Wasps 18/19FY Financial Results

CCFC54321

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Oct 23, 2016
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can anyone confirm when there financial results are expected to be released in the new year?
 

Nick

Administrator
Feb 25, 2008
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You might be mistaking it for a wasps site... Have a break and talk about ccfc. I'm sure you started one during the game on Saturday too?
 

CCFC54321

Well-Known Member
Oct 23, 2016
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You might be mistaking it for a wasps site... Have a break and talk about ccfc. I'm sure you started one during the game on Saturday too?
Nick- I’m not going to get into a long drawn out row with you like you carried out last week with another poster but I find your approach unacceptable for an administrator.

I’ve always thought you carried out an excellent job here but lately your approach disappoints me.

Could you PM me please on how I de register from this site.

Keep up the good work as I believe your hearts in the right place.

Cheers.
 

Otis

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Mar 26, 2011
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Nick- I’m not going to get into a long drawn out row with you like you carried out last week with another poster but I find your approach unacceptable for an administrator.

I’ve always thought you carried out an excellent job here but lately your approach disappoints me.

Could you PM me please on how I de register from this site.

Keep up the good work as I believe your hearts in the right place.

Cheers.
Don't need to deregister. You can just stop posting if you want.
 

Grendel

Well-Known Member
Sep 19, 2011
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Nick- I’m not going to get into a long drawn out row with you like you carried out last week with another poster but I find your approach unacceptable for an administrator.

I’ve always thought you carried out an excellent job here but lately your approach disappoints me.

Could you PM me please on how I de register from this site.

Keep up the good work as I believe your hearts in the right place.

Cheers.
Change your name to one of the following:

Dongonzalos
Rasputin
Simon Lawrence

Just happens naturally
 

Nick

Administrator
Feb 25, 2008
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Nick- I’m not going to get into a long drawn out row with you like you carried out last week with another poster but I find your approach unacceptable for an administrator.

I’ve always thought you carried out an excellent job here but lately your approach disappoints me.

Could you PM me please on how I de register from this site.

Keep up the good work as I believe your hearts in the right place.

Cheers.
You just stop posting if you don't want to.

My approach to point out you strangely posted about wasps during a ccfc game? Am I wrong then?

Feel free to have a flounce though. No need to send you a pm.
 

Captain Dart

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Oct 26, 2013
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Could you PM me please on how I de register from this site.
So the question might be is this forum fully GPDR compliant. The rules of the game changed & its a morass.
If the site earns money even indirectly through adverts then it may have a duty to be compliant.
Well I don't know, its up to the site owner to be sure.
A member is at liberty to raise a GDPR request and complain to the information commissioner if unhappy at the response.
 

Nick

Administrator
Feb 25, 2008
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So the question might be is this forum fully GPDR compliant. The rules of the game changed & its a morass.
If the site earns money even indirectly through adverts then it may have a duty to be compliant.
Well I don't know, its up to the site owner to be sure.
A member is at liberty to raise a GDPR request and complain to the information commissioner if unhappy at the response.
There is a difference between having a flounce in public or actually really wanting something to happen.

Is this a shit version of the Avengers trying to assemble? People who have no idea about CCFC on a CCFC forum.
 

Otis

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Mar 26, 2011
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What I don't get here is why anyone would post up a message asking for someone to PM them.

Surely you just PM the person yourself and ask your query there.

We're back into the territory of people making big announcements they are quitting the forum, rather than have them just quit the forum.
 
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Nick

Administrator
Feb 25, 2008
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What I don't get here is why anyone would post up a message asking for someone to PM them.

Surely you just PM the person yourself and ask your query there.

We're back into the territory of people making big announcements they are quitting the forum, rather than have them just quit the forum.
It's exactly that. A big song and dance, bang on about freedom of speech and censorship is what usually happens.
 

Covstu

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Aug 17, 2008
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What I don't get here is why anyone would post up a message asking for someone to PM them.

Surely you just PM the person yourself and ask your query there.

We're back into the territory of people making big announcements they are quitting the forum, rather than have them just quit the forum.
You okay hun, PM me x x x
 

chiefdave

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Sep 27, 2008
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Looking good!
Only had time for a quick glance but some parts that leap out:
Revenues down at £32.8m (Wasps: £15.5.m; ACL: £3.6m; IEC: £13.7m) from £33m;

Operating loss increased to £6.3m from £2.2m

Operating loss before exceptional items and allocation to non-controlling interests of £(4.4)m (2017: £(0.3)m);

Increased Operating loss before depreciation, exceptional items and allocation to non-controlling interests to £2.1m (2017: profit £1.3m);

Consolidated Senior Debt at 30 June 2018 of £37.3m (2017: £35.5m) mainly owed to Wasps Finance PLC, Barclays PLC and HSBC PLC

The Wasps Holdings Group (the “Group”) has net liabilities of £0.2m (2017 as restated net assets of £8.9m) but made a loss of £9.7m (2017 as restated: £6.0m) in the current year and has net current liabilities of £12.9m (2017 as restated: £10.4m).

As with any company placing reliance on shareholders for financial support, the directors acknowledge that this letter of support is not legally binding. If ultimate shareholder support should not be forthcoming, the Group would have insufficient cash without securing additional funding to meet its ongoing liabilities, which include the payment of interest to the Company, the Retail Bond covenants would also not be met meaning the Bondholders could call for immediate repayment of the bonds, and the Company has insufficient cash to repay the bonds without securing additional funding.
 

fernandopartridge

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Dec 9, 2011
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£9.7m loss

Overall the forecast doesn't read positively, the debt to the bondholders has increased by £200k, which is the cost borne from the accounting irregularities.
They've got a £3.5m overdraft which has gone up £2m in a year, doesn't sound healthy.
No mention of the academy in future developments either.
 
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Ian1779

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Dec 6, 2012
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Give it half an hour till Italia is here going for the save...
 

oldskyblue58

CCFC Finance Director
Apr 16, 2010
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I am sure you can all read the accounts so not going to comment on the total detail. Just some more specific comments

- not my idea of robust or in good shape
- clearly Richardson is vital to the Wasps fortunes over the last two years he has put in £12m to keep them afloat
- the specifics of the change from Compass to Delaware are not detailed. I would guess that less than a month after the year end there were some very big settlements to be made. But how? Compass returned the shares in IEC that originally cost the £4m, plus i would think were owed substantial amounts on the trading account and was there any cost to settle the arrangement. Perhaps explains why their charge still shows at Companies House
- somewhat surprised that there were so many prior year adjustments. Considering the previous auditors charged over £200k and were so scathing why were these "errors" not picked up, most seem to have been pretty basic accounting. The previous accounts had already included a 4m amendment
- Their biggest concern still remains cash flow. Hence the increase in bank borrowing and monies from Richardson. The group cash deficit for the year was £1.9m
- looks like they changed bank in the year.
- biggest drain on finance cash flow seems to be the rugby side of the business £2.7m negative which means the rest of the business was plus 0.8m
- considering they didnt win anything then turnovers and margin stood up quite well,
- considering they were supposed to be improving the bottomline then to say they have now put in procedures to control costs is surprising/worrying.
- I assume the covenants are still met despite loss etc - i know the basis was changed from last year
- seems to be a hint that the revalue of the lease might be downward in 2019
- seems to be a lot of focus on management and administration - number increased by 28 people in the year - doesnt seem to be working too well with all the errors and lack of cost control
- no new stadium sponsor must be a concern.
- no mention that CCFC are tenants i dont think
- Judicial review costs have cost them £500k so far
- i would expect the bond price to fall - but that changes nothing for now


Not very good at all really - but situation has not changed, so long as Richardson backs it then they will carry on. My overall view is of a struggling business that has not been run very tightly, wouldnt say it was successful or close to that but i dont think it is about to fall over - but thats just my opinion
 
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Nick

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Feb 25, 2008
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"Financially Wasps are in great shape. Very, very good shape indeed. And I am not sure where that comes from all that chat about them financially struggling. There's no rugby business quite like Wasps at the moment in terms of their revenue and turnover.
Wonder if there will be a follow up podcast between the Wasps director and Employee to spin it some more?

Fisher-esque. Just needs "Let me be clear"
 

sb84

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Dec 16, 2016
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Before we all go getting carried away and think that Wasps will be gone soon, maybe we should remember who owns us and how their finances and management are so much better?
 

Terry Gibson's perm

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Xmas party will be cancelled this year I bet the staff on boats in London are delighted
 
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Grendel

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Before we all go getting carried away and think that Wasps will be gone soon, maybe we should remember who owns us and how their finances and management are so much better?
First post of the new season. How do you think the season is going?