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Keyword results: Liberum

PREMIUM CONTENT

Gattaca – states adjusted profit before tax “ahead of expectations”, but what about the outlook?

'STEM' skillsets staffing company Gattaca (GATC) has issued a trading update including that it “expects to report continuing underlying PBT of £2.5m for FY23, ahead of expectations… intends to recommend a full year dividend in line with its policy of 2.5p per share, accompanied by a one-off special dividend of 2.5p per share… intends to launch a new share buyback programme with the intention of returning up to £0.5m”. With also the shares currently up to 103.5p, good news then?
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SLP
SLP
PREMIUM CONTENT

Sylvania Platinum – PGM and chrome joint venture agreement, a major growth strategy step

Sylvania Platinum (SLP) has announced a joint venture agreement with a subsidiary of ChromTech Mining to process PGM and chrome ores from historical tailings dumps and current arisings from the Limberg chrome mine, emphasising it “represents a major step in delivery of Sylvania's growth strategy”.
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IKA
IKA
PREMIUM CONTENT

Ilika – full-year results emphasise “scale of the opportunities”, but what about the scale of the cash burn?

Describing itself as “a pioneer in solid-state battery technology”, Ilika (IKA) has announced results for its year ended 30th April 2023 emphasising “delivering the first batches of Stereax batteries to customers” and “entering into a memorandum of understanding with our US-based manufacturing partner, Cirtec Medical”. So what of a current share price response to 33p, down over 7%?
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CTA
CTA
PREMIUM CONTENT

CT Automotive – following IPO in just 2021 and recent bailout equity raise, now identifies a “number of years” accounting error!

CT Automotive Group (CTA) has announced that it “has identified an error with regards to the calculation of the year end inventory on consolidation”, though also that “the reduction to inventory is a non-cash adjustment. There is no adverse impact to profitability in the current financial year ending 31 December 2023”. So what’s the detail and what of a share price currently slightly further down at 36p?
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PREMIUM CONTENT

Virgin Wines – warns again! And with CEO Jay Wright stating this following covid-period growth… having argued then “a clear strategy to continue this growth over the coming years”!

A trading statement from online wine retailer Virgin Wines UK (VINO) commences that “significant progress has been made in remedying the stability and software operational issues that previously affected the implementation of the new Warehouse Management System, which, as previously reported, negatively affected H1 revenue and profit” and includes “in a good position to benefit from ongoing improvements in the macroeconomic environment”. So what of a current 36p share price, £20.1 million market cap, more than 7% further lower?
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TPT
TPT
PREMIUM CONTENT

Topps Tiles – ‘confidence in ability to drive value over medium term’, so what’s the current outlook?

Describing itself as “the UK's leading tile specialist”, Topps Tiles (TPT) has issued a “First Half Trading Update” announcement including “a record period in the first half, with revenues of £130.5 million, £11.3 million or 9.5% higher than the prior year… the business remains strongly cash generative… confidence in our ability to drive value for all stakeholders over the medium term”. So what of a current couple of percent higher 47.4p share price?
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SFR
SFR
PREMIUM CONTENT

Severfield – agreement to acquire Voortman Steel, Buy

Structural steel company Severfield (SFR) has announced an agreement to acquire Voortman Steel Construction for a net €24 million, emphasising it will provide it with further market and geographical diversification and is anticipated to be earnings-enhancing in its first full year of ownership.
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PREMIUM CONTENT

Gattaca – “trading statement”, how ‘well placed’ is it proving to be?

“Specialist STEM staffing” company Gattaca (GATC) has issued a trading statement emphasising half-year “NFI expected to be £22.7m (H1 22: £21.6m)… expects to report statutory net cash at 31 January 2023 of £21m (31 July 2022: net cash of £12m)” and “the shortage of candidates plays to our key strength of deep knowledge and understanding of our sectors and niche skills”. So what of a current share price response to 77p, down 15%?!
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SDY
SDY

Speedy Hire – argues “continues to perform well” and a “strengthened control environment”, But…

Tools and equipment hire and complementary services company Speedy Hire (SDY) has issued a “Financial and trading update”including that it “continues to perform well… revenue (excluding disposals) for the four months to 31 January 2023 up c.16% against the corresponding period in the prior year… continues to be confident in delivering underlying profit in line with its expectations for the full year”. So what of a current share price response down by more than 7% to around 39p?
WIN
WIN

Wincanton – “current year in line with market expectations”, but what about the outlook?

Logistics company Wincanton (WIN) has issued a “Q3 trading update” including emphasising “year-to-date, we have delivered encouraging revenue growth of 5.5% and the pipeline of new business opportunities continues to increase”. So what of a share price currently down 4% in response and the shares, now at 327.5p, down from above 370p as recently as November?
PREMIUM CONTENT

Aptamer – “good visibility on its commercial pipeline going into the second half”. Really?

‘Novel Optimer binders to enable innovation in the life sciences industry’ group Aptamer (APTA) has issued a “Half Year Trading Update” emphasising that “2022 has seen significant progress for Aptamer with the investment in new facilities to create more capacity and an expanded team, especially in sales and marketing” and that it “has good visibility on its commercial pipeline going into the second half, including a further £1.0m of current signed orders, as well as contracts in negotiation and strong expressions of interest across all three business units… remains focused on delivering market expectations for the full year”. So what of a current share price response down almost 7% to 47.5p?
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DX
DX
PREMIUM CONTENT

DX Group – AGM trading statement, after corporate governance shambles now in a strong position?

Parcel freight, secure courier and logistics services group DX (DX.) has issued an AGM update including that “trading to date remains in line, and that the pipeline of new business opportunities continues to be very healthy. The group remains in a strong financial position”. So what of a current share price response up to 27p?
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FLO
FLO

Flowtech Fluidpower – again a Buy?

Fluid power products business Flowtech Fluidpower (FLO) is a company we have successfully covered on this website before – banking a less than six months 39.5% offer to bid gain last year at a 117.5p bid price, though also noting then that on continuing strong trading recovery delivery there is likely some further upside. The shares went on to reach 150p and this year’s half-year numbers showed further positive trading recovery… but the shares are currently available at a 109.5p offer price. We therefore now ride again, targeting a return to 140p+ as trading delivery is further proven and market sentiment improves from here.
CTA
CTA

CT Automotive – having listed on AIM less than a year ago, the attempted ‘no-one watching o’clock’ release trick already?!

Describing itself as “a leading designer, developer and supplier of interior components to the global automotive industry”, CT Automotive (CTA) listed on AIM less than a year ago at 147p per share and has now provided “an update on its performance for the year ending 31 December 2022”… yesterday at 4:05pm. Is it trying the attempted ‘no-one watching o’clock’ release trick already?!
ITS
ITS
PREMIUM CONTENT

In The Style Group – argues “considerable potential”, so what of the CEO’s swift exit and the strategic review?

In September I noted group describing itself as a “disruptive and inclusive digital womenswear fashion brand”, In The Style (ITS) argued “significant progress against several of the strategic priorities” but I questioned what about the still diminishing cash though?!. That was with the shares at circa 26.5p, so what of a now 13.625p share price after further announcements today?

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SBI
SBI

SourceBio International – proposed AIM cancellation and tender offer, why might there have been a lack of investor “attention”?

SourceBio International (SBI) has announced proposed cancellation of its, AIM, stock market listing and a “tender offer pursuant to which up to 11,071,810 ordinary shares (representing approximately 14.9 per cent. of the existing share capital of the company) would be purchased by the company at a price of 115 pence per ordinary share”. With the shares currently 110p and there 74,183,038 in issue, why is this proposed and what does it mean for shareholders?

IKA
IKA

Ilika – “trading update”, hopefully my prior warnings were heeded!

Describing itself as “a pioneer in solid-state battery technology”, Ilika plc (IKA) has issued an update following its half-year ended 31st October 2022 including that “M300 product qualification is now expected to complete in Q2 calendar year 2023… ramp-up is now expected to take five years to reach capacity of the UK manufacturing facility”. What does it mean financially?

SLP
SLP
PREMIUM CONTENT

Sylvania Platinum – improved production and prices, remains a growth and income Buy

Sylvania Platinum (SLP) has announced “best quarterly production since the COVID-lockdowns in early 2020. This increase in production ounces and the 2% higher PGM basket price recorded in the quarter, resulted in stronger profits”. The shares have currently responded up to 92p and there looks more to go.

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SBI
SBI

SourceBio International – “Trading Update and Proposed Cancellation”… so much for the IPO rationale then!

Previously writing on laboratory services company SourceBio International (SBI), last year with the shares at 137.5p I concluded to avoid with changes to travel PCR testing expected to impact. The shares last closed at 111p and today a “Trading Update and Proposed Cancellation”-titled announcement.

Virgin Wines – full-year results argue “resilience”… but it’s financial downgrades AGAIN

Online wine retailer Virgin Wines (VINO) has announced results for its year ended 1st July 2022, stating that it is “pleased to report the group's second set of annual results as a public company, following our admission to AIM in March 2021… looks to the future with confidence”. The shares have currently responded slightly higher to 50p, but that still compares to above 100p as recently as June.

PREMIUM CONTENT

GOTCHA! Made.com …they think its all over…..200p to 1p in 16 months

Hurst has not stuck the ball in the back of the net yet but the crowd of bears are on the pitch clutching bottles of ouzo and is that a Fat Lady I see among them?  Surely this disgrace from the IPO class of 2021 is doomed after the latest news? You cannot say that I did not, on numerous occasions, warn you all

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Loungers – argues “like for like sales growth”…but is there? And what about the bottom-line?

Previously writing on Lounge and Cosy Club cafe/bar/restaurants company Loungers (LGRS), in summer last year with the shares at 277.5p I concluded that the valuation and sustainable demand uncertainty meant at best only on the watchlist. The shares are currently at 206p, though what of they being up today on the back of a “continues to thrive” trading update?

TPT
TPT

Topps Tiles – “positive progress from all parts of the group”. Er, what about the Topps Tiles brand like-for-like sales decline?!

Shares in “the UK's leading tile specialist” Topps Tiles (TPT) are currently up approaching 5% today at 43p on the back of a Q4, to 1st October, trading update but are therefore still well down on the above 59p when I cautioned on the shares in March. So what’s the story now?

ITS
ITS

In The Style Group – “significant progress against several of the strategic priorities”, what about the still diminishing cash though?!

Describing itself as a “disruptive and inclusive digital womenswear fashion brand”, In The Style (ITS) has issued an “AGM Trading Update” arguing “significant progress against several of the strategic priorities”. So what of a little changed circa 26.5p share price?

4imprint – ‘continued strong trading momentum’, is it sustainable?

Previously writing on promotional products group 4imprint (FOUR), in May with the shares at 2900p I concluded that I’d continue to monitor but with the already-noted recovery the earnings and cash multiples meant I continued to avoid. The shares last closed at 2440p but are currently rising above 2900p on the back of a trading statement, so what’s the news?

TEG
TEG

Ten Entertainment – “record-breaking” performance, but how sustainable is it?

Writing a year ago on UK bowling and ‘family entertainment’ centres group Ten Entertainment (TEG) I concluded with the shares at 248p whilst the demand situation normalises, currently on the watchlist. So what about now, following a trading update for its half year ended 26th June 2022?

Luceco – states results challenges “previously highlighted”. Were they?...

Manufacturer and distributor of wiring accessories, EV chargers, LED lighting and portable power products, Luceco (LUCE) has announced “Q1 2022 revenue was 3% lower than Q1 2021”, though states that is with it having “previously highlighted the challenge of repeating 2021's record results, which delivered adjusted operating profit more than double pre-COVID 2019 levels, including a particularly strong H1 2021 performance”. So why a current share price response to around 145p, more than 25% lower?!...

ITS
ITS

In The Style Group – well positioned to improve profitability, or not?

Womenswear online retailer In The Style (ITS) has announced revenue growth “marginally ahead of the guidance issued by the company in January 2022. Adjusted EBITDA margin will be in line with that guidance at 1%… very well positioned to continue its impressive growth and improve its profitability”. So what does that mean financially?...

Mind Gym – argues “robust performance”, but what about this year?...

Behavioural science-based business improvement company Mind Gym (MIND) has issued a trading update including “revenue is expected to be £47.9m, up 25 per cent on FY21 (in constant currency) and up 5 per cent on pre-Covid levels… adjusted PBT for the year is expected to be in line with board expectations”. So what of a 130p share price, down from over 190p as recently as October?...

4imprint – full-year results, is there encouraging progress?...

Previously writing on promotional products group 4imprint (FOUR), in November with the shares down to around 3000p I questioned further encouraging progress. So what of now full-year results?…

TPT
TPT

Topps Tiles – acquisition & trading in line with expectations, but what’s to be the impact of “significant inflation”?...

Describing itself as “the UK’s leading tile specialist”, Topps Tiles (TPT) has announced “Acquisition of Pro Tiler Ltd & Q2 Trading Update”. So what of a share price currently up to above 59p?…

Strix Has Been Off the Boil, but the Maker of Kettle Bits Seems Set to Steam Head Again

Hello Share Rattlers. I’ve commended Strix Group (KETL) to you before but lately this maker of kettle bits has not been one of my more illustrious calls. It’s down by a third compared to the second half of last year. But the fall, connected to perceived supply and transport issues together with the rising cost of raw materials, seems to me unjustified.

ITS
ITS

In The Style Group – states “pleased to provide” trading update, but it’s another lack of profits warning...

Womenswear online retailer In The Style (ITS) states it “is pleased to provide an update on Christmas trading for the eight weeks to 31 December 2021 as well as an update on its board of directors”. The shares though are currently down to 91p, so what’s the story?…

DX
DX

DX Group – audit delay uncertainty, shares set for suspension…but not yet. Just another day on ‘the world’s most successful growth market’!

From logistics group DX (DX.) today an “Update on Publication of Annual Report and AGM”-titled announcement, which sounds mundane… but the shares are currently at 18.5p, approaching 40% lower! So what’s going on?…

Frontier Developments – “well-established titles… continue to perform well”, BUT...

Videogames developer and publisher Frontier Developments (FDEV) has made a trading update commencing that its well-established titles, including Jurassic World EvolutionPlanet Zoo and Planet Coaster, continue to perform well. So why are the shares currently 35% lower on the back of it, towards 1600p?…

4imprint – argues “further encouraging progress”. Really?...

Promotional products group 4imprint (FOUR) has made a trading update emphasising “further encouraging progress… in the second half of the year to the end of October, weekly order totals have averaged 2% above 2019 levels”. So why are the shares currently slightly lower at around 3000p?…

Gattaca – “markets returning to growth”, so why a more than 13% share price fall?...

Engineering and Technology recruitment company Gattaca (GATC) has announced results for its year ended 31st July 2021 and that “since February we have seen the markets returning to growth across the majority of our major sectors, which has led to a candidate short market”. Why then currently a share price down 13.5% at below 180p?…

RCH
RCH

A News Outfit Unfairly Hindered by Covid Looks Set for a Better Future

Hello Share Bungers. I’ve just wasted most of a day researching a company to put before you. However, I became increasingly uncomfortable about the outfit because of one or two things it publicises that I’m uneasy about. So let me suggest you take a look at another company instead. It’s called Reach (RCH). I’m a little biased towards this lot as, being a hoary old hack, I like to encourage the art of print journalism.

KIE
KIE
PREMIUM CONTENT

Kier Group – full-year trading update, more upside to come?...

Kier Group (KIE), recommended in May at a 114.6p offer price, has made a trading update including “full year results are anticipated to be moderately ahead of the board’s expectations” and the shares are currently at 126p. More to come?…

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TEG
TEG

Ten Entertainment – emphasises “strong trading since reopening”… but how sustainable?

Previously writing on UK tenpin bowling and ‘family entertainment’ centres group Ten Entertainment (TEG), in September I concluded I’ll continue to monitor for further updates…on the watchlist. With the positive vaccines news, the shares reached 200p in November and 260p+ in May. So what now, with they currently at 248p on the back of a half-year trading update?…

UAI
UAI

City centre developments May Seem Covid-Prone, but this Progressive Outfit's Battered Share Price could Recover

Hello, Share Takers. Though I recoil from companies with only initials and numbers in the name, I’m rather taken by the prospects for a company called U+I (UAI). And, said out loud, it has a nice ring to it. This is an outfit described as a regeneration developer. This means that it takes rather unattractive brownfield big city sites, often overlooked by others, and turns them into something much more useful and attractive.

KIE
KIE
PREMIUM CONTENT

Kier – open offer result following subsidiary sale, recovery buy?...

Tip of the month last month, UK infrastructure services and construction group Kier (KIE) at a 114.6p offer price has announced the result of an open offer, following completion of its sale of the ‘Kier Living’ housebuilding business.

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Loungers – strong recent sales, but what does the valuation already discount?...

A trading update from operator of 173 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, Loungers plc (LGRS) includes “like for like sales over the four-week period from 17 May through to 13 June 2021 were +26.6%, using the period 20 May to 16 June 2019 as the comparator”. The stock of recovery interest?…

CEY
CEY
PREMIUM CONTENT

Centamin – West African Portfolio Review: BUY

Fully-listed Egyptian Gold-producer Centamin (CEY) updated the market on its West African portfolio of exploration assets yesterday. Broadly speaking, one – Doropo –  is being progressed, a second- ABC – is to undergo further testing and a third – Batie West – looks like being shelved. Since I have largely ignored these assets as I value Centamin as it stands now, I’m not so concerned with shelving assets – but the one which is being progressed looks very interesting and could add significant value.

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FUM
FUM

Futura Medical – Entertaining Incompetence, but does anyone care?

With a hat tip to MB, I note that at 4:30 PM and 4:31 PM Friday, Futura Medical (FUM) announced that there was a placing and retail offer at 40p per share. Unfortunately, somebody at Nomad Liberum had forgotten that the market doesn’t actually close until 4:35 PM after the closing auction (which has been the case since 1997).

Safestay – how’s that “to be well positioned to re-open as restrictions are lifted” going?...

Previously writing on branded hostels company Safestay (SSTY), with the shares at 17.5p I questioned “to be well positioned to re-open as restrictions are lifted”?. Now a further update and the shares further lower – at 12.5p – in response…

Safestay – after early February “forward bookings for Q1 are very encouraging”, now…

Having updated early last month, today branded hostels company Safestay (SSTY) makes another “Trading Statement”. The early February one included “performance in the first month of 2020 and forward bookings for Q1 are very encouraging, a positive signal for the coming year, which will also benefit from the acquisitions made last year”. Now…

Mind Gym – “underlying trading remained strong between the half year-end and the end of January 2020, however”…

Describing itself as a “global provider of human capital and business improvement solutions”, Mind Gym (MIND) has updated commencing; “Underlying trading remained strong between the half year-end (30 September 2019) and the end of January 2020, however”

PREMIUM CONTENT

Joules – “premium British lifestyle brand” delivers a far from premium trading update

Self-styled “premium British lifestyle brand”, Joules (JOUL) has updated on trading for the seven weeks to 5th January including “stores and third-party concessions… performed in line with expectations... We remain focussed on continuing to expand the Joules brand”. The shares have currently responded to around 180p – er, circa 20% lower!...

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TPT
TPT

Topps Tiles – a year on, still caution?

A year ago I concluded on “the UK's largest tile specialist” Topps Tiles (TPT), the current results reality suggests a challenging time ahead. With now another trading update, how are things looking?...

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…

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: with respect Liberum you are talking cock

In today's podcast I start with a couple of reflections on the joys of modern life involving Andrew Monk of VSA, cannabis and the tossers at Barclays Bank (BARC). I look at Burford (BUR), Falanx (FLX), IQE (IQE), Xaar (XAR), Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP). I forgot to mention Restaurant Group (RTN) but Chris "Three Brains" Bailey, again, covers it very well HERE and he is right. It is a slam dunk sell. Lucian Miers reckons it might just be a zero.

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RPS
RPS

RPS Group – from Australia “indications of improved performance” to “softness in Australia… materially below… expectations” in less than 2 months!

A 1st May AGM trading update saw project management group RPS (RPS) state “the Australian property market, as anticipated, remained subdued. However, the transport sector was strong, and the acquisition of Corview in February 2019 further strengthens the group's position in this market. There are indications of improved performance in both segments in the second quarter”. Now a further trading update; “in Australia”

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…

Staffline – update & shares resume trading, accusations deliberately timed to cause maximum disruption?

On 30th January, after at first only announcing “Delay to publication of results… the company will provide a further update as soon as possible”, shares in Staffline (STAF) were eventually suspended (3:50pm) and it was updated (6:14pm) including that “concerns were brought to the attention of the board relating to invoicing and payroll practices… shareholders will be updated in due course”. Today a “Group Update and Restoration of Trading” – and the shares currently more than 25% higher, at around 840p, capitalising the company at £235 million…

FFI
FFI

FFI Holdings – having listed little more than 20 months ago... not again surely!…

In June 2017, at 150p per share, “FFI Holdings (FFI), the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming products, is pleased to announce… admission of its ordinary shares to trading on AIM” and in September of that year CEO Steven Ransohoff was emphasising “following our successful IPO, FFI has been working diligently on improving costs associated with our Completion Contract business. To that end, I am excited to announce the formation of our captive insurer, FFI Insurance, together with our long-time partner, MS Amlin”. But since…

Hotel Chocolat – “pleased to report continued progress”… but sufficient for the valuation?

Angus Thirlwell, co-founder and CEO of “premium British chocolatier and omni-channel retailer”, Hotel Chocolat (HOTC) is “pleased to report continued progress for the Hotel Chocolat brand during the 26 weeks to 30 December 2018” – and the shares have responded currently approaching 3% higher to 315p. How do the results and outlook compare to a present more than £355 million market cap?...

Footasylum – shares sprint ahead on JD Sports move… but what about trading tripping-up badly?

An “Acquisition of stake by JD Sports Fashion Plc” (JD.) – and a 90% increase in the share price of Footasylum (FOOT) yesterday, to 55.2p. That though still compares to a 164p AIM IPO in just November 2017 – so there value here?...

Plus500 – share buyback & shareholder moves. A 1760p price target… or not?

Following the same yesterday, both a “Transaction in Own Shares” and “Holding(s) in Company” announcement from Plus500 (PLUS) already today. The shares have though currently responded further lower, below 1000p…

Hotel Chocolat – argues “another strong Christmas”, but how’s the outlook v. the valuation?

“Premium British chocolatier and omni-channel retailer”, Hotel Chocolat (HOTC) has updated on the 13 weeks ended 30th December including “this was another strong Christmas for Hotel Chocolat” and adding “trading since December continues to be in line with management's expectations”. What are expectations though?, and how do they compare to the valuation? – the shares currently circa 5% higher on the day, above 280p – capitalising the company at approaching £320 million…

TPT
TPT

Topps Tiles – trading update, consumer confidence & spending caution?

A trading statement from Topps Tiles (TPT) includes “our strategy of ‘out specialising the specialists’ continues to serve us well” and “we continue to make good progress with our plans for commercial and our strategy of ‘disrupt and construct’ is proving successful”. However, a sub 65p share price compares to more than 90p in early 2018…

Footasylum – trading statement, continuing to trip-up badly

In September, previously writing on Footasylum (FOOT) it was our warnings prove sage as now tripping up badly. Today a “Trading Statement”

Hotel Chocolat – opens in Japan, growth profile “very interesting indeed”?

Hotel Chocolat (HOTC) has announced the opening of the first Hotel Chocolat store in Japan, emphasising a “hugely encouraging” reaction – this following house broker Liberum having noted on September-announced results “management has developed Hotel Chocolat into the leading UK premium chocolate brand and is now expanding that strategy into new international markets. The combined market size of the USA, Japan and Scandinavia is some 4.6x that of the UK and with sensible plans in place, the next stage of Hotel Chocolat’s growth profile looks very interesting indeed”

Plus500 – argues “a good position for 2019”. How good?

Contracts for Differences online trading platform company Plus500 (PLUS) “is pleased to announce… the board believes that the group's results for the financial year ended 31 December 2018 will be ahead of previous market expectations” - and the shares have responded currently more than 11% higher, above 1400p. That though also still compares with more than 2000p reached in August…

RPS
RPS

RPS Group – Q3 trading update sees shares slump. Justified?

Half-year results on 2nd August from RPS Group (RPS) saw CEO John Douglas emphasising “we have made good progress in respect of our strategic priorities including the re-organisation of the business that will provide a solid platform for growth”. Today the company reports third quarter adjusted profit below expectations and a warning that profit will be further impacted by “necessary investment in the business”. Uh oh…

Plus500 – emphasises “ahead of expectations”… but still a 14% quarterly revenue decline

A trading update from “online service provider for trading Contracts for Differences”, Plus500 (PLUS) including “in the three months ended 30 September 2018, the company's revenue was $100.1 million, a decrease of 14% compared to the same period last year. This period included two months (August and September) of trading post the newly implemented ESMA regulations”. The shares have currently responded, er, more than 6% higher, back above 1300p!…

FDP
FDP
PREMIUM CONTENT

First Derivatives - are its reported earnings real? After 20 years is KPMG sure?

A few days ago I showed hard evidence that the 2002 IPO of First Derivatives (FDP) was based on false earnings. That was dismissed by supporters as being so long ago that it did not matter. It does! But how about we move to the issue of whether reported earnings in the past three years are "real" or cooked up. I suggest it may well be the latter in which case the stock is going to tank at some stage, soon, when investors realise this. Let me explain...

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FDP
FDP
PREMIUM CONTENT

Shenanigans at First Derivatives Don’t Look Good. Sell

I doubt that there was the slightest sense of embarrassment at last week’s AIM awards (a ghastly sounding knees up for the world’s seediest stock market) when First Derivatives (FDP) picked up two gongs: Best Technology award for the company itself and Entrepreneur of the Year Award for its founder and CEO Brian Conlon. Presumably these awards were decided well before First’s price tanked amid some serious concerns being raised and the organisers, in true AIM style, were too gormless to think on their feet and give them out to a less dodgy enterprise.

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VRS
VRS
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Neill Ricketts walks on water but Versarien remains a sell for the brave (& First Derivatives)

Neill Ricketts, CEO of Versarien (VRS), the graphene company which is currently the number one pin-up stock on AIM, can be forgiven for thinking that he can walk on water.

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SXX
SXX

Sirius Minerals – announcement includes “significant steps forward for the business”… so why a share price slump?

“Procurement and capital estimate update” announcement from Sirius Minerals (SXX) sees CEO Chris Fraser commencing comment by emphasising “the signing of the contracts for the remaining tunnel drives and the materials handling facility at Wilton are significant steps forward for the business with almost all procurement now complete”. However, the shares have responded currently circa 10% lower, to around 30p. How’s that capital estimate then?...

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Footasylum – our warnings prove sage as now tripping up badly

Footasylum (FOOT) IPO’d on AIM in November at 164p, with CEO Clare Nesbitt stating we “look forward to delivering the significant potential that we see for Footasylum as a quoted business” and “are delighted that our product-led, multi-channel expansion strategy has resonated so strongly with investors”. I though questioned on competition and disposable income challenges, and concluded that the valuation looked too rich. There then followed deviation from the IPO expectations and now a “Trading Statement” update…

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AIR
AIR

Air Partner – “traded well over the first half”. Just how well?

Air Partner (AIR) has updated including that it “traded well over the first half of the financial year” and “remains confident in the group's prospects for the full year and beyond”. Sounds encouraging…

GMD
GMD

GAME Digital – current revenue & margin challenges v. BELONG growth initiative?

GAME Digital (GMD) has updated including “group revenue for the 52 weeks ended 28 July 2018 is expected to show a small decline at approximately £780 million (2017: £782.9 million)”. That compares to at the half-year stage “revenue of £517.4 million… an increase of 3.9%”. Hmmm…

Plus500 – emphasises “very successful first half”… so why are the shares materially lower?

Plus500 (PLUS) has announced results for the first half of 2018, including emphasising “we have had a very successful first half with two major milestones; another record set of first half results including an exceptional first quarter performance and completion of our move up to the Main Market”. However, having recently exceeded 2000p, the shares have responded materially lower towards 1700p. Hmmm…

FAN
FAN

Volution – “in line with the board's expectations”… or not?

Ventilation products group Volution (FAN) has updated on its year ended 31st July 2018, emphasising “revenue in the 12 month period was £206 million, an 11.3% increase (11.2% on a constant currency basis) compared with the prior year” and “our increasing market and geographical diversity, together with significant investment in new product innovation, gives us confidence for the year ahead”. Do the shares thus merit a higher price than the circa 200p they were also at as long ago as early 2016?...

Hotel Chocolat – Scandinavian development agreement, ‘recent share price weakness unwarranted’? Hmmm…

Shares in Hotel Chocolat (HOTC) are currently more than 5% higher, heading towards 350p, on the back of the announcement of a “Scandinavian Development Agreement”. Further gains to come?...

SFE
SFE

Safestyle UK – having been “pleased” with a legal outcome in May, how’s trading?

In May Safestyle UK (SFE) was “pleased” with an interim legal outcome and the shares bounced above 60p. However, I concluded there remains a raft of uncertainty meaning I wouldn’t want to own the shares - and continue to avoid. Today a trading update

TPT
TPT

Topps Tiles – ‘continue to make good progress with our core strategy’, so why continuing share price decline?

Shares in Topps Tiles (TPT) are currently further lower following a recent Q3 trading update – despite it arguing it continues “to make good progress with our core strategy of ‘Out-Specialising the Specialists’ to extend our market leading position in the UK tile market”. Hmmm…

FDP
FDP
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First Derivatives & scandal plagued KPMG Belfast – this is all too cosy: Sell

I am the last person to berate the fine folks from my family’s ancestral homelands  of the Kingdom of Ulster or indeed the modern day province. SUFTUM is what I say as I wake up every morning to retweet - with my own comments - @onthisdayPira . But some communities are just perhaps just too tightly knit, too cosy. I refer to the accounting arrangements of First Derivatives (FDP).

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SThree – half-year trading update, 33% total return potential?

Writing previously on specialist staffing company SThree (STHR) in March, I questioned Q1 update has its attractions… but attractive enough?.There’s now a Half Year Trading Update

TMO
TMO

Time Out Group – Woodford dog argues “continues to trade well”. Really?!

Media and entertainment group Time Out (TMO) has updated including “the group continues to trade well” and “we remain confident in meeting our strategic and financial goals for the year”. The shares have responded currently approaching 4% higher, to 83p, but why (other than natch, with Woodford Investment Management a significant shareholder), are they still down from a 150p June 2016 IPO and above 130p at the commencement of this year then?...

TPT
TPT

Topps Tiles – after Q1 “an encouraging start”, what about Q2?

In January Topps Tiles (TPT) stated “an encouraging start to the new financial year with like-for-like sales in Q1 up by 3.4%”. Today a further Trading Update

SThree – Q1 update has its attractions… but attractive enough?

Previously writing on specialist staffing company SThree (STHR) I concluded it may be relatively well placed, but macro concerns saw me cautious on the shares. Today a Q1 Trading Update

Hotel Chocolat – interims emphasise “another period of strong progress”… but progress enough for the valuation?

Chocolatier and retailer, Hotel Chocolat (HOTC) has announced results for its half year ended 31st December 2017, including emphasising “another period of strong progress… with growth in both sales and profits” and “a strong differentiated brand which offers great products and customer service and that is priced as an affordable luxury, gives the board confidence in the group's continued progress”. So why have the shares responded lower, towards 300p?...

Footasylum – what growth to expect following recent AIM listing?

I reviewed Footasylum (FOOT) on its November AIM listing being followed with a director buy announcement, concluding cautiously with the shares then at 209.5p. They would go on to commence 2018 at more than 250p, but are currently back to just over 200p…

4imprint – “Trading Update”… but how is bottom-line performance against expectations?

“Trading Update” announcement from 4imprint (FOUR) concludes “the board expects that full-year revenue will be in line with market consensus, and that underlying operating profit margin percentage will remain broadly constant”. What does this mean for bottom-line performance against expectations then?...

Hotel Chocolat – full-year results, is the share price recovery justified?

In July, previously writing on Hotel Chocolat (HOTC) I noted trading update omissions and retained previous caution with the shares higher at circa 335p. They would fall towards 250p, but have recovered to a current 306.5p on the back of the results announcement for a 53 week period to 2nd July 2017…

TMO
TMO

Time Out – after a ‘trading update’ with nothing below the revenue line, “pleased to announce” interims. It shouldn’t be…

I previously wrote on Time Out Group (TMO) following a “trading update” for the first half of 2017 – noting that below the revenue line there wasn’t any detail provided, perhaps something to do with a house broker forecast for a full-year adjusted pre-tax loss of £19.5 million? The company is now “pleased to announce its unaudited half year results for the six months ended 30 June 2017”

TMO
TMO

Time Out Group – argues “well positioned”, so why are the shares muted?

Time Out (TMO) has updated on the first half of 2017, arguing “we are well positioned to drive further growth, transactional traffic and monetisation of our unique content”. The shares though, at 138p, remain below the 150p June of last year AIM listing price…

SThree – trading update argues “solid base”, but what about the macro picture?

Shares in staffing business SThree (STHR) are currently trading higher, above 300p, on the back of a half-year trading update. However, they are still lower than the more than 330p reach earlier this year, so what’s the current story here?...

SXX
SXX

Sirius Minerals - Phase 1 £850m financing announced: buy, sell, or hold?

Congratulations to Sirius Minerals (SXX) which looks to be almost there on securing the finance to build out phase one of its potash mine in North Yorkshire. A few things are up in the air so should you, at 32.875p, buy sell or hold?

SXX
SXX

Sirius Minerals shares to more than double!

Okay the research note claiming that shares in Sirius Minerals (SXX) will zoom from 18p to 40p is made by its own house broker Liberum. On that basis it is - like all house broker buy notes - to be taken with many pinches of salt. But just to annoy my pal Lucian Miers who is short and to show we are happy to offer a variety of views. To be clear, I personally have no view.

Stelios says Fastjet profit forecasts fantasy, says cash crisis looming as he calls EGM

Oh dear. Baby Bear called this one to 0p at Gold & Bears HERE since when shares in Fastjet (FJET) have soared but now the chickens are coming home to roost with Sir Stelios Haji-Ioannou warning that the company has misled investors and is facing a cash crunch.

OPP
OPP

F40 Origo Partners – is it bag of crisps time? 0p ahoy?

This surely is terrible news for shareholders in ShareProphets AIM-China Filthy Forty play Origo Partners (OPP): an RNS shortly before close of play yesterday saw the announcement of the results of a series of meetings which had been called to consider the restructuring of a series of debts (or, rather, convertible zero dividend preference shares). The holders of the zeros voted it through but, oh dear, those pesky ordinary shareholders did not. The result: Origo could be toast.

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