Easy Property create new world record for the worst projections ever.

In what is becoming a boringly repetitive story, yet another Crowdcube funded company, Easy Property, has crashed its projections. The results are quite spectacular. 

Easy Property raised £1.36m in 2014, from 376 Crowdcube investors. 

The company admits in its latest accounts that its progress has been a little slower than expected. They also say that they will have to raise even more money (they have already blown the 2014 forecasts) this year.

Here is a comparison between what they told people would happen (and what they both valued the company on and sold the shares using) and what has actually come about -

2015 - Revenues £  144k ...................Projected £6.8m

           P&L         -£6.77m..................               -£4.99m

2016   Revenues £ 874k.....................               £23.7m

           P&L         -£10.94m................               £2.67m profit

This creates a gap for the last 12 months, between what they told investors would happen and what they have actually delivered, of a world beating £13.5m in the P&L. 

Since 2014 they have raised over £24m in equity finance, when they predicted only £12m in total. As we know, they are about to have another go. This new new round is not in the projections, mind you, nor was the last £12m.

Since 2014 they have delivered next to no revenues but the administration costs to achieve this have come in at over £18.6m, when the projected figure for healthy revenues was only £16m.

All of this according to Seedrs' Jeff Lynn is perfectly normal and to be expected. We beg to differ.

The company was valued at £68m in 2014 when it appeared on Crowdcube. What value now? 

We wish all 376 investors (who are according to the Directors are going to finance the next round) the best of luck.