Looking better this afternoon, though very volatile and the higher bid that someone is placing is being taken soon by "AT"

volume is rising also, soon should be news of when results are announce

spread 47 v 47.75p, was a bit earlier at 47.75 v 48.25p

Level2 / order book DEPTH is strong at 23 v 13

Let's hope the results will be the catalyst.

Results were 30th April last year.

finally the company has announce the date of results ............

Notice of 2014 Final Results

Globo plc (LSE-AIM: GBO), the international provider of Enterprise Mobility Management, mobile solutions and software as a service, will announce its preliminary results for the year ended 31 December 2014, on Thursday 30 April 2015.

A presentation to analysts and private client brokers will be held at 10.30 on that day at the MWB Business Exchange, 55 Old Broad Street, London, EC2M 1RX.

Not long to wait perhaps we'll start to see a move northwards

Isn't this based in Greece ?....

I think now it has a small percentage only in Greece now , it sold most Greek business.

spread 47.50 v 48p

Since yesterday there is some sense of fresh air on the trading front, and though the closing price yesterday was still @ 47p one could see plenty of trades well above that.

today has started where late yesterday finished and the fruit of it is showing on the share price and also on the trades and much the same on the order book, very strong on the bid side

I would hope to see us edging 50p before the results on Thursday...

Well looking good for the Thursday's results as it reaches highs not seeing for some time

the order book continues strong and glad the sell order at 48.50p was not large and now over.

order book DEPTH 29 v 21

So perhaps today then!

GBO results due on Thursday

Forecasts
Year Ending - Profit(£m)- EPS - P/E - PEG - EPS Grth.
31-Dec-14 ------ 23.20 - 6.21p - 7.7 - 0.4 - +17%
31-Dec-15 ------ 28.08 - 7.51p - 6.4 - 0.3 - +21%
31-Dec-16 ------ 33.69 - 9.02p - 5.3 - 0.3 - +20%

Revenue (£m)
31-Dec-2015 97
31-Dec-2016 112
--------------------------
Last month ST covered GBO, 2014 eps expectation in line with Arthurlys:-

This news can only underpin prospects for this year and expectations that Globo will deliver on analysts’ pre-tax profit estimates of €50.7m on revenues of €122m, up from €34.3m and €99.8m forecast for calendar 2014. On this basis, EPS are predicted to increase by 11 per cent to 8.2 cents (5.8p) in 2014, rising to 11.9 cents (8.5p) this year.
This means that even after factoring in the near 10 per cent appreciation of sterling against the euro since the start of 2015, Globo’s shares are still only priced on 10 times likely fiscal 2014 earnings, falling to 7 times 2015 estimates assuming of course it delivers the robust growth anticipated by sector analysts.

The Company

Globo is an international leader and technology innovator delivering multi-platform Enterprise Mobility Management and Telecom software solutions.

Product offerings include:
Enterprise Mobility solutions including GO!Enterprise Office, GO!Enterprise Mobilizer, GO!Enterprise Reach, GO!Enterprise247 Cloud, and GO!Enterprise Mobility in a Box. Additionally, through several combinations of the GO!Enterprise Mobility Management Platform, the most comprehensive mobile application platform, Globo empowers enterprise developers and ISVs to create secure mobile applications by utilizing the patented technology of secure containerization for both corporate-liable devices and BYOD initiatives.

Consumer Mobility solutions including CitronGO! and GO!Social offering a unique smartphone user experience on feature phones, empowering MNOs and MVASPs to maximize ARPU, user retention and network utilization and efficiency.

Globo was founded in 1997 and is run through its head offices in New York, London and Athens.
Since 2007, Globo has been listed on London Stock Exchange’s AIM market as (GBO:LN).

The Group operates internationally through subsidiaries and offices in the US, the UK, the Europe, the Middle East and the South East Asia.
Globo mobile solutions currently operate in more than 45 countries and serve more than 6 million users on a monthly basis.
Globo has partnerships with industry leaders including Samsung, Fujitsu, Ingram Micro, Computerlinks, ASBIS and leading software and systems integrators who combine to support the industry’s broadest range of mobile devices.

Globo has received numerous awards for its innovative technology and superior financial performance and is recognized as one of the key players in its field in numerous Technology reports such as Gartner, VDC, OVUM etc.

Since December 2012, Globo has divested from its Greek legacy business (e-business software) operations and is focusing solely in its international expansion which today represents more than 85% of its operations.

with regards to "upenn "
Share price has not grown with profits
Share price now 48p

FY pretax up 30% to EUR 35.7m, above expectations. Strong momentum of 2014 has continued in first quarter. Perhaps today the start of a re-rating.

Astounding Results results with EPS of 6.70p so worth around 100p

52p +4p

GLOBO Plc ("Globo" or the "Group")

Preliminary Unaudited Results for the Full Year ended 31 December 2014

Strong revenue growth; third consecutive year of positive free cash flow1, of €7.3 million

Globo plc (LSE-AIM: GBO), the international provider of Enterprise Mobility Management (EMM), mobile solutions and software as a service (SaaS), announces preliminary unaudited results for the year ended 31 December 2014.

Financial Highlights

• Revenues up 49% to €106.4 million (2013: €71.5 million), ahead of market expectations
· GO!Enterprise revenue up 94% to €57.9 million (2013: €29.9 million)
· CitronGO! and GO!Social revenue up 11% to €38.5 million (2013: €34.8 million)
• Revenues from North America increased by 334% to €15.5 million (2013: €3.6 million) representing the 15% of the total Group revenues.
· EBITDA up 41% to €50.9 million (2013: €36.0 million), ahead of market expectations
• Profit Before Tax up 30% to €35.7 million (2013: €27.4 million), ahead of market expectations
• Earnings Per Share of €0.094 (2013: €0.074), ahead of market expectations
• Free Cash Flow1 of €7.3 million (2013: €5.2 million)
• Year-end cash position of €82.8 million (2013: €64.2 million) with Net Cash position (cash minus debt) of €40.4 million (2013: €42.8 million)

1 Free Cash Flow (FCF). Free cash flow is calculated by taking the net cash flow from operating and investing activities, adding back the cost of acquisitions.

Operating Highlights

Growth in Customer Base
• GO!Enterprise customer base grew to 834,000 business-to-employee device licenses (2013: 340,600) and 31.8 million business-to-consumer licenses (2013: 13.1 million)
• CitronGO! and GO!Social customer base increased to 3.50 million monthly active users (2013: 2.98 million)

Brokers target prices updated today: RBC 120p and Canaccord 90p.

This one has got to start flying, dirt cheap in my opinion.

Has beaten the EPS expectations and well ahead
with 7.40p

Fcast
31-Dec-14 - 6.21p

Does look good I must say at a first glance .......

Thursday, Apr 30 2015 by Paul Scott

Globo (LON:GBO)
Share price: 51p (up 7% today)
No. shares: 373.7m
Market Cap: £190.6m

(for the avoidance of doubt, I have no position in this share at the time of writing)

Preliminary results - for calendar 2014 are out today - rather late, four months after the year end. As usual, the headline numbers look amazing - revenue up 49% to E106.4m, EBITDA up 41% to E50.9m, profit before tax up 30% to E35.7m. EPS up 27% to E0.094, ahead of market expectations. However, free cashflow is stated by the company to be only E7.3m - so only 20% of PBT converts into cash.

Intangible assets - the P&L is safely ignored, as it's effectively fantasy, in my eyes. The E35.7m profit before tax is achieved by diverting an enormous chunk of debit entries (costs) from the P&L, and onto the balance sheet, mainly into intangible assets. These are mainly just payroll costs, so they're worth zilch. They're not an asset at all, but they sit on the balance sheet as if they were.

You can capitalise costs into intangible assets under current accounting treatment, if you call it development spending. As Dr Paul Jourdan of Amati pointed out at the UK Investor Show, sitting next to me on the panel discussion about value investing, many fund managers are dismayed with this new accounting treatment, as they had previously fought hard to stop companies capitalising costs into intangible assets. So in his view (and mine), such capitalised costs should be reversed by investors when looking at the accounts.

In this case, intangible assets (excluding goodwill) rose by E12.9m, so at the very least I would deduct that figure from PBT, to reduce it from E35.7m to E22.8m.

Cashflow statement - I find this far more revealing than the P&L, when looking at the accounts of companies that I suspect are indulging in creative accounting (several changes of auditor at Globo strongly reinforce that suspicion - one of many red flags with this company).

Several things jump out at me. Firstly, why is a company with substantial net cash paying substantial interest payments of E4.1m? Also, why did a company with substantial net cash repay E10m of borrowings, but take out E30.0m of new borrowings in 2014? That simply doesn't make sense to me. If you have a lot of spare cash, then you pay off your borrowings, to save interest. You don't take out new, larger borrowings. Very, very odd. Can anyone shed any light on that?

So the net cash from operating activities is E31.0m. Of that, most of it, E24.4m is spent on capex. Since tangible assets are negligible, what this means is that almost all of that money was spent on intangible assets - i.e. payroll costs! Add in interest received, and you arrive at free cashflow of E7.4m, which is near enough (after rounding) to the company's statement that it made free cashflow of E7.3m.

They also spent E9.1m on acquisitions, which is fair enough, it's fine to exclude that from free cashflow, as it's discretionary.

Therefore, the way I look at things, the free cashflow figure of E7.4m is effectively the real level of profitability the company is achieving, and the much higher P&L numbers are fantasy. You don't have to agree with me, this is just my opinion.

Valuation - so as I've demonstrated above, this means that the company isn't on a PER of 6 at all, as the E part of that calculation is a fantasy number.

As is often the case with companies that indulge in creative accounting, it can fool a computer model! So you can see that the StockRank is high, at 85, and the Growth & Value section is a sea of green.

This is where, in my opinion, you need shrewd human input, to spot the flaws that the computers can't necessarily pick up, because the computer has to assume that the reported accounts are perfect. I don't, and I know what to look for, to identify the imperfect ones!

The non-existent dividend yield is a big tell. Again, a hugely profitable company with pots of cash should be paying decent divis, right? Yes it should, but Globo has never paid a divi. Something just isn't right here, in my view.

Balance Sheet - I've covered intangible assets already, but the other odd items here are "other receivables" within fixed assets - it's very unusual to see any debtor figure up there. I think this might relate to the deferred payments from when the company inexplicably decided to sell 51% of a part of the business to its management, and gave them a cash dowry to enable them to "buy" the business back. There is only one reason to explain why that was done - it was to get the figures off the consolidated balance sheet. It's now an associate, which is a single line entry.

Debtors - this is always a warning sign, if it's more than the usual range of about 60-90 days turnover. In this case trade debtors are E50.8m, which is 48% of turnover for the year. That's way too high, and I don't care what the reasons are, it's just far too high. The ageing of it looks to have deteriorated somewhat too, see note 4 to today's accounts. Although it's easy enough to credit off old, unpaid invoices, and then re-invoice them anew.

A lot of the unpaid debtors are probably Greek Govt, or Greek corporate debts. Which with Grexit impending, what's the likelihood a lot of Globo's debtors will have to be written off? Very high I would say.

Furthermore, there's another E21.1m in other debtors, which relate to deferred income. So the company has booked sales (and hence profit) through the P&L, but not yet billed the customer. So it sits in other current assets until an invoice is raised, and then moves into debtors. So really, total debtors are E71.9m, which is the bulk of 2014's entire turnover!

Cash - the company says it has E82.8m cash, and it did raise a load from a Placing some time ago. So why does it also have E42.4m in bank borrowings? Are they masochists, who enjoy paying the bank interest unnecessarily? On the face of it this seems crazy, but maybe there is an explanation - is the cash marooned in one country, and the debt in another possibly, I don't know?

My opinion - the figures have never looked right with this company, and I strongly believe that sooner or later, there will be big write-offs from this balance sheet. I don't believe the figures, to be blunt. Nor does the market, or the PER wouldn't be 6, would it?!

That said, there does appear to be something here. If you do believe the numbers, and some people might, then there seems good growth in licenses sold, etc.

Anyway, as you might have guessed, it's not for me.