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Downwardly mobile call for Casey as German woes dial up new setback for entrepreneur.
(From Irish Independent)
NEWSMAKER OF THE WEEK: PIERCE CASEY, GETMOBILE FOUNDER
PIERCE Casey, the 51-year-old Waterford-born serial entrepreneur, made the headlines for the wrong reason this week.
GetMobile, the German mobile phone reseller which Casey brought to Dublin's IEX and London's AIM twelve months ago, suffered a near-70pc collapse in its already deflated share price on Wednesday. The cause was a trading statement which warned that GetMobile would not meet its sales expectations.
The real problem was not worsening market conditions, but the fact that what was effectively a profit warning came only a month after the company used the opportunity of its agm to give very positive guidance to shareholders. This is Getmobile's second profit warning in less than 12 months. The share price fell by almost 40pc in one day last October after the company issued its first profit warning, only two months after coming to the market.
The 11c share price compares very badly with a high price of 1 achieved a year ago when GetMobile was floated as Fitzwilliam Capital and it reflects investors' growing concerns about the prospects for the group in selling mobile phones via the internet.
GetMobile's stockbroker, Davy, has slashed EBITDA forecasts from 5.6m to 1m and it is difficult at this stage to see how the new company can avoid losses in the current year.
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