back to article Dragon's Den star's cloudy biz still losing MEEELLLLLIONS

It was a year of frenzied activity for AIM-listed Outsourcery in 2013 but none of this translated into bottom line goodness as the cloud provider's losses again outstripped sales. According to preliminary numbers reported today, the Manchester-based as-a-service firm reported a 44 per cent sales spike to £5.2m, including £4.1m …

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  1. Ben Rose
    Stop

    MEEELLLLLIONS

    Enough with the MEEELLLLLIONS already.

    1. Anonymous Coward
      Anonymous Coward

      Re: MEEELLLLLIONS

      Who's MEEELLLLLIONS are they though, someone must be footing the bill for £8m+ looses year-on-year??

  2. Spoonsinger

    So is this....

    a) Don't trust those people off the telly type thing? (They got where they are from scamming people).

    b) A schadenfreude type thing? i.e. those people on the telly have done something which isn't working, so lets gather around and point at them - because they were on the telly.

    c) Some journo type thing? i.e. someone just wanting to earn some pennies for their mortgage?

    1. HappyHammer

      Re: So is this....

      Piers, is that you?

      Seriously what else is there to say about these results? They are not good, so expect criticism.

  3. amanfromMars 1 Silver badge

    What do you expect? Talk the talk is not walk the walk and like working for a living

    Well .... what do you expect? Vapourware, just like its kissing cousins, Phormware and Phishware, is so very tricky to make real money with .... and if you haven't got the knack with it in the IT Services Sector, you haven't got anything worthwhile to sell and are collecting liabilities and burgeoning debts and sowing barren seeds. But hey .... it's the new failed fiat capitalist way, isn't it. Don't worry about it ....... unless you've invested in the mysterIOUs future and there is nothing to be returned and enjoyed, that is. Then there be problems for you to try and solve ...... or ignore and hope they go away for another day.

    :-) Which is also the new failed fiat capitalist way too, isn't it, created and policed by quants and right dodgy algorithm traders.

  4. HappyHammer
    Thumb Down

    Piers, is that you?

    Seriously what else is there to say about these results? They are not good, so expect criticism.

  5. Mike Simmons

    Is there any detail about the £4million 'Administrative' costs. How many new expensive cars did they buy, or was it merely a ruse to keep the Taxman's hands off? Strange that they manage to curb their losses to exactly the same as last year!

  6. Anonymous Coward
    Anonymous Coward

    Directionless

    As a former employee and someone who still deals with the company formerly known as Genesis Communications, they lack any sense of direction.

    The management commit to new products and services left and right, the newer and shinier the better, shedding previous products and projects before they even reach fruition.

    At one point, following the C&W purchase of Thus, TCFKA Genesis was handed a large (£10m) portfolio of business mobile customers. Within a few months, many had jumped ship due to a lack of support and shortly thereafter the service was phased out.

    Next was the drive for UC and VOIP. Again, investment was made into a truly great product and several customers were sold onto the platform. Once again, the direction changed, the support canned and the customers abandoned.

    As Genesis Communications, the company had a reputation for poor support and a lack of direction. These financial results show that this is still the case.

    With all this change, as expected, the only thing in common between the two eras is the management.

    1. Anonymous Coward
      Anonymous Coward

      Re: Directionless

      I worked for this company as well and remember well who was the real brains behind both the management buy out and the move to the cloud.

      http://www.mobilenewscwp.co.uk/2008/03/10/a-fresh-start-for-genesis/

      http://www.mobiletoday.co.uk/News/5036/Motorola_man_hired_by_Genesis.aspx

      At that point the business had £60 million turnover and profit of £3-6 million per year. I'm not certain what the definition of an entrepreneur is, but i'm fair certain it involves making money!

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  8. HappyHammer

    the truth

    I worked for this company as well and remember well who was the real brains behind both the management buy out and the move to the cloud.

    mobilenewscwp.co.uk/2008/03/10/a-fresh-start-for-genesis/

    mobiletoday.co.uk/News/5036/Motorola_man_hired_by_Genesis.aspx

    At that point the business had £60 million turnover and profit of £3-6 million per year. I'm not certain what the definition of an entrepreneur is, but i'm fair certain it involves making money!

  9. The Godfather
    Angel

    wave the magic wand...

    'Given the losses and the current revenues, Kaye Hanaghan, research director at TechMarketView, said Outsourcery needs to "deliver the 'new buds' of scale in the business and prove the model works.

    "2014 is an important year in this regard, but we suspect it could be 2015 before we can really make a judgement on the numbers," she wrote today in a blog post'

    Make that 2018....there is far too much debt and cost here and no surety the revenue will come at the required rate..best option would be one or two years of growth and sale...to some other unsuspecting investors. Other route is failure if revenue stream and profitability does not rise substantially and quickly

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