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Dillistone – emphasises GatedTalent ‘momentum’, but how are the financials?

By Steve Moore | Wednesday 10 October 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Dillistone Group (DSG) has announced “GatedTalent registers 20,000th executive member” - including “having launched the innovative executive database at the end of 2017, the pace of registrations has increased considerably with the momentum achieved seeing two considerable milestones being passed in quick succession. The 10,000th registration was registered in August 2018, with the 20,000th being achieved approximately two months later”. Sounds good, but what about financials?

I note the announcement is not a formal RNS, but an RNS Reach – this to “deliver general news (i.e. non-regulatory) such as marketing messages, corporate and product information”, rather than financially material news. Doesn’t bode well then. The announcement continues with;

“Commenting on the achievement, Jason Starr, Chief Executive of Dillistone Group, said: ‘GatedTalent is a unique platform - allowing executives to share private biographical and aspirational information with executive recruiters while maintaining privacy. This pace of executive registrations is testament to the executives' enthusiasm for the concept which, in turn, increases the attractiveness of GatedTalent to recruiters. The 'search and connect' functionality is now active, so recruiters can send connection requests and gain the full benefit of the increasingly populated database, over and above their own candidate pool.’”

Again sounds good, but what about any financial information? Instead that’s it. It follows soon after end of last month-announced results for the first half of 2018, which included “the GatedTalent division expects to be loss making in both 2018 and 2019” and showed the group’s overall bottom-line and revenue both down on the corresponding 2017 period – respectively to just £0.01 million pre-tax profit (and that on an adjusted basis) and £4.5 million (that -9%). Indeed net cash was £0.3 million lower to £0.7 million, though worse, the net current position further deteriorating to -£1.7 million.

And now a ramptastic RNS Reach. Hmmm! I currently retain my previous caution; sell / avoid.

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