Joined the holders in CBF this morning. Looks like a recovery going on here and I here whispers well speculation of new contract wins. The company seems to be moving away from DNA and focusing on protein and virus production and they seem to be far more focussed.

The company have restructured their sales and marketing team and appear to be more aggresive in their actions.

Fixed and variable costs have also been attacked and the company is working from a lower cost base. The companys order book is higher than it as been for a while and I beleive quarterly profit will be achieved.

Chart also looks strong and shows a break up.

Pointers To Recovery.

From last results 11th Jan.

Sales improvement in the second half of the financial year due to switch
from DNA to proteins and virus.



Restructuring of sales and marketing to address US market.



Restructuring of the Oxford and Keele facilities.



Broadening of customer base - 12 new customers in 2004.



The 4.8m Oxford Facility completed on time and to budget.



Contracted business for financial year 2005 stands at 2.7m.



Financial:


Revenue: H2 2004 up 30% to 2.0m compared with H1 2004 1.5m
FY 2004 down 42% to 3.5m (FY 2003: 6.0m)

Gross margin: H2 2004 49% compared with H1 2004 39%
FY 2004 45% (FY 2003: 57%)

Loss before tax: H2 2004 reduced by 17% to 1.03m compared with H1 2004 1.24m
FY 2004 2.27m (FY 2003: 0.82m profit)

Cash at bank: Sept 2004 3.2m compared with Mar 2004 3.8m (FY 2003: 7.3m)

Loss per share: FY 2004 12.3p (FY 2003: 6.9p earnings)

Director Speak

Commenting on the results, Peter Fothergill, Executive Chairman said:

'Our second half improvement and the current position of our order book are
significant achievements. Management moved rapidly during the year to focus
sales and marketing in the US and from DNA to virus and protein production. This
was no mean feat and we are cautiously optimistic for the future.'

Company Outlook Statement.

Management is actively seeking to broaden the customerbase particularly in the US biotechnology clusters and is examining ways toexpand the service offering including later stage manufacture and there by developing longer-term relationships which can reduce the impact of the high levels of clinical trials failure. These initiatives are already beginning to gain traction with contracted business currently 2.7 million for the financial year 2005 ('2005'), with 52% from North America. If this improvement continues Cobra will recover value for its shareholders.

Fundies.

Presently loss making but looks like the corner has been turned. Awaiting next trading update/results.

Beta.

Fairly High.

Conclusion

Highly Speculative, but the rewards if recovery does take place could be very rewarding.



cheers GF.

Huge drop today to 47p...looks like more downside on the way.

Time to BUY!!! added another 14K worth today.

Looks like some expansion may be going on at Cobra, they are advertising for at least eleven new staff at Oxford and Keele in the November 18th issue of New Scientist. Note use of plural/singular for the production scientist posts.

OXFORD:
Team Leader Microbiology,
Microbiologist,
QA Officer,
QC Analytical Scientist,
Team Leader Upstream Processing,
Team Leader Downstream Processing,
Senior Production Scientist(s),
Production Scientists(s).

KEELE FACILITY:
QC Team Leader,
GMP Production Supervisor for Microbial fermentation,
Senior Research Molecular Biologist.
copied from the other side

The big question is just how big a PROFIT we have made this year.
dyor

Little interest here, but the trend is down since earlier 2007 - and the GSK issue is bad news. although I suspect the sp reaction is overdone as they weren't banking on this work....it's not like your No1 customer has left suddenly.
Don't know what the trend is saying, though any ideas?
Anyone?

A year later and no comments!

Grief - Look at the SP fall.
Er, just what's up?

Ah Funding issues. . . . . well, we can expect a huge dilution at about 10p-ish I'm guessing.....oh deary....

Does the UK produce any good Executives?


EDIT - read latest RNS - it seems the Dixons have (with others) bought shares at 5p recently increasing their % but by arrangement they don't have to mount a full takeover.
This is a BAD scenario, IMHO.......did any other investors miss-out. Cheated, shafted come to mind....Ouch!
All IMHO - DYOR.

The directors appear to have benefitted from this emergency placing; why not a full rights issue to give all shareholders a chance.

Some qusetions need to be asked at the EGM

The company is encouraging all shareholders to attend the EGM. Why?
The directors assume that shareholders can get the time off / are willing to pay the travel costs.

I wonder, but does this demonstrate that a knocked company will never return?
The sp was 1.38 when IC suggested "Buy" [ I thought it had already had a good run and waited ]- and within a few weeks it was down to 82p - and then fell to 36p, followed by 24/28 - this slowly recovered for about a year, then once beyond 60p it started to fall again = just look at it now . . . . a pathetic share-price demonstrates the Market's belief in these Execs.
+Furthermore it looks like the Dixons are mounting a takeover.....(but then I could be wrong.)....
EGM - who will attend, be realistic!
-DYOR-

c. 12% dip today - looks worse than it is, I'm guessing this is the drift towards the value placed on the shares by others......there being a tendency for MM's to drop the price until the Market "forgets" the woes.

I read they have got the 1.2m - but how long will this last?
Could it last 3-months? - OR - 6-months, even?
Without a decent order ( being invoiced!), they have only the promise of an order....(The one ann. in Jan08 if memory serves). That is some way off from delivery, as they need to refurbish their plant ( Yikes!).....to meet the new demands - - - looks like the Buyer was very generous to give [CBF] an order they didn't have the capability (then?), to deliver.
Oh well, at least we know the background to the fall.
(- er, unless anyone has another theory...).

EDIT. 19Aug08- Pethris - did anything happen recently? - sp up 5% today (5p to buy)...I've almost lost interest....

Yes how long will the cash last you rightly ask. Another announcement today - hurrah - but of what substance?
Shareholders feel extremely aggrieved-the situation is pathetic-how much can the Dixons take before they exit - in which case how and when????????

In view of Seymour Pierce's holding have they invited Cobra to present at Growth Investors' Show today?

-Growth Show 2008 - don't think they were there.-
Big drop today, despite some share transfers (earlier this month) by Director D.Thatcher (DYOR). . . . a neutral position, IMHO.
But today's fall is not good - whatever the reason, looking like a (single) Sell of 250k
. . . . . . leaving investors with Sell= 3p, Buy=4p
that's a poor spread!