.
That 53m is not the improvement in TCGs total profitability for the quarter. It is its improvement purely on a like for like basis but it does look better than the real total of £45m
And Cook admits that it uses like for like figures, “to improve the comparability of prior year data”. It certainly does, especially if it uses them to make the wrong comparison.
There may be some explanation somewhere but just at the moment I can not think of one.
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CEB Resources (CEB) – Annual report & accounts and notice of AGM

CEB ResourcesCEB Resources plc announces that the Company’s Annual General Meeting will be held at 945 Wellington Street, West Perth WA 6005 Australia on 24 August 2015 at 10:00am.

The Company will today post its Notice of AGM, together with its Annual Report and Accounts for the year ended 30 April 2015, to shareholders. These documents are also available on the Company’s website at www.cebresources.com

Further information, please contact:

IOMA Fund and Investment Management Ltd

Philip Scales

Tel: +44 (0) 1624 681250

Sanlam Securities UK Limited

Lindsay Mair / Andrew Wagstaff

Tel: +44 (0) 20 7628 2200

Peterhouse Corporate Finance Limited

Tel: +44 (0) 20 7469 0930

Lucy Williams / Charles Goodfellow

Alan Green discusses Cranswick (CWK) with Justin Waite on the ADVFN podcast

Food for thought – Alan Green discusses Cranswick (CWK) with Justin Waite on the ADVFN podcast. Click here to listen to the podcast

Feedback PLC (FDBK) – Total voting rights

FBKlogoFeedback plc announces in accordance with the FCA’s Disclosure and Transparency Rules that the issued share capital of the Company comprises 203,673,857 ordinary shares.

Shareholders should use 203,673,857 as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

For further information contact:

Feedback plc

Tel: 01954 718072

Simon Barrell / Trevor Brown / Tom Charlton

Sanlam Securities UK (Nominated Adviser and Joint Broker)

Tel: 020 7628 2200

Simon Clements / Virginia Bull

Peterhouse Corporate Finance Ltd (Joint Broker)

Tel: 020 7469 0936

Lucy Williams / Duncan Vasey

Advanced Oncotherapy (AVO) – Exercise of warrants and options and issue of shares

AVO1Advanced Oncotherapy (AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that it has agreed to issue 7,166,667 new ordinary shares  of 1p in the Company to Dr. Nick Plowman, Chairman of the Medical Advisory Board, pursuant to the exercise of warrants and options at prices between 1.1 pence and 5 pence.

Application will be made for the 7,166,667 new Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will occur on or about 7 August 2015. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Total voting rights

Following Admission, the Company’s enlarged issued share capital will comprise 1,418,328,375 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights will be 1,418,328,375. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

For further information, please contact:

Advanced Oncotherapy Plc

www.avoplc.com

Sanjeev Pandya, CEO

Tel: +44 20 3617 8728

Nicolas Serandour, CFO

Westhouse Securities (Nomad & Joint Broker)

Antonio Bossi / David Coaten

Tel: +44 20 7601 6100

Beaufort Securities (Joint Broker)

Saif Janjua / Jon Levinson

Tel: +44 20 7382 8300

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

 

Powerflute (POWR) – A Little Known Winner

Last September, Powerflute’s shares stood at 38p., since when they have made a steady advance to their present  79.5p.

Powerflute is a Finnish paper and packaging group with a  nose for acquiring similar businesses with strong fundamentals whose performance can be improved by focused management and investment. Their last acquisition was a reverse takeover in 2014 of Corenzo which was expected to add 200m Euro of revenue and EBITDA of 18.5m Euro in 2015.

A trading update in May indicated that in Coreboard and Cores full year performance would be ahead of initial expectations whilst Packaging Papers had also performed well. The performance for the first half of the year was expected to be particularly strong and the full year was expected to be significantly ahead of market expectations.

No date has been announced yet for the interims but they can be expected during the next 6 weeks.

The shares are on a p/earnings ratio of 35.86 and yield 1.73%, covered 1.46 times.

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DDD Group (DDD) and Samsung renew 3D video processing chip technology license agreement

DDD-Logo-300x84DDD Group (DDD) and Samsung renew 3D video processing chip technology license agreement

Los Angeles, California: DDD Group plc (DDD), the advanced imaging and 3D solutions company, has renewed its license agreement with Samsung Electronics Co., Ltd.

The licence agreement has been extended until the end of 2016 and is for the continued use of DDD’s TriDef® 2D to 3D technologies with Samsung’s 3D video processing chips, which are used in Samsung Smart TVs and other Samsung 3D consumer products.

Chris Yewdall, Chief Executive of DDD, said: “We are pleased that Samsung will continue to power it’s Smart TVs with our TriDef 3D conversion solutions for the seventh consecutive year. Samsung hasbeen a TriDef 3D licensee since pioneering the 3D TV market in 2010 and continues to provide diverse 3D content on their range of 3D TVs.”

Enquiries:

DDD Group

Chris Yewdall, President & CEO

Victoria Stull, CFO

+1 310 566 3340

Peel Hunt LLP (UK Nomad/Joint Broker)

Richard Kauffer / Euan Brown

Beaufort Securities (Joint broker)

Jon Levinson / Elliot Hance

+44 (0)207 418 8900

+44 (0)207 382 8300

Blytheweigh (UK IR)

Tim Blythe / Wendy Haowei / Andrea Benton

+44 (0)207 138 3204

Berns & Berns (US PAL)

Michael Berns, esq.

Advanced Oncotherapy (AVO) – Exercise of Warrants and issue of Shares

AVO1Advanced Oncotherapy (AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that it has today issued 34,122,682 new ordinary shares of 1p in the Company at a price of 1.1 pence per New Share pursuant to the exercise of warrants by Brahma AG. The warrants were issued on 25 September 2013 to Brahma in accordance with the share purchase agreement for ADAM SA.  Mr. Alberto Colussi, directly or indirectly through his vehicle Brahma, now controls 19.35% of the Issued Capital of AVO.

Commenting on this, Nicolas Serandour, CFO, said“The exercise of these warrants shows the continued support and confidence of Brahma and the Colussi family which we greatly appreciate.”

Application has been made for the 34,122,682 Shares to be admitted to trading on AIM and it is expected that Admission will occur on or about 4 August 2015. The Shares will rank pari passu in all aspects with the existing ordinary shares of the Company.

Total voting rights

Following Admission, the Company’s enlarged issued share capital will comprise 1,411,161,708 ordinary shares, with voting rights. The Company does not hold any ordinary shares in treasury. Therefore the total number of ordinary shares in the Company with voting rights will be 1,411,161,708. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

For further information, please contact:

Advanced Oncotherapy Plc

www.avoplc.com

Sanjeev Pandya, CEO

Tel: +44 20 3617 8728

Nicolas Serandour, CFO

Westhouse Securities (Nomad & Joint Broker)

Antonio Bossi / David Coaten

Tel: +44 20 7601 6100

Beaufort Securities (Joint Broker)

Saif Janjua / Jon Levinson

Tel: +44 20 7382 8300

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

 

Is Nickel Really a Screaming Buy ?

Nickel has, according to some, the strongest market fundamentals of all industrial metals, yet prices remain near  multi year lows, despite the fact that a year ago, major producer Indonesia, which provided the world with a fifth of its nickel, imposed a ban on exports.

The argument for a rebound is that after many years of growing stocks, which kept a lid on prices, June saw a turning point . Nickel is already becoming scarce in China. The Shanghai futures market has had to accept Norilsks metal, for delivery against contracts. China’s imports of refined nickel surged by 67% in June over the May figure and by 250% year on year. Chinese nickel stocks have now slumped to a 4 year low and have reached critical levels. The growing shortages in the worlds largest user of nickel, it is argued, are bound to lead to price rises.

In the background however there is still Indonesia and some speculation that it may begin to ease export restrictions, as it has already done with copper.

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Advanced Oncotherapy (AVO) – Delivery of additional CCL unit and update on Harley Street

AVO1Delivery of additional CCL unit and update on Harley Street

In-line for high-power testing 

Advanced Oncotherapy (AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that the second Coupled Cavity Linac unit has been manufactured and delivered to the Company’s testing facility in Geneva.

The CCL accelerating structures are an essential part of the LIGHT proton therapy system. They consist of a series of cells which accelerate the protons from energies of 37.5 Mega-electron Volts to the high energies required to treat radiosensitive tumours in a clinical setting. The finished LIGHT system will incorporate ten CCL units in total.

In addition, the first two Radio Frequency power Units, both the Modulator from Scandinova and the Klystron from Toshiba, have been delivered on schedule to Geneva following initial successful testing and will be used in the next few weeks to start CCL high-power testing, in-line with the timetable provided by the Company to shareholders in November 2014.

As well as this, the Company announces that Howard de Walden Estates Limited, which in January 2015 granted a 50 year lease to the Company for the Harley Street site, has agreed to expand the agreement beyond the 8,000 sq ft space agreed in the original lease. This would allow the Company to develop a Proton Therapy Centre on the same site but with an extended footprint, offering potential operators a larger overall facility to manage. The additional planning permission and reconfiguration of the original site plans will have an impact on the start date for work on the site, however the Company remains on schedule in its technology development to have its first LIGHT system ready for patient treatment in 2017.

Commenting, Sanjeev Pandya, CEO of Advanced Oncotherapy, said: “This latest update shows that we continue to remain on target for the successful delivery of our first LIGHT system in-line with the timetable that we outlined to investors. We do have the opportunity to extend the footprint of our site in Harley Street, which could allow us to develop a bigger and better Proton Therapy Centre in Central London, and I look forward to updating shareholders as this progresses. Our focus still remains on the end-goal of having our technology ready for first patient treatment in 2017.”

Advanced Oncotherapy Plc

www.avoplc.com

Sanjeev Pandya, CEO

Tel: +44 20 3617 8728

Nicolas Serandour, CFO

Westhouse Securities (Nomad & Joint Broker)

Antonio Bossi / David Coaten

Tel: +44 20 7601 6100

Beaufort Securities (Joint Broker)

Jon Levinson / Zoe Alexander

Tel: +44 20 7382 8300

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001