Bill Express in The Age again today

Mark Hawthorne nearly brings together the current situation regarding Bill Express in a good report The Age today. His report includes a reference to the meeting we held in Melbourne Thursday last week where attendees representing 70 newsagencies voted to add their support to the class action already on foot. At least 100 more newsagents who could not make the meeting have agreed to support this class action. There is a meeting of newsagents in Queensland to discuss the where they lodge their support.

Outside of the newsagent class action, anyone looking at the Bill Express business needs to carefully research the current revenues from all parts of the business.

• My information is that at least 30% of mobile recharge business is now being conducted by providers other than the Bill Express Dialtime operation.  While margin on mobile recharge is slim for the company, every retail location lost is a significant bottom line hit when annualised.
• Liabilities are growing at a concerning rate.  Take Bill payment revenues – newsagents had their commission of $1.00 unilaterally cut in February by 30%.  They were promised that this 30% would be spent on advertising.  So far, we have not seen any spend on advertising.  Five months on and the liability is significant.

Given the reports of Bill Express Director Ian Christiansen flying our to the United Arab Emirates I wonder is this is to meet with parties associated with an existing shareholder in the business and licencee of the Bill Express “technology” for that region. I’d be surprised as being caught once ought to be enough.

The coverage by The Age these past two days is excellent.  They are drawing public attention to a problem which has been concerning newsagents for years.