Keyword results: EBITDA

EAH
EAH

ECO Animal Health Group – “Notice of Results and Trading Update” announcement far from routine!

A routine-sounding “Notice of Results and Trading Update” announcement from ECO Animal Health Group (EAH), which includes it stating it “is pleased to provide an update to its expected results for the year ended 31 March 2022”... so why are the shares currently approaching 100p in response, circa 20% down?!

Seraphine – full-year results, not a trading warning AGAIN surely?!

Seraphine Group (BUMP) has announced results for its year ended 3rd April 2022 including that it “has continued to follow its purpose to be 'with mums for the journey', providing fashionable, affordable, sustainable and innovative clothing and products for expectant women and parents… Our innovative product range, international reach and strong underlying economics put us in a robust position to focus on returning the business to profitable growth”. So what of a current 27p share price?

JSE
JSE
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Jadestone Energy acquires a new producing asset and the deal looks good - buy

Quite a lot has happened since I covered Jadestone Energy (JSE) as a buy just over a month ago, and recent news has further strengthened my positive outlook on the company.

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TWD
TWD
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Trackwise Designs – “pleased to announce” trading report. Er, what about the going concern uncertainties?!

Describing itself as “a leading provider of specialist products using printed circuit technology”, Trackwise Designs (TWD) states it “is pleased to announce its preliminary results for the year ended 31 December 2021 and to provide an update on trading for the six months ended 30 June 2022”. So why have the shares currently responded to 36p, more than 19% lower?!

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Everyman Media – “record half year sales and EBITDA”, but how impressive is it?

Premium UK cinemas group Everyman Media (EMAN) has announced “record half year sales and EBITDA… the pipeline for H2 2022 and 2023 is well progressed with a minimum of six further venues contracted to open”. So what of the shares currently moving up to 111p?

CNS
CNS

Corero Network Security – “pleased to provide” trading update, so why are the shares approaching 9% lower in response?

Describing itself as “a leading provider of real-time, high-performance, automatic Distributed Denial of Service cyber defense solutions”, Corero Network Security (CNS) has issued a half-year trading update it states it “is pleased to provide”. So why currently a more than 8.5% lower share price response towards 10p?

CMO
CMO
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CMO Group – from arguing “perfectly positioned to continue to thrive” to AIM IPO Roll-Call of Shame in a year

The UK's largest online-only retailer of building materials, CMO Group (CMO) has issued a trading statement commencing that “the group has continued to deliver strong revenue growth of 10% for the 27 weeks to 30 June 2022. One-year LFL sales of 2% (Superstores at 5% and Total Tiles -10%) against particularly strong comparatives. Two-year LFL sales growth was 29%”. So what of a current 46.5p share price, £33.5 million market cap... down 40%!

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AOM
AOM

ActiveOps – “pleased to announce” full-year results. Really?

Previously writing on ActiveOps (AOM), in March with the shares down to 97.5p I concluded that with the valuation still a significant premium on tangible metrics I’d still currently avoid. With the shares having last closed at 74p and the self-described “leading provider of Management Process Automation software now “pleased to announce its unaudited results for the financial year ended 31 March 2022”, what’s the outlook from here?

Collapsing-Reactor
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Inflation, Inflation! How Long ‘Til The Tyres Go Pop?

I see that the US has released its inflation numbers for May 2022. For anyone who thought that April’s numbers marked the peak, they had a nasty shock today!

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Haydale – Trading Update: Surely This Is Placing Ahoy!

AIM-listed Haydale (HAYD) has offered up a trading update ahead of its full year to June 2022. Apparently all is well, with revenues ahead of expectations but is that really the case?

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Serinus Energy results were disappointing but I wouldn't be in a rush to panic sell at the current price

I recently covered Serinus Energy (SENX) as a speculative buy based on the likelihood that the results for the first quarter would be good and the company would have benefitted from high commodity prices and fairly low Capex.

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Ferrexpo looks like a good recovery buy with large upside as long as its operations in Ukraine continue uninterrupted

It isn’t really surprising that any companies operating in the region where the current conflict between Russia and Ukraine is going on have taken a big hit to their share price since it all kicked off, but that can also present opportunities as long as you are prepared to take on the risks associated with that.

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888
888
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BUY 888 Holdings following completion of the funding of its acquisition of William Hill

The share price of 888 Holdings (888) has remained pretty weak during the completion of its acquisition of William Hill, and as a result of revenue in the final quarter of 2021 showing a substantial fall.

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Another great set of results from Central Asia Metals and it remains a long term buy and hold

Central Asia Metals (CAML) is one of those companies which I think is consistently undervalued by the market, and although it carries some degree of geo-political risk, I believe that too large a discount is applied for that.

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Byotrol – argues “a significant improvement in product sales”, but what about the overall performance?...

A trading update from infection prevention and control-focused company Byotrol (BYOT) commences, “Our second half performance (six months to 31 March 2022) is showing a significant improvement in product sales compared to our first half, and the order book remains strong into year end” and includes “if we do not conclude any large IP sales, we would expect overall revenues to be no less than £6m, with positive underlying EBITDA for the year… we expect our cash position at year end to be no less than £1m”. The shares have currently responded up to 3.15p, but what of they still down from above 5p as recently as December?…

BOO
BOO
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Boohoo is a recovery buy on the basis of strong sales growth and only temporary profit margin issues

Online fashion retailer Boohoo (BOO) has performed terribly for anyone who has been invested over the past year or so and has seen its share price drop by around 75% during that time.

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Eleco – “Directorate Change”, from “invaluable” appointment to “immediate effect” stepping down from the board in less than a year...

Eleco (ELCO“announces that Robert Tearle is stepping down from the board as a Director of Eleco plc with immediate effect”. A red flag?…

XPF
XPF

XP Factory – “trading update”… but what about the bottom-line result and balance sheet?

Since I previously wrote on the company in August, this ‘escape-the-room experiences’ business has changed its name from Escape Hunt to XP Factory (XPF) following an acquisition of Boom Battle Bars (“combining competitive socialising activities with cocktails and street food”). The shares are down from 38.5p to currently 30.5p – though that represents a near 9% rise today on the back of a trading update. So what’s the story now?…

YU
YU

Yu Group – Trading Update: When Is A Profit A Profit?

AIM-listed Yu Group (YU.) has updated the market with a full year trading update for 2021, claiming a very strong performance for FY21, significantly ahead of market expectations….FY21 revenues, profitability….have all extensively exceeded management forecasts. So the coffers are burgeoning with cash, then? Er…..

PensionBee – WTF is Adjusted EBITDAM? You are kidding me right? Sell.

Bodged bullshit earnings plus what? Historically EBITDAM is EBITDA but also subtracting from the “cost base” either management or management excess. But a spokesperson says that PensionBee (PBEE) views this as a key metric in today’s FY trading statement and predicts adjusted EBITDAM profitability by December 2022.  

SOS
SOS
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Sosandar – Trading Update Suffers From Adam Reynolds’ Keyboard - it's the cash that matters!

AIM-listed onliine women’s fashionwear purveyor Sosandar (SOS) has offered up a bullish trading update for calendar Q4 2021 (its own Q3, given accounts are to March). We are told that revenues were up some 122% year on year, that each month was EBITDA positive making for the company’s first EBITDA positive quarter. Of course, EBITDA is bullshit earnings but even so this is a positive update. However….

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CNS
CNS

Corero Network Security – emphasises “significantly ahead of market expectations”, but what does it actually mean?...

“pre-close update” from self-styled “a leading provider of real-time, high-performance, automatic Distributed Denial of Service cyber defense solutions” Corero Network Security (CNS) includes EBITDA to be significantly ahead of market expectations for the year”… and the shares have currently responded more than 16% higher to above 13p. Is that justifiable?…

IXI
IXI

IXICO – full-year results, ‘resilience built in’?

Biopharmaceutical data analytics company IXICO (IXI) has announced results for its year ended 30th September 2021 and the shares are currently more than 16% higher to 58.5p. However that compares to circa 84.5p when I previously wrote in October, so what’s the story now?…

SOS
SOS
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Sosandar – Interims and Bullshit Earnings

In the past AIM-listed online ladies clothing purveyor Sosandar (SOS) boasted of EBITDA (bullshit earnings) in part because they were pretty close to real, bottom-line earnings and cash outflow. Not so any more! So we are told of EBITDA positive trading recently and the company boasts of revenue growth of 184% to £12.2 million, Gross Profits of £6.9 million, Net Cash of £7.4 million and that the EBITDA loss was £0.99 million in the six months to 30 September, So things are going gangbusters, right? Not so fast……

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DPP
DPP

DP Poland – placing for “further expansion and market penetration”. Really?...

Operator in Poland of pizza stores and restaurants and of the Domino’s Pizza franchise, DP Poland (DPP) has announced a £3 million placing it emphasises at a premium at 8p per share and with “it requires additional capital investment to implement its growth plan for further expansion and market penetration”. So what of a current 7.75p share price?…

IXI
IXI

IXICO – emphasises “ahead of market expectations”, but what does that mean financially and what’s to come?...

Biopharmaceutical data analytics company IXICO (IXI) has made a trading update including that year ended 30th September 2021 EBITDA is “expected to be materially ahead of market expectations of £1.2 million and prior year (2020: £1.3 million)”. Why then is the share price little changed at circa 84.5p?…

Gold
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The view From The Montana Log-Cabin as Gold Rushes Higher to $1800 – And Then Falls Away

Gold finished this week at $1768 per oz, up $11 on last week and $6 on the week before – hardly an earth-shattering move. But mid-week it hit $1800 on CPI inflation data from the US showing that prices had risen more than expected at +0.4% in September against expectations of 0.3%. Suddenly everyone was worrying about inflation – so much for the Fed’s “transitory” label: the truth is emerging that inflation is indeed a problem. What kicked Gold back down again was US retail sales for September, but there is a bit of a problem with that…..

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Igas – Diabolical Interims and Technically Insolvent: What’s Not to Like?

AIM-listed Igas Energy (IGAS) has reported its interim numbers to June 30 2021 this morning and despite tables covering EBITDA (bullshit earnings), adjusted EBITDA (double bullshit earnings), underlying cash operating costs (more bullshit earnings) and operating cashflow numbers (yet more BS) the bottom line shows that Igas lost another whopping amount and the balance sheet shows that it was technically insolvent. If this isn’t another trainwreck in the making then I’m a banana (to borrow a phrase from Ian Hislop).

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RGD
RGD

Real Good Food – revenue & ‘profit’ now “ahead of pre-pandemic levels”, BUT...

Real Good Food (RGD) has announced results for its year ended 31st March 2021 and that “revenues and profit are in line with board expectations, and ahead of pre-pandemic levels (FY20), for the first five months of the new financial year, with good retail and international sales”. Why then a more than 13% share price fall, to below 3p?…

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Haydale – Ouzo on Cornflakes as Placing at just 6p announced

In my last piece on AIM-listed Haydale (HAYD) at the beginning of this month I discussed a ramparoonie RNS revealing an undeclared related party and a tin-pot organisation casting a very different light on matters as presented by the company. What was the point? Of course – it was a pre-placing ramp and this morning it was time for Ouzo on cornflakes as Haydale revealed a fundraise at just 6p per share. That, against a peak last week of 7.55p.

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ANG
ANG

Angling Direct – half-year trading update, how ‘pleasing’ is the progress?

Self-styled “leading omni-channel specialist fishing tackle and equipment retailer”, Angling Direct (ANG) has made a half-year trading update emphasising that it “is pleased to have made further progress in the period, despite all retail stores being closed at the beginning of the period (1 February) to 12 April 2021 due to government restrictions during the third Covid-19 lockdown”. With the shares currently responding up to 72.5p, how pleasing is the progress relative to the valuation?…

Immotion Group – “another record month”, is it of growth interest?

Self-styled “immersive entertainment company” Immotion Group (IMMO) has made a trading update including “July being yet another record month. Unaudited group revenue was £1m, with unaudited EBITDA at circa £200k” – and the shares have currently responded higher to above 6p. Are they of growth interest?…

BKS
BKS

Beeks Financial Cloud – “pleased to announce” a new launch & trading update, but what’s already in the price?...

Financial markets cloud computing and connectivity group Beeks Financial Cloud (BKS“is pleased to announce the launch of Proximity Cloud, the industry’s first private cloud environment for financial markets and to provide an update on trading for the year ended 30 June 2021”. The shares have though responded currently slightly lower to 122p, so what’s the outlook?…

IXI
IXI

IXICO – “successfully grown its pipeline of new opportunities”, so why are the shares further lower?...

Having been above 100p as recently as April, shares in biopharmaceutical data analytics company IXICO (IXI) are currently further lower at 72p despite a trading update including that “the company has successfully grown its pipeline of new opportunities”. So what’s going on?…

SOS
SOS
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Sosandar – FY Numbers and surely a misleading headline

AIM-listed online ladies fashionwear purveyor Sosandar (SOS) posted its full year numbers to March this morning,  and gave what looks to me to have been a highly misleading update on the recently completed Q1, offering up a headline which surely stands no scrutiny at all.

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ENT
ENT
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Will Entain be that worried if England or Italy win on Sunday?

It is nice to see Entain (ENT) shares pushing up to a new all-time high today. It took a bit of time for my Christmas 2019 tip to work out and – helped by doubling up my exposure a few months later – an investment in the company originally known as the ‘international sports betting and gambling company GVC’ has worked out really well.

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DeepVerge – 2020 results, attempted ‘no one watching o’clock’?

Previously writing on environmental and life science company DeepVerge (DVRG), in March with the shares at 32.5p I noted the balance sheet and concluded the businesses’ track record and an already more than £56 million market cap saw me continue to avoid. It has since raised £10 million of new equity at 30p per share and now announced full-year results (at a 5:28pm, hmmm!). So what now?…

LAM
LAM
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Even if you like the potential of Lamprell, I can see no good reason to buy until equity financing is confirmed - avoid

Energy services provider Lamprell (LAM) saw its share price take a big hit following the release of its annual results for 2020, which included a statement about the need to raise further capital via an equity issue – the exact amount and terms of which is yet to be announced.

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ESC
ESC

Escape Hunt – trading update, how “encouraging”?

Shares in “escape-the-room experiences” company Escape Hunt (ESC) remain ahead after my previous scepticism but are down today, further below 40p, despite a trading update including “revenue during the five-week period (to 20th June 2021) was 47 per cent. higher than in the same five-week period in 2019” and “estimated earnings before interest, tax, depreciation and amortisation at site level for the five weeks to 20 June 2021 was 310 per cent. of the site level EBITDA in the same five weeks in 2019”. So why the share price response?…

Cloudcall – AGM trading update, just how deep the ‘V recovery’?

Cloudcall (CALL) CEO Simon Cleaver is “delighted to report that the deep-V recovery we saw in 2H 2020 has continued into 2021, with sales activity continuing to strengthen across all territories”. Why then a 73p share price, comparing to 115p reached earlier this year and approaching 200p in 2018?…

SOS
SOS
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Sosandar – Full Year Trading Update as Placing surely imminent, but perhaps attractive

AIM-listed online purveyor of ladies fashionwear Sosandar (SOS) has offered up its full year trading update this morning. There is much to celebrate – particularly as this time last year the question might have been whether AIM-listed loss-making stocks would even survive! In fact the company seems to have made quite a success of the past twelve months as Covid restrictions closed the high street, giving online retailers a clear run. But is it all roses?

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SOS
SOS
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Sosandar – Marks and Spencer deal: good news

AIM-listed online ladies wear purveyor Sosandar (SOS) has announced a deal with Marks and Spencer to bring a curated collection of its products to M&S’s online store. Whilst there are no numbers offered, this strikes me as good news.

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CloudCall – argues ‘COVID-19 impact’ equity raise… but what did it say in 2016 again?...

Communications integration technology group CloudCall (CALL“is pleased to announce… raising £7.2 million via the placing of 8,845,284 placing shares at the issue price of 81.5 pence per placing share and raising £291k via the placing of 357,169 PrimaryBid shares at the issue price”. Should it be pleased?…

ESC
ESC

Escape Hunt – “pleased to announce” contracts for French acquisition & trading update. But value?...

’Escape-the-room experiences’ company Escape Hunt (ESC“is pleased to announce… it has exchanged contracts to acquire its French master franchise partner” and overall “is confident that both consumer and corporate demand will return strongly when the restrictions currently in place are lifted”. What’s the detail?…

G4M
G4M
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Gear4music – trading ‘exceeded previous expectations’, but sustainable?

Online musical instruments and music equipment retailer Gear4music (G4M) has made a trading update including “both our UK and European operations have performed well post Brexit, helping to drive revenue growth and support margins that have exceeded our previous expectations”. But what of the shares, currently more than 10% higher in response, at around 800p?…

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YU
YU
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Yu Group – Something does not add up here

AIM-listed alternative energy provider Yu Group (YU.) shares have been on a tear ever since it released a trading update on 26th January this year. The shares moved up from a previous close of 120p to close the day at 195p. Today, last seen, the stock is up to 355p having been as high as 370p but something just does not add up here.

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CloudCoCo – shares soaring on trading update justified? Er...

UK provider of IT and communications services to businesses and public sector organisations, CloudCoCo (CLCO) has made a trading update – and the shares are currently approaching 24% higher in response, to 1.425p. So what’s the detail?…

LoopUp – trading update, was I still right to doubt in the summer?

Cloud communications platform group LoopUp (LOOP) has made a trading update it states it “is pleased to provide… in line with the trading statement of 27 November 2020”. The shares have currently responded 4.5% higher to 81.5p but they closed 26th November at 155p, so what’s the story?…

YU
YU

Yu Group – Very Positive Trading Update, BUT something is missing……

AIM-listed alternative energy provider Yu Group (YU.) updated the market this morning with a trading update which reads extremely positively. The shares are up by a very impressive 40%, but something was missing in this morning’s release. Will investors piling in this morning come to regret it?

ZYT
ZYT
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Zytronic – currently orders “slight increase”, so why a further share price fall?...

A trading update from manufacturer of touch sensors Zytronic (ZYT) includes “the downturn in sales experienced in the second half of last year has now levelled out at approximately £2.0m for the quarter to 30 September 2020 and the first quarter of this financial year to 31 December 2020”. So why are the shares currently 10% further lower to 135p?…

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CNS
CNS

Corero Network Security – “revenue ahead of market expectations” but what about non-vanity metrics?...

Self-styled “a global leader in real-time, high-performance, automatic DDoS cyber defense solutions” Corero Network Security (CNS) has made a trading update emphasising “Revenue ahead of market expectations driven by record order intake”. As I though previously questioned, is there really “solid foundations” here?

IQG
IQG

IQGeo – emphasises growth & “continued strong market demand”, but what does that mean financially?...

Geospatial software group IQGeo (IQG) has made a trading update which includes that it “expects to show good growth in all key metrics” and “sees continued strong market demand”. That sees the shares currently 8% higher to above 100p. But what does the growth and demand mean financially?…

SOS
SOS
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Sosandar – Christmas Quarter Trading Update - enough to turn a man to drink

Warren Buffett famously told us that those who rely on telling us about EBITDA are either trying to delude you or are deluding themselves. The first line of AIM-listed online purveyor of ladieswear Sosandar’s (SOS) trading update this morning tells us of a record quarter and continued substantial reduction in EBITDA loss. Hmph – not a good start, then, and the shares are off by 12% in early trading. But is there better to come?

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THG
THG
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The Hut Group looks over-loved to me

Back in late October, I wrote about THG Holdings (THG), The Hut Group, observing then that company had been performing well since its September listing.  Back in October, it estimated a 30% odd increase in Q4 sales across beauty and other third party products, but today’s announcement achieved a super dynamic just over 50%, led by Beauty, Nutrition and OnDemand businesses. So well done The Hut.  

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DeepVerge – maiden Q4 profit?, £10m in 2021?. Er, nope on both counts...

An announcement from DeepVerge (DVRG) headed DVRG confirms maiden Q4 profit;guides £10m in 2021”. With the shares currently moving ahead on the back of this to 36p, the market cap is approaching £60 million. So value? Er, nope…

RTN
RTN
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The Restaurant Group – argues “well positioned to benefit from a sustained removal of restrictions”. Really?...

“Further Covid-19 update” from WagamamaFrankie & Benny’s and Brunning & Price owner The Restaurant Group (RTN) commencing, “Through a range of decisive management actions, cash-burn during the November national lockdown was minimised to c. £5.5m for the month”. Is a current 7% lower share price response, to below 63p, justified?…

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ZYT
ZYT

Zytronic – results, trading challenging… but a longer-term recovery buy?

Previously writing on manufacturer of products for electronic displays Zytronic (ZYT), in October I suggested value recovery potential but noted it “facing uncertainty regarding levels of future business” and on the watchlist. Now results for its year ended 30th September 2020 have been published. On the surface they look bad, but if you dig deeper maybe this has attractions as an investment…

Tungsten Corp – it having argued in September “still expects to meet external forecasts for FY21”, Guess what...

Previously writing on electronic invoicing and purchase order transactions network company Tungsten Corp (TUNG), in September with the shares falling back below 40p I concluded the valuation with the company having to attempt “transformation” in a very challenged economic environment meant still avoid / sell. The shares are currently falling below 30p on the back of a “Trading Update”…

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On a shabby day, Ibstock is still building value...

I’ve mentioned brick company Ibstock (IBST) a few times on these pages, noting here that ‘I love basic, but worthy, products’ especially if they have pricing power due to a supply oligopoly, as you should note with this space. I see on a shabby day for the broader market that Ibstock shares are once again close to the 150s pence level I have used a couple of times to add to my holding, which is kind of interesting especially as the company’s trading update released today read well in my view. So what did it say?…

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Thruvision – “has achieved break-even EBITDA for the half year”, BUT...

Thruvision (THRU“is pleased to provide an update on trading for the six months ended 30 September 2020”, including noting “a strong second quarter and, for the first time, has achieved break-even EBITDA for the half year”. The shares have currently responded to above 28p, 5% higher…

SOS
SOS
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Sosandar – Half Year Trading Update sounds positive, but once again there are also questions...

Once again AIM-listed online ladieswear purveyor Sosandar (SOS) has offered up a trading statement which at first glance looks extremely positive. But once again, there are also questions……

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IME
IME

Immedia Group – interims, what “cash reserves” were there then?...

A June update from audio visual communication services group Immedia (IME) included that it “has cash reserves, and plans in place to manage these resources, although the directors are considering raising extra funding from a variety of sources”. On the discounted placing that followed, I noted it will be interesting to see what cash reserves there were in following balance sheets. Now half-year results…

ESL
ESL
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Eddie Stobart Limited Interims: another bath for shareholders in view?

This morning AIM-listed Eddie Stobart Limited (ESL) released its interims – the first reporting period following the accounting shambles which threatened to destroy the Eddie Stobart business and left the company with a (just under) half share of the business it used to own (less a load of 18% debt). So how are things?

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Jaywing – “well positioned to benefit as economic activity recovers”?

Marketing and consulting company specialising in data science, Jaywing (JWNG) has updated including that it “is pleased to announce that it has appointed Caroline Ackroyd as Chief Financial Officer with effect from 7th September” and “has also continued to win new business and the April to June quarter has been profitable at EBITDA level” – and the shares have currently responded lower to 2.65p…

Bonhill – having argued optimism then followed a profit warning with another, AGM trading update...

Self-styled “a leading B2B media business”, Bonhill Group (BONH) has updated including “the business has continued to see good levels of activity in each of its major markets… has also been focusing in Q2 on improving its working capital position… at 25 June 2020, the company had a cash balance of approximately £3.8 million”. The shares have currently responded higher to 7.5p, but even so a still below £7.5 million market cap?...

RTO
RTO
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Rentokil looked expensive even before Covid-19, and far more so now - sell

Pest control and hygiene company, Rentokil Initial (RTO), wasn’t looking particularly strong even prior to the arrival of Covid-19 and was trading at a very racey valuation, in my opinion.

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LoopUp Group – argues business performance “strong” & leading indicators “positive”...

Communications technology group LoopUp (LOOP) has updated including commencing “driven by the large-scale migration towards working from home since mid-March associated with the Covid-19 outbreak… year-to-date group revenue from January through April 2020 is at least 40% higher than the same period last year” – and the shares have currently responded further higher, above 125p...

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G4M
G4M

Gear4music – updates including “high demand we have encountered since late March”...

Gear4music (G4M), “the largest UK based online retailer of musical instruments and music equipment”, has updated on trading – and the shares have responded 11% higher to 277.5p...

TRN
TRN

Trainline's rapid growth will be derailed and the market cap looks ludicrous - short

Most of the shares I cover here are from a longer term investment perspective, or ones which I think will go a lot lower and are best avoided.

Boom

Need to issue a profits warning, want a "new measure of profit?"

Want to placate your investors and even normalised EBITDA (bullshit earnings) still looks bad? Well here is a coffee mug for many FDs flagging up another possible adjustment. With a hat tip to Jim Mellon for this spot...

PFD
PFD
PREMIUM CONTENT

Despite its high level of debt Premier Foods is a buy

Picking shares that are worth buying at the moment is a real minefield as the situation with Covid-19 is changing all the time. It would be very easy just to sit here and say ‘sell everything’ and you could probably stick a pin in a list of stocks at the moment to pick a sell recommendation, and the chances are that it would go down, at least in the near time!

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LoopUp – “broadly in line with market expectations”… so why a further 30% share price loop down?

Previously writing on remote meetings technology group LoopUp (LOOP), in December it was trading & share price having slumped… guess what “Measures relating to 2018 and 2019 options grants” are? That was after a prior 67.5p share price close – the shares had recovered somewhat to last close at 82.5p but are currently below 60p on the back of a “Trading Update”

R4E
R4E

Reach4Entertainment – shares respond to stonking trading update… but looks much more to go

Reach4Entertainment (R4E) has updated  we loyal shareholders with an opening ‘Highlight’; “Group expects to report full year adjusted EBITDA and revenue significantly ahead of market expectations”

YU
YU
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Feck Yu Group – adjusted normalised bullshit trading statement doesn’t fool me!

AIM-listed energy supplier with recent accounting issues Yu Group (YU.) has released a full year trading statement. Like its half year trading statement last year, it is again full of holes: it tells us about the cash, but what about payables? And whilst losses appear to have been reduced, references to adjusted EBITDA don’t fool me: the company is still leaking cash.

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CNS
CNS

Corero – argues recent fund raise “providing the funding required to execute on the company's growth plans”. Does it?...

Corero Network Security (CNS) has updated with CEO Ashley Stephenson emphasising “our strong order momentum in the second half of 2019, combined with our higher levels of recurring revenue and strong new business pipeline, provide Corero with solid foundations for 2020”. The shares have currently responded higher, towards 6p but that still compares to more than 12p at the start of 2019…

EVE
EVE
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Eve Sleep Trading statement - still bargepole material

AIM-listed former Neil Woodford doggie favourite Eve Sleep (EVE) has offered up a trading statement. On the face of it the news appears favourable, with cashburn slashed by 51%, the EBITDA (bullshit earnings) loss heavily reduced by 43% and £7.8 million of cash in the bank at year-end. We are also told that the company reached break-even at an operating level in the last four months of the year. All good, but is there yet another fundraise around the corner?

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Audioboom – emphasises “revenue growth” & “EBITDA improvement”. Er… what about cash flow & the balance sheet?

“Audioboom (AIM: BOOM), the leading global podcast company, is pleased to provide an unaudited trading update for the 12 months ended 31 December 2019” – with it emphasising “91% revenue growth and significant year-on-year EBITDA improvement”. The shares have though currently responded to 237.5p – a few percent lower...

Bonhill – argues optimism… but follows a November profit warning with another!...

Self-styled “leading B2B media business” Bonhill (BONH) has updated including that it “now expects EBITDA for the year to be £2.3 million, being lower than market expectations as approximately £0.25m of custom marketing contracts which had been expected to be delivered in December 2020 will now be delivered in Q1 2020” but that “the outlook in both the UK and US is greatly improved, reflected in the current level of bookings being received” – so a current more than 5% share price fall, to a £17 million market cap fair?...

CPC
CPC

The City Pub Group – “pleased with the overall performance of the group for 2019” = a trading warning?!

“Owner and operator of 47 premium pubs across Southern England and Wales”, The City Pub Group (CPC) has announced a “Year End Trading Update”, including “the board is pleased with the overall performance of the group for 2019”. The shares are currently at 197.5p – er, more than 9% lower on the day!…

ITX
ITX

Itaconix – argues significant milestones… but beware of what’s another of Neil Woodford’s ‘leading innovators’…

Former Woodford pick, Itaconix (ITX) has followed a “First order to Croda for new odour control polymer” announcement yesterday with a now “New patent issued for detergent compositions” and these have helped the shares up from a prior 1.525p to currently around 1.7p – although down (natch, for a recent years Woodford pick), for example, from more than 4p at the commencement of 2019 and approaching 16p at the commencement of 2018…

GMS
GMS

Gulf Marine Services – argues “important contract awards”; why do the shares remain subdued?

Gulf Marine Services (GMS) has announced “important contract awards… secured day-rates for these contracts are firm and are consistent with existing contracts in the region” (Middle East). The shares have nudged higher towards 7.5p, but are down from more than 9p as recently as November and more than 20p early last year…

MBT
MBT

Mobile Tornado – results blown off course by deployment delays

September-announced half-year results from “provider of instant communication mobile applications to the enterprise market” Mobile Tornado (MBT) included Chairman Jeremy Fenn emphasising “we have competed against major players in the PTT space in highly complex tenders, and won… I have no doubt that the significantly enhanced credibility we have gained has put us in a strong position as we engage with similar organisations… In Israel, we have a strong pipeline of new deals which we are confident will be developed further as the IDEN shutdown approaches at the end of the current calendar year”. Now “Full Year Trading Update”

TMO
TMO

Time Out Group – former Woodford pick argues trading ‘encouragement’… but it’s an EBITDA warning…

Time Out Group (TMO) commences a trading update with that it “is encouraged by the early trading of the five sites opened in 2019” and concludes that it “remains on track to reach the key milestone of profitability in 2020”. The shares are though currently below 125p – a few percent lower on the back of today’s update…

Malvern International – from 2 months ago “traditional second half weighting a good start” to now…

“Trading Statement” from learning and skills company with courses delivered on sites in London, Manchester, Singapore, Malaysia and online, Malvern International (MLVN) includes “full year revenues are now expected to be modestly ahead year on year… the board expects to report a positive underlying EBITDA for the year… The board with its new members believes that it is pursuing the right strategy in diversifying its product offering and locations”. The shares have currently responded to comfortably below 1p – er, circa 50% lower!...

SIS
SIS

Science in Sport – trading update, valuation as well as its nutrition products “premium”?

Self-styled “the premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community”, Science in Sport (SIS) has updated commencing “2019 has seen rapid progress at the company… total sales growth for the year to 31 December 2019 is expected to be slightly ahead of market expectations, with sales momentum into 2020 underpinned by operational progress including a new PhD.com e-commerce platform and a new protein powder line, which is now in full production”. Sounds encouraging…

Bonhill – I having explicitly warned in July on risks to second half weighting…

Writing on B2B media group Bonhill (BONH) in July I concluded, with the shares then around 65p, with a still more than £30 million market cap, the noted risks to expectations (a £4 million+ full-year profit has been anticipated) see me avoid. The shares closed yesterday at 53.5p and now a “Trading Update”

GVC
GVC
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GVC ups its numbers again!

Oops...they did it again. Fortunately on gambling company GVC (GVC) I am talking about a profit upgrade. Now admittedly the Q3 trading update is talking about a 'pre-IFRS16 ebitda' but it is going up in terms of the full year guidance to £670-680 million from £650m-670 million, which sits nicely with the August upgrade

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Immotion – “pleased to announce agreements for three further installs” & interims argue “a winning formula”, but…

“Immotion Group PLC (AIM: IMMO.L), the provider of 'Out of Home' virtual reality experiences, is pleased to announce its interim results for the six months to 30 June 2019” and also “agreements for three further installs in its fast growing Aquarium sector”. However, a current 6.75p share price compares to a 10p IPO little more than a year ago…

EVE
EVE
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Would you Adam’n’Eve it – ANOTHER DIRE profit warning from the Neil Woodford Kennel

Oh dear, oh dear, oh dear. It is a recurring nightmare for Neil Woodford’s disruptive play on all things sleep related as AIM-listed Eve Sleep (EVE) has announced yet another profit warning as the company also announced that merger talks with Simba are all off. It is enough to disrupt even the heaviest of sleeps and the shares have opened 28% down – and are still falling.

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TWD
TWD

Trackwise Designs – shock profits warning - why aren't heads rolling?

On 26th June “Trackwise Designs Plc (TWD), a leading provider of specialist products using printed circuit technology” updated including it “is currently trading in line with market expectations” and emphasising “operational progress and continued growth in customer numbers”. Its today-announced results for the first half of 2019 should be decent enough then – and indeed the company “is pleased to announce” them, with the statement including “Trackwise has made solid progress against its strategic objectives in the first half of the year” and “we continue to manage the resources of the business prudently”

SCE
SCE

Surface Transforms – “a high degree of confidence in accelerating sales growth”… so also in the balance sheet position?

Developer and manufacturer of carbon ceramic brakes products Surface Transforms (SCE) has announced results for its year ended 31st May 2019, emphasising “the past 15 months, and more particularly the three-month period of contract awards since 31 May 2019, have been transformational in the development of Surface Transforms. The company now has multi-year, multi million revenue contracts”. Sounds good – but the shares are currently little changed at still sub 20p…

PPC
PPC
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President Energy can weather the ongoing wider economic problems in Argentina – speculative buy

President Energy (PPC) has taken a hit recently based on the fact that the bulk of its current oil and gas production comes from Argentina – but longer term that could present a buying opportunity...

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BRY
BRY

Brady – from end-May “new sales pipeline is building” to now “revenue from new customers forecasted will not materialise during fiscal 2019”!

A trading update from Brady (BRY) commences; “Brady plc (BRY.L), a leading global provider of trading, risk management and settlement solutions to the energy and commodities sectors, announces that, over the course of the first half of 2019, Brady has had positive engagements with existing customers, and the recurring revenue is in line with expectations”. The shares are currently around 35p – down more than 35% though!...

IND
IND

IndigoVision – interims, “return to profit” momentum encouraging?

Video security systems group IndigoVision (IND) has announced results for the first half of 2019 emphasising “return to profit in H1, the first time this has been achieved since 2014” and “momentum in the business”. Sounds encouraging…

Starcom – interims, “confident” H2 “will show an improvement over the second half of 2018”… but what will even that mean?

Remote wireless technology company Starcom (STAR) has announced results for the first half of 2019 including “initial orders for the new Lokies smart padlock are encouraging and we have high expectations for this new product” and that it “is confident that the full year results will be in line with current market expectations in terms of revenue growth and that the company will achieve a positive EBITDA result for the year”. The shares have responded… further lower, to 1.1p…

Mi-Pay – “Trading and client update” = Trading and likely loss of significant client warnings

Self-styled “leading provider of outsourced digital transformation and mobile payment solutions” Mi-Pay Group (MPAY) has updated including “trading for the first half of 2019 was broadly in line with management's expectations… two major contracts were renewed with clients representing 43% of the 2018 revenue during the period and strong operational metrics were delivered”… The shares are currently approaching 20% lower, below 8p. Hmmm…

PDL
PDL
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Petra Diamonds remains a speculative buy and could still turn the business around

Petra Diamonds (PDL) is a company that I covered back in March and so far I have been wrong about it having potential as a speculative investment, as the share price has just taken another big drop.  

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YU
YU
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YU cannot be serious – interim trading statement full of holes: still a sell

AIM-listed utilities provider Yu Group (YU.) has offered up a trading statement for the first six months of the year. The numbers offered are full of holes, leaving more questions unanswered and we are told there will be an adjusted (ie bullshit) EBITDA (double bullshit) earnings loss of between £2.5-£3 million. Goodness knows what the actual bottom-line loss will be then. And as for the cash figures offered...

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ECSC Group – does AGM update support “build a solid base for ongoing growth”?

Previously writing on cyber security services group ECSC (ECSC), in January I cautioned as the shares rose to 77.5p. They would go on to rise further but were back at 77.5p before now an “AGM Statement”

PHSC – security technology proving diversification or ‘diworsification’?

Writing on the most recent full-year results from PHSC plc (PHSC), I questioned security technology to prove diversification or ‘diworsification’?. Now a year ended 31st March 2019 “Trading Update”

TMO
TMO

Time Out Group - Neil Woodford dog argues “rolling out this successful format”. Really?

Time Out Group (TMO) “is pleased to announce that Time Out Market New York opens to the public today, bringing the best of the city under one roof, based on the editorial curation Time Out has always been known for”. The shares though are still sub 95p – comparing to a 150p June 2016 IPO…

Tungsten – “achieved its first annual EBITDA profit”… but what about cash & the rest of the balance sheet?

Business transaction platform company Tungsten (TUNG) is “pleased to announce that Tungsten achieved its first annual EBITDA profit… we are confident that through executing the actions identified in our operating review, including working with an e-procurement partner and expanding our AR e-invoicing services, we will be able to achieve higher revenue growth” – and the shares have responded higher above 38p. However, EBITDA is, of course, bullshit earnings and there’s a track record of disappointment to overcome…

McColl's shares have been marked down by over 75%...but I am still leaving them on the shelf

Back in early December I expressed my pessimism about the shares of convenience store operator McColl's (MCLS), which have sunk from around 250p a year ago to around the 55p level today. Today's numbers are striking in the sense that everything remains difficult...but inevitably it remains hopeful…

Quiz plc – Christmas revenue +8.4%... so why an approaching 30% share price decline?

“Christmas Trading Update” from fashion retailer Quiz plc (QUIZ) states revenue “increased by 8.4% in the six-week period from 25 November 2018 to 5 January 2019 against the comparable period last year”, with “the group's UK standalone stores and concessions revenue increased by 1.6%”. The shares have responded, er… approaching 30% lower, towards 25p!...

KCom – profit warning, but is it largely new management trying to create an easier platform?

“Trading Update and Revised Dividend Commitment” announcement from telecommunications and related services group KCom (KCOM). The prospective dividend yield was already 6.5% - so I’m guessing it ain’t being revised upwards…

SXX
SXX
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Patience will pay longer term with Sirius Minerals

When investing in a company long term it is all about getting in at a good price, rather than having to buy right at the bottom of any temporary dips along the way, as long as things go to plan for the business.

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Tungsten Corp – now a “secures SdI registration in Italy” RNS Reach. Hmmm…

Tungsten Corp (TUNG) has emphasised “a significant step” with its certification as an authorised intermediary of the Italian tax authority (‘Sistema di Interscambio, SdI). This following it emphasising “appoints new SVP global sales” earlier this week. Hmmm, anything else behind this recent newsflow?...

VOD
VOD
PREMIUM CONTENT

Dividend Munchers: Vodafone calms market with interims

I was really worried I had made a grave error is buying into Vodafone (VOD) for my mini Dividend Munchers’ portfolio. Of course, on the basis of having paid over 190p and the shares subsequently collapsing to well under 150p I clearly had – but fortunately had only piled up half of what I had wanted so by good fortune I escaped the worst. The question was then whether to pile in for more – so the market was wrong – or to accept I had made a mistake. This morning Vodafone offered up its interims.

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WSG
WSG

Westminster Group – “pleased to announce” an acquisition… but isn’t it short of cash?

Westminster Group (WSG) “is pleased to announce the acquisition of security and risk management company Keyguard UK Ltd”. But wait a minute; isn’t Westminster itself short of cash?...

Starcom – 2018 revenue to comfortably exceed market expectations?, why the discounted placing?

Starcom (STAR), “which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, is pleased to announce that an agreement has been signed with a local distributor in North Africa” and “to ensure that this and other orders can be delivered as planned both for this year and early 2019, the company has conditionally raised £400,000 before expenses through a placing… at a price of 2p”. Hmmm…

PVG
PVG

Profits warning! Premier Veterinary Group – how’s ‘narrower focus of resources’ working out?

Writing around this time last year on Premier Veterinary Group (PVG) I warned including that it looked to have little choice in more narrowly focusing resources and concluded a bargepole stock. The shares had risen strongly in recent months, but are currently slumping back towards 50p on the back of a “Trading Update”

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Patisserie Holdings still has a chance to recover

With any company where there has been fraudulent activity you have to consider whether there are more skeletons in the cupboard which could cause a further freefall in the share price when they emerge.

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Tungsten Corp – pleased to appoint two new non-execs, or not?, balance sheet “adequate”, or not?

“Tungsten Corporation plc, a global business transaction network, announces that Tony Bromovsky and Duncan Goldie-Morrison have been appointed to the Company's Board as Non-Executive Directors with immediate effect.” Hmmm, not ‘pleased to announce’ then?...

Tungsten Corp – full-year results argue “pleased to report on the progress made”, but balance sheet crunch ahoy?

Tungsten Corp (TUNG) is “pleased to report on the progress made in the delivery of our strategic plan and the next phase in the development of Tungsten Network”, with it stating the first two “Financial Highlights” for its year ended 30th April 2018; “Revenue increased 8% to £33.7 million (FY17: £31.3 million); up 9% at constant exchange rates… EBITDA loss decreased to £4.6 million, a £7.2 million improvement from prior year”. Hmmm…

PREMIUM CONTENT

Purplebricks – a smokescreen ahead of Godawful results in the land of the deluded dope fiends (Canada)

The Canadian economy and housing market is tanking, in part thanks to the crackpot socialist policies of its preposterous PM Justin Trudeau. Dope is now legal thanks to the only PM in the world who makes Theresa May look half competent but if you lived in Canada you’d need to be on drugs.  What better place & time to spunk £45 million on buying a cash guzzling estate agency? Step forward Purplebricks (PURP) keen to distract us all from what will be Godawful full year numbers announced later this week.

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Tungsten Corp – emphasises “operated profitably”… but has it really (with revenue growth below expectations)?

Tungsten Corp (TUNG) has updated on trading for its year ended 30th April 2018, including emphasising “operated profitably over January to April 2018 period”“adequate working capital” and “our trade financing activities are growing rapidly”. Sounds promising…

Starcom – following announcement of launch of a “high expectations” product last week…

Last week Starcom (STAR) was “pleased to announce the launch of the latest iteration of its awarding winning intelligent padlock, the Watchlock Cube… the company has high expectations for the Cube due to its electronic shell being able to fit a variety of C10 padlocks from various manufacturers, its lower price and a far more durable battery life”. And now… “Placing” (surprise, surprise!)…

MDZ
MDZ

MediaZest – 3 deals which were to usher in positive EBITDA closed. BUT…

An update from audio-visual projects company MediaZest (MDZ) commences “as announced at the time of the interim results on 15 December 2017, the group expected to show a positive EBITDA at group level for the first time in respect of the year ended 31 March 2018, subject to the closing of three large deals. All three of those deals have been successfully closed”. Good news then? Er…

LoopUp Group – 2017 results emphasise “ahead of market expectations”… but what’s already in the price?

Remote meetings technology group LoopUp (LOOP) has announced results for the 2017 calendar year, emphasising “we are very pleased to report continued strong business performance ahead of market expectations at all key P&L levels. Our track record of consistent revenue growth in excess of 30% has been maintained, gross margins have improved further and LoopUp EBITDA has grown by 161%”. EBITDA is though, of course, bullshit earnings so what’s the real story…

Cloudbuy – warns on revenue, when will the cash run out?

AIM-listed Cloudbuy (CBUY) issued a trading statement yesterday in relation to the full year to December 2017. The good news is that bullshit earnings (EBITDA) will be broadly in line – ie a slight miss – at around half that of the previous year. The bad news is that revenues are below expectations. Uh-oh.

LoopUp – updates “ahead of market expectations” & “remain confident”, so why are the shares lower?

Remote meetings software group LoopUp (LOOP) has updated including “continued strong business performance ahead of market expectations” and “we remain confident in our ability to deliver future growth”. The shares have currently responded more than 4% lower, to 375p. Hmmm…

Blue Prism - a bearish reader opines & he is too damn right!

I noted yesterday that Blue Prism (PRSM) was one of the most shorted shares on AIM. And having had a butchers at the numbers I can see why.

CNS
CNS

Corero Network Security – “Significant Contract Wins”. Hmmm, what about the cash crunch ahoy?

Corero Network Security (CNS) “is pleased to announce” combined customer orders “worth in excess of $400,000 for SmartWall products and related one-year support services”. What’s the detail and import of this?...

MAI
MAI

Maintel Holdings – having “expected” second half of year gross margin recovery…

Half-year results from systems integrator and managed services provider, Maintel (MAI) included “gross margin is expected to recover in the second half of the year following recent contract wins at an improved gross margin percentage”. There’s now a Trading Update from the company commencing that its “ICON cloud services have continued to grow strongly in the second half of 2017”. Sounds encouraging, but what about that margin?

ESG
ESG

eServGlobal – following the recent pump…

At the end of June I commented on eServGlobal (ESG) that the interims argue “strong outlook” & Homesend “sales expansion”, but that the financials remained troubling. There’s recently been a pump – 2nd October; “HomeSend progress in the banking market”, 10th October; “eServGlobal outlook and business update” announcements – seeing the shares up from sub 8p at the end of last month to above 12p, closing yesterday at still above 10p… and so now “the company is pleased to announce”

CNS
CNS

Corero – why shares down despite recent “Significant Contract Win” & “Partnership Agreement” announcements?

Despite accompanying half-year results last month with a “Significant Contract Win” announcement, shares in Corero Network Security (CNS) still declined. This week has seen a “Partnership Agreement” announcement – with the same result…

RGD
RGD

Real Good Food – attempted no-one watching o’clock “Company Update”, surely not yet more real bad news?

With its shares having slumped from 35p following recent real bad news and disclosure, yesterday saw an attempted no-one watching o’clock (5:01pm) “Company Update” from Real Good Food (RGD). Uh oh…

DPP
DPP

DP Poland – interims particularly emphasise EBITDA & “variable profit”. Wonder why?

The company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) has announced half-year results, including emphasising “combined corporate store EBITDA and commissary variable profit up 39%”

Tungsten Corp – AGM update, EBITDA breakeven ‘remains goal’. Who’s paying for the capex? The tooth fairy?

Shares in Tungsten Corp (TUNG) are currently edging higher, above 60p, on the back of an AGM trading update – this though comparing to above 70p as recently as June and approaching 400p in 2014…

TCM
TCM

Breaching banking Covenants - Telit and R4E - which firm did not break AIM rules & commit financial crime

Yesterday shares in R4E (R4E) fell sharply after a profits warning and a warning that it may breach its covenants in the third quarter. I am a shareholder in R4E and happen to think the fall is way overdone, but that is for another time. I want to look at how it handled the covenant issue and what that tells you about the financial crime at Telit (TCM) - which morally bankrupt Nomad FinnCap is okay with.

RGD
RGD

Real Good Food – more Real Bad News...

“Company Update” announcement from Real Good Food (RGD) commences; “The company announced on 1 August 2017 that it anticipated EBITDA for the year ended 31 March 2017 would be lower than market expectations at approximately £2.0m, subject to final audit. Since the announcement of 1 August, a review has been undertaken, under the guidance of the company's new Finance Director”… Uh oh…

Bearcast

Tom Winnifrith Bearcast: EBITDA, bullshit earnings, explained for Bushveld shareholders and other morons

With reference to both Bushvalend Minerals (BMN) and the late lamented Southern Salads I explain what EBITDA is and why it really is bullshit earnings. Enjoy.

Listen to the Bearcast:
BMN
BMN

Bushveld - here's why your 27% stake in Vametco won't generate a cent of cash for the PLC this year and next - placing ahoy

.Bushveld Minerals (BMN) shareholders, aka the dumbest fucks on AIM, are still largely in denial about the fact that a major placing is imminent. This is because they do not understand the difference between profit and cashflow or indeed much else about basic accounts. I will try again. Owning 27% of a company with modest EBITDA (bullshit earnings) is not the same as having a source of cashflow. In fact I bet you an ounce of Vanadium that Vametco will not generate a free cent for Bushveld this year or next.

PHSC – full-year results state recent “improving picture”, so why are the shares sliding?

PHSC Plc (PHSC), “a leading provider of health, safety, hygiene and environmental consultancy services and security solutions”, has announced results for its year ended 31st March 2017 which feature as the first two “Financial Highlights”“Underlying EBITDA loss of £0.1m, down from a profit of £0.368m last year… Group revenue rose to £7.16m compared with £7.04m last year”. Hmmm, “a leading provider” ya say?...

AVN
AVN

Shit sandwich with jam tomorrow on top: trading statement from Avanti Coms - but here's what its hiding

Avanti Communications (AVN) has surprised no-one with a grim old trading statement covering the year to June 30th 2016. But the CEO who boasts of how he misled investors with a faked demo to raise funding has - as usual - tried to make a shit sandwich more palatable by serving it covered in oodles of jam tomorrow. But there is something that bombastic prick David Williams is not telling you....

DFS
DFS

DFS – profit warning, but reckons growth expectations for next year are still “realistic”. Hmmm…

“Trading Update” announcement from DFS Furniture (DFS) includes that “we believe our expectations for the next financial year are realistic”. The shares are though currently more than 20% lower at around 200p, with the announcement also updating that “the trading environment has however recently weakened beyond our expectation, with significant declines in store footfall leading to a material reduction in customer orders”. Uh oh…

DCD
DCD

DCD Media – 2016 results argue “measures… will ensure that the business can deliver value”. Will they?

An 11:26am results announcement from tv distribution and production group DCD Media (DCD). Hmmm, why not a standard 7am release? Let’s take a look…

Tungsten Corp – CEO Hurwitz claims “remarkable headway in fiscal '17”, so why are the shares lower?

“Pre-close FY17 Trading Update” announcement from Tungsten Corp (TUNG) sees CEO Rick Hurwitz claiming “Tungsten made remarkable headway in fiscal '17”. With the shares responding, er, more than 3% lower to 66.25p, the following reviews...

DGB
DGB

Digital Barriers – “Framework Contract and Trading Update” announcement attempts to emphasise positives, BUT…

Digital Barriers (DGB) has announced a framework contract and a trading update emphasising sales growth and “EBITDA is expected to be in line with market expectations”, BUT…

AO
AO

More ‘good’ news at AO World: £0 ebitda AND a money raising…

In an early 2015 ShareProphets article I observed that AO World (AO.), the self-styled ‘leading European online retailer of electrical products’was an overpriced hope stock. Roll forward, via a series of critical articles on this website from a number of writers, we have a much lower share price.

CloudCall – 2016 results, sufficiently funded to reach break-even?

Having previously updated on CloudCall (CALL) HERE, I note the integrator of voice communications into customer relationship management platforms has now announced results for the 2016 calendar year. These emphasise “a year of excellent progress for the business” and a “strong start to 2017”, though have currently seen the shares slip back towards 100p…

ZIN
ZIN

Zinc Media looks expensive based on latest financials

Small AIM outfit Zinc Media (ZIN) released its interim results last week and trumpeted that it is continuing to move in the right direction, but I would question whether the turnaround is happening fast enough to make the shares attractive.

Kalibrate Technologies – interim results show how ‘bullshit earnings’ were the previously announced EBITDA

After a profit warning in January, CEO of Kalibrate Technologies (KLBT), Bob Stein, is “pleased to report our results for the six months ended 31 December 2016. Hmmm. The shares have responded lower, back below 60p…

LoopUp – 2016 results emphasise “strong performance” & “positive outlook”, so why are the shares lower?

A 2016 results announcement from remote meetings technology group LoopUp (LOOP) includes “we're very pleased to report strong business performance and a positive outlook in our first set of annual results as a public company”. So why are the shares currently more than 3% lower, at 156.5p, in response?...

Monitise – reckons half-year results demonstrate transformation programme working. Hmmm…

A half-year results announcement from cash guzzler (Oops sorry, “digital technology group specialising in financial services”), Monitise (MONI) emphasises “our transformation programme is nearing completion, and continued half on half EBITDA profitability demonstrates that it is working”. Hmmm, EBITDA is though of course bullshit earnings, so what’s the real story?...

NCC
NCC

NCC Group - Oops - that accursed word "strategic review," + adjusted bullshit earnings - this all stinks

Shares in NCC Group (NCC) have slumped by 9.5% to 162.5p in late trade after a shocker of an announcement posted at 4.16 PM today. Not quite no-one is watching O'Clock but still late in the day. If you were on your way to the capital markets investor rampfest day it was holding tomorrow, don't bother. It has been cancelled. Cheers,my cyber security expert friends, did you not know you were going to have to issue a shocking profits alert until just now? How long have you been sitting on this bad news? Thanks. can I get a refund on my train ticket?

blur Group – says “progresses on its path to profitability”, but it looks cash crunch ahoy first!

blur Group (BLUR) has announced “key metrics for Q4 2016”, in the same opening paragraph noting “FY 2016 EBITDA is expected to be ahead of expectations”. EBITDA is of course not a ‘key metric’, but bullshit earnings. What about the real key metrics – cash generation and the balance sheet position?...

PMO
PMO

Market gives a muted response to Premier Oil refinancing deal

The market doesn’t like uncertainty, and that is why Premier Oil (PMO) has been continuing to under-perform in comparison to some of its peers in the oil and gas producing sector in terms of the share price.

Kalibrate Technologies – profit warning from leading 'bullshit earnings' exponent

Shares in provider of bullshit earnings (Oops sorry, “provider of strategy and technology services to the global fuel and convenience retail industry”), Kalibrate Technologies (KLBT) are currently more than 18% lower, at 57.5p, on the back of a “Trading Update” announcement. Profit warning AHOY!...

LoopUp – review as shares sparked by ‘ahead of expectations’ trading update

I looked at remote meetings technology group LoopUp (LOOP) just after the company’s August IPO – concluding, with the shares at 112.5p, that the valuation in conjunction with usual IPO and growth risks saw me avoid, but that I’d monitor with interest. The shares closed yesterday at exactly the same price as then – but are currently approaching 13% higher today, at 127p, on the back of a trading update announcement…

CWD
CWD

Countrywide – full-year trading statement, a “pleasing” performance?

Following Foxtons earlier this week, Countrywide (CWD) has now updated for the 2016 calendar year with CEO Alison Platt claiming “it is pleasing to report modest full year revenue growth”. Hmmm…

GMR
GMR

Gaming Realms – claims “maiden profitable quarter”, but was it really?...

“Q3 Trading Update” from developer, publisher and licensor of mobile real money and social games, Gaming Realms (GMR) commences with the headline “Strong revenue growth and maiden profitable quarter”. Sounds good, but is the reality such?...

SPA
SPA

1Spatial Interims - disappointing but now more than discounted

Geospatial and cloud services company 1Spatial (SPA) has announced self-admitted "disappointing"results for its half-year to 31stJuly 2016, though that “management believes the group is still on track to meet full year expectations which is an overall increase on the prior year revenues and adjusted EBITDA”.

Monitise – FY results, claims “positive” client response, but then admits contracts taking longer to conclude than anticipated! …

Monitise (MONI) has announced results for its year ended 30th June 2016 emphasising “substantial improvement” in second half operating figures and “FINKit®, our new business unit which enables banks and financial services organisations to transform their digital services, launched during the year generating initial revenues in the second half of FY 2016, and received a positive response from current and potential clients and partners”. Sounds good…

MDZ
MDZ

MediaZest - “pleased to provide shareholders with final results for the year ended 31 March 2016”. Hmmm…

“MediaZest (MDZ), the creative audio-visual company, is pleased to provide shareholders with final results for the year ended 31 March 2016… Best ever financial results with turnover of £3,144,000 and EBITDA profit of £58,000”. Hmmm, let’s take a closer look…

PSL
PSL

PhotonStar – running low on the readies?

Serial AIM dog PhotonStar (PSL) has announced the issue of 230,857 shares at a price of 2.625p to former NED Mr Philip Marshall in settlement of outstanding remuneration, worth a total of £6,060. That the company didn’t just pony up the relatively small amount in cash raises the question as to why.

Joules - Growth but not necessarily value

Premium lifestyle brand Joules (JOUL) is one of the freshest arrivals to the AIM market. Along with Hotel Chocolat (HOTC), Joules has been recognised as one of the higher-quality names to opt for AIM in recent months, and a sign that the junior market is still capable of attracting highly investable companies.

PMO
PMO

Premier Oil - Holed Below the Waterline? (Part 2)

Yesterday in Part 1, I outlined the gravity of the situation facing Premier Oil’s (PMO) equity investors. In that piece, I presented my view that the purchase of E.ON’s North Sea assets was an attempt to temporarily fix a covenant breach situation, but that any profits it generates are unlikely to be material against Premier’s debt pile.

PMO
PMO

Premier Oil - Holed Below the Waterline? (Part 1)

Anyone lucky enough to buy independent exploration and production company Premier Oil (PMO) around the January lows achieved a two-bagger in quick time as the shares rallied rapidly from around 20p to achieve a high of 75p last month. It is currently capitalised at £360 million ($500 million) and is a favourite on the bulletin boards. Sadly, it’s not yet clear that Premier has its house in order. There could be some serious pain yet to come.

DCD
DCD

DCD Media – follows no-one watching o'clock "business update", with no-one watching o'clock results

Following a true 'no-one watching o'clock’ “Business Update” from DCD Media (DCD), it has followed suit with the results announcement – with a 4:10pm release. I wonder why...

OCT
OCT

Octagonal Plc – How is one of its legacy investments performing?

On 12 June 2015, Octagonal Plc (OCT) issued a document entitled “Proposed Acquisition and Shareholder Circular” in connection with the proposed acquisition of Global Investment Strategy Limited.

CVR
CVR

Conviviality – Plenty of Fizz but Will it Satisfy Investors?

The expanding alcohol retailer and wholesaler Conviviality (CVR) provided the market with a double-barrelled update on Friday, announcing the completion of an acquisition and a trading update. It’s been non-stop growth and change at CVR in recent times. This leaves investors with plenty to think about as they sip on their discount booze.

AVN
AVN

Avanti Coms: another jam tomorrow, cash munching update & piddly director purchases scream SELL

Institutional investors continue to sell. But Avanti Communications (AVN) directors hope that piffling share purchases by themselves will persuade mug punters to follow suit. Do I care that David Williams (total package last year $1,154,445 after another year of mega cashburn) has bought 5,434 shares at 91.5p taking his holding to 1,709,144. Seriously? A guy who earns c$20,000 a week for trainwrecking this company has bought £5,000 of shares? And that is meant to show he has faith in the company? If anything it shows he has none. Now to the Q3 trading update.

DPP
DPP

DP Poland – AGM update; Oink, Oink

Previously commenting in March on the company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) I concluded with scepticism on the valuation – a share price rising to more than 28p meaning a market cap of circa £37 million. The shares since retreated slightly to circa 26p, but are currently again on the rise on the back of an “AGM Statement”. Let’s take a look…

RUR
RUR

Red Flags at Night: Rurelec trading/funding update - ShareProphets RNS Translation Serice

We have known that the Peter Earl AIM-listed train-wreck Rurelec (RUR) has been in some financial difficulty for some time. Mr Earl departed the scene last June, but the fire-fighting for the new board has been on-going ever since. Last night at no-one-is-watching o’clock (4.55pm) the company gave an update on its funding arrangements and trading in what must be a classic case-study for all MBA students on how to deliver bad news. Over to the ShareProphets RNS Translation service for the low-down on last night’s announcement…..

Professor

The ShareProphets Academy speaks: EBITDA competition winner announced

Last week I asked readers to explain the meaning of EBITDA as I was searching for enlightenment. The standard of entries was superb as you can see HERE.

Jabba_The_Hutt

Last Chance to Enter David Lenigas yacht & what is EBITDA contests - tonight

There are no prizes at all but the deadline to enter these two contests is no-one is watching O'Clock tonight (Friday), or as they say at the US Oil & Gas (USOP) press office, rush hour. The standard of entries so far as been incredibly high so to see those entries and post your one for EBITDA go HERE and for Jabba's yacht go HERE and e now also have a Call Me Dave tax dodging caption contest HERE

Buffett

Reader Competition: what does EBITDA stand for?

We all know that on the world's most successful growth market EBITDA is a popular way to present bad numbers as good ones. But what do those letters really stand for? Post your answers in the comments section below.

DPP
DPP

DP Poland – a “Trading update”, which is not really a trading update

With the exclusive right to Domino's Pizza stores in Poland and currently 16 corporately managed and 8 sub-franchised stores (in Warsaw, Krakow, Wrocław, Gdansk and Szczecin), DP Poland plc (DPP) has made an announcement today entitled “Trading update”, which is not really a trading update…

Tungsten Corp – trading update reiterates much, but there’s a significant omission

Tungsten Corp (TUNG) has updated that “trading in the third quarter was in line with market expectations, and that revenues for the full year to 30 April 2016 are expected to be broadly in line with its previous guidance”. With that guidance – for “revenue of at least £27.5m” – emphasised as recently as December, the now only “broadly” in line has helped the shares currently around 8% lower today towards 60p. And there is more…

Monitise trading update, EBITDA (bullshit earnings) now positive… or not?

Monitise plc (MONI) has announced a half-year trading update – the second bullet point of which is “Existing businesses generating positive EBITDA going forward”. Hmmm. As per Charlie Munger, EBITDA is ‘bullshit earnings’ but at least this now seems to be “positive” here I suppose… or is it?...

blinkx plc – trading update talks of ‘profitability ahead of expectations’, but then suggests no profit at all…

Internet media company blinkx plc (BLNX) has updated that “profitability in Q3 2016 was ahead of management expectations”. Good, good… “achieving break-even on an adjusted EBITDA basis during the period”. Oh, so not making a profit at all then! Hmmm…

SVR
SVR

ServicePower - at 4p, this stock has great short and medium term potential

In his debut article for ShareProphets, Robert Corden explains why he is so bullish on Service Power (SVR) and believes the shares are a strong buy at 4p.

TRT
TRT

Transense Technologies – agreement for sale of division sees renewed confidence. Hmmm…

Shares in Transense Technologies (TRT) currently trade around 40% higher today, at 1.625p, following an announcement that it has agreed to sell its 'IntelliSAW' business to US-headquartered global manufacturing company Emerson for a net “approximately £2.9 million” and it stating that it believes it now “is well positioned to become a self-sustaining, high-growth and cash-generative business”. Hmmm…

ESG
ESG

SHOCKING: eServGlobal – “trading update” = take a guess, it’s thus “EBITDA*” time…

Last week I updated on eServGlobal (ESG) HERE, concluding that ‘with HomeSend still having much to prove and there still clearly trading and financial difficulties for the core business, particularly ahead of a further trading update expected later this month, I remain bearish’. The shares are currently down approaching 25% today, at 5.5p, as guess what? …

GBO
GBO

Globo plc – “EUR14 million Proposed Acquisition”, Hmmm…

Globo plc (GBO) has announced the signing of a Letter of Intent to acquire “a Bring-Your-Own-Device and Mobile Security software provider based in Europe”. This has currently helped the shares up to 35p, though they remain well down from above 60p in June and there continues to look good reason why…

IOF
IOF

Iofina – time for another profits warning or bailout placing? Or both?

On 14th July 2015 AIM Casino dog Iofina (IOF) made its last announcement – the usual bag of shite trading update. Its shares closed the day at c22p. The shares are now 14.5p having fallen steadily over the past two months but aggressively of late. So when and what is the bad news?

LMI
LMI

Lonmin Offers a High Risk Recovery Play with Large Upside

A month or so ago I wrote a piece suggesting that people avoided Lonmin (LMI) at a share price of 62p. Although it looked cheap at that price I could see further downside based on funds selling prior to the South African platinum miner’s exit from the FTSE250 in the quarterly review.

QPP
QPP

Slater and Gordon's FY15 partial results published on Friday made for some very interesting reading.

A Quindellologist from the grim post industrial welfare safaris of the frozen North sends me this fasoinating Slater & Gordon number crunching. Suffice to say that S&G shares remain a stonking sell.

HSS
HSS

More EBITDA shenanigans (and a lousy IPO): the case of HSS Hire

My formative investment years were so long ago that I remember the daily thump that announced the arrival of the physical research pile from a variety of investment banks.  As a callow youth I used to devour these publications believing them to be a route to insight and riches.  The latter was true – although almost exclusively not to the readers of such ‘research’.  The reason for this walk down memory lane was that I was reminded by an article from Tom Winnifrith of a report I kept by my desk for months titled something like ‘why EV/EBITDA is the most important statistic for fund managers today’.  Suffice to say the quality of my investment insights all those years ago improved materially after I had a desk tidy-up…

GBO
GBO

EBITDA is a bull market metric for fools and knaves – ref blinkx and Globo

I leave it to Steve Moore to have the pleasure of plunging the knife into the dog blinkx (BLNX) after its profits warning HERE. It is a dog pure and simple and the shares, at 21p, are a stonking sell with a 12p target for starters. On the matter of blinkx we long term bears are again vindicated while the self-proclaimed expert on the stock, the disgraced ramper Roger Lawson of ShareSoc is one more shown up as a fool as well as a knave. But now to EBITDA.

IOF
IOF

Iofina issues another mealy mouth profits warning – when will this slow-mo train wreck end?

Warren Buffett says that anyone who uses EBITDA is either trying to fool you or to fool themselves and that brings us to a comedy profits warning from POS AIM casino dog Iofina (IOF) issued first thing today. What clowns.

Monitise plc – bearishness further vindicated as Visa Europe now also set to walk

Last September Visa Inc. announced a lessening involvement with Monitise plc (MONI) – prompting us to ask if the US-based company can go it alone who will be next? (see HERE). Today Monitise has announced that Visa Europe Ltd has now also notified it that it will reduce its shareholding over time while continuing to work with the company throughout the duration of its current commercial agreement…

Fishing Republic; looking to expand

The sportfishing industry is one that I know well, as it has been part of my day job for many years! So it was with great interest that I followed the listing of Fishing Republic (FISH) on the AIM market earlier this month.

AO
AO

AO World – full-year results, cutting through the Abundant Obliqueness...

Online electricals retailer AO World (AO.) has announced results for its year ended 31st March 2015 including an emboldened statement that “the group has delivered significant growth in UK sales and UK Adjusted EBITDA over the year whilst also delivering significant strategic progress; broadening its product range, with the introduction on AO.com of audio-visual equipment and expanding internationally with the successful launch of AO.de in Germany”. A focus on “strategic progress”, sales and adjusted EBITDA, rather than real profitability and cash generation then. Red flags ahoy? …

Monitise ‘Strategic Review’ confirms it’s not worth what the board thinks & founding co-CEO walks the plank

Monitise plc (MONI) has announced that a strategic review has concluded “that the best way of maximising long-term value for all stakeholders is to continue transforming and streamlining the business as an independent company”. With the shares having reacted a current more than 16.5% lower, to 15p, the following reviews…

Christmas-Stripper

Christmas Shopping – what can we learn from the High Street this year?

Many, many years ago Granny Deputy Sheriff used to do very well on the stock market. Legend has it that she did particularly well out of biscuits and helicopters. She tended to make investment decisions not on the usual measures of P/E or EBIT or EBITDA – let alone the fundamantal analysis of company accounts. No, this was an investment style all of her own (at the time): it was based on life experience. It rather chimes with one of the themes of Peter Lynch’s ‘One Up On Wall Street’.

VOD
VOD

Vodafone Interims – a buying signal?

Vodafone’s (VOD) half year’s results to 30th September 2014, just published, are a satisfactory outcome in relation to my analysis last June, which pointed to the expectation of top line revenue growth, heavy capital spending and reduced profits meantime; obscuring the longer term rewards of that investment in terms of sales revenue and then eventually, probable earnings per share. 

TMZ
TMZ

Toumaz – Crazy Valuation & the REAL Metrics are dire

Toumaz (TMZ) has all the markings of the sort of stock that should be in the Bulletin Board Moron nightmare portfolio as explained HERE earlier and, indeed, it seems to have a diehard band of BB Moron enthusiasts. Results today are dismal and the cash is running out. Yet at just under 6p the valuation is £95 million. Crackers.

AVN
AVN

Avanti Communications – Results all spin no substance & hidden revenue warning (again)

Avanti Communications (AVN) served up full year numbers today and it all looks great. Uber-bombast CEO David Williams, who admits to misleading investors in the past, has put a great spin on what is actually a dog’s dinner. Take the four bullet points financial highlights. Three of them are a half truth, misleading or an outright lie respectively. And there are good reasons not to believe the fourth at all!

Nighthawk looks a good buy at this price

Nighthawk Energy (HAWK) has had more than its fair share of ups and downs over the years, but now seems to be heading in the right direction. The AIM-listed oil producer and explorer is based in the US with licences in various parts of Colorado, and the latest update showed that during July it produced over 2,000bopd – although this was down slightly on the previous two months due to maintenance work and testing.

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