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In the coming recession no hope if no moat

I suspect that very few investors and surprisingly few PLC directors have any idea what a recession looks like. For starters most folks in both camps are rich but in a recession, it is the poor or lower middle classes who get whacked hardest. That is especially so when it is an inflationary recession as those lower down the order tend to have the least ability to “play catch up” by forcing through pay rises. And secondly you have to be of a certain age to remember a savage inflationary recession as an adult – the last one was ended with some fairly painful medicine by the blessed Lady Thatcher forty years ago.


Seraphine – having listed less than a year ago, is ANOTHER profit warning really ‘demonstrating strong business model fundamentals’!?

Previously writing on maternity and nursing wear group Seraphine (BUMP), in February with the shares down towards 70p I noted having listed little more than 7 months ago… a lack-of-profits warning AGAIN! concluding that the deteriorating balance sheet and track record since listing meant it remains Bargepole. Now a “Year End Trading Update”...


Seraphine – having listed little more than 7 months ago… a lack-of-profits warning AGAIN!

Maternity and nursing wear group Seraphine (BUMP) has announced a trading update commencing that it “has experienced strong sales growth in the 17 weeks to 30th January 2022 of 45%” and including that it expects full-year adjusted EBITDA of circa £4.5 million. With adjusted EBITDA being manipulated bullshit earnings, that doesn’t sound a lot considering a start of day market cap of more than £100 million…

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