Wasps 18/19FY Financial Results

Discussion in 'Wasps' started by CCFC54321, Oct 22, 2018.

  1. CCFC54321

    CCFC54321 Well-Known Member

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    can anyone confirm when there financial results are expected to be released in the new year?
     
  2. Nick

    Nick Administrator

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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?
     
  3. CCFC54321

    CCFC54321 Well-Known Member

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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.
     
  4. Otis

    Otis Well-Known Member

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

    Grendel Well-Known Member

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    Change your name to one of the following:

    Dongonzalos
    Rasputin
    Simon Lawrence

    Just happens naturally
     
  6. Nick

    Nick Administrator

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    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.
     
  7. CCFC54321

    CCFC54321 Well-Known Member

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    How disappointing.
     
  8. Nick

    Nick Administrator

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    So I wasn't wrong that while everybody else was discussing the Southend match you made a thread about wasps and didn't bother with our match?

    Not really sure what's disappointing in pointing that out.

    Try not being so obvious.
     
  9. Captain Dart

    Captain Dart Well-Known Member

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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.
     
  10. Nick

    Nick Administrator

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    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.
     
  11. Covstu

    Covstu Well-Known Member

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    Do we know when the Blaze's accounts are out??
     
  12. WhaleOilBeefHooked

    WhaleOilBeefHooked Active Member

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    Quite an interesting read:

    upload_2018-10-23_14-1-33.png

    Next filing is in February 2019, at which point I fully expect at least £11.
     
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  13. Otis

    Otis Well-Known Member

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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.
     
    Captain Dart likes this.
  14. Nick

    Nick Administrator

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    It's exactly that. A big song and dance, bang on about freedom of speech and censorship is what usually happens.
     
  15. fernandopartridge

    fernandopartridge Well-Known Member

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    It's their not there.
     
  16. Covstu

    Covstu Well-Known Member

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    You okay hun, PM me x x x
     
  17. Otis

    Otis Well-Known Member

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    I still have that restraining order out on you and yeah, you're right, I can still keep seeing you sneakily cycling past my house on your bike (nice thighs by the way).
     
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  18. lordsummerisle

    lordsummerisle Well-Known Member

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  19. chiefdave

    chiefdave Well-Known Member

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    Only had time for a quick glance but some parts that leap out:
     
  20. lordsummerisle

    lordsummerisle Well-Known Member

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    They're fucked basically.
     
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  21. fernandopartridge

    fernandopartridge Well-Known Member

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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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  22. chiefdave

    chiefdave Well-Known Member

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    Being announced in 3 weeks :woot:
     
  23. Nick

    Nick Administrator

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    'Financially Wasps are in great shape' - Lawrence Dallaglio

    England World Cup winner believes jealously maybe behind rumours
     
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  24. Grendel

    Grendel Well-Known Member

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  25. fernandopartridge

    fernandopartridge Well-Known Member

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    They don't get it. These big concerts aren't worth that much, good for profile but the organisers will arrange everything, they just want use of the premises.
     
  26. Ian1779

    Ian1779 Well-Known Member

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    Give it half an hour till Italia is here going for the save...
     
  27. clint van damme

    clint van damme Well-Known Member

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    Think he banned mate.
     
  28. Ian1779

    Ian1779 Well-Known Member

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    He'll be gutted... he's probably off to an internet café to set up a new user instead.
     
  29. oldskyblue58

    oldskyblue58 CCFC Finance Director

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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
     
    Last edited: Nov 12, 2018
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  30. Nick

    Nick Administrator

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    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"
     
  31. sb84

    sb84 Member

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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?
     
  32. Terry Gibson's perm

    Terry Gibson's perm Well-Known Member

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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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  33. Nick

    Nick Administrator

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    Welcome back

    Who has said they will be gone?
     
  34. WhaleOilBeefHooked

    WhaleOilBeefHooked Active Member

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    Nah, why would they be? They seem to have a knack of taking payments of £4,000 for a service valued at £1,200. Its a great bit of business for them :)
     
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  35. Grendel

    Grendel Well-Known Member

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    First post of the new season. How do you think the season is going?
     

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