Previously writing on company which describes itself as “a leading provider of distributed denial of service protection solutions” Corero Network Security (CNS), in April I wrote 2022 results, “now well placed to expand its market coverage and increase sales”? Er, what about that cash burn?!. What do half-year 2023 results now show?

Previously writing on kettle safety controls and other water temperature management components group Strix (KETL), in July with the shares rising above 105p I questioned how significant its trading improvement was and concluded, particularly ahead of further half-year financial insights, to continue to avoid. The shares most recently closed at 91.6p… and now the half-year results and the shares currently down below 55p! What’s going on here now?

Previously writing on omnichannel ‘occasion wear and dressy casual wear’ fashion company Quiz plc (QUIZ), in July with the shares down to 9p I concluded I remained very cautious and continued to avoid. The shares most recently closed at 8.825p and what of now a “trading update”?

Most recently writing on windows and doors manufacturer and retailer Safestyle UK (SFE), in July with the shares slumping to around 10p I concluded that ‘the company reckons “the net cash position at the end of the year is still expected to be positive”, I reckon it is on trend for its borrowing facility to need to be ‘accessible’ and, even at a now down to £14 million market cap, at this juncture still avoid/sell’. Now a further “Trading Update”… and the shares further slumping from a prior close 8.3p to currently below 5p. What’s its update now?

Writing on Deltex Medical Group (DEMG) with the shares crashing towards 0.20p last month I noted it will be interesting to see just how dire the latest half-year position was and questioned will the latest funds really be sufficient to implement a growth strategy delivering net cash generation. So what of the now-announced results for the first half of the 2023 calendar year?

Previously writing on Engage XR (EXR), last month with the shares up to 3.6p I noted I’d look out for the fuller financial detail of the 11th September-expected half-year results and for further trading detail but questioned at that point how optimistic to really be and concluded to continue to avoid. The shares most recently closed at 2.85p, but what about them currently back above 3p on the back of the half-year results announcement?

Previously writing on Polarean Imaging (POLX), a medical imaging company which emphasises it has “developed the first and only hyperpolarised MRI contrast agent to be approved in the United States”, in February with the shares falling below 40p I concluded that the valuation and financial outlook in a still-challenging funding environment meant I certainly avoided. The shares most recently closed at 14.5p, and what of they currently at 11.5p on the back of half-year results?

Previously writing on company which describes itself as “a leading provider of productivity software for professional and financial services” GetBusy plc (GETB), in December with the shares up to 62p I concluded that I’d want more cash flow and balance sheet comfort. The shares most recently closed at 79p, but what of them currently falling back well below 70p on the back of half-year results?

Previously writing on window, door and roofline PVC products company Eurocell (ECEL), in May with the shares falling below below 110p I wrote profit warning, how much improvement in the near-term from here is there really likely to be? – and concluded to avoid. The shares most recently closed at 112.5p but are currently falling towards 100p on the back of half-year results.

Previously writing on B2B video streaming technology company Aferian (AFRN), last week with the shares at 13p I asked 'helps to power new Virgin Media channels’ announcement attempted ramptastic ahead of half-year results financial reality?. Today the company has announced results for this period ended 31st May 2023, with headlines including “improving quality of group earnings and enhanced revenue visibility” and “confident in full year outturn with high percentage of contracted revenue and a well-developed pipeline”. So what of a current 12.5p share price?

Previously writing on branded clothing, accessories and footwear company Superdry (SDRY), in May with the shares falling to around 80p I questioned it arguing “the brand is recovering well… believes that the equity raise, along with the suite of measures… will provide the stable base necessary to underpin future success”. And today… a “Secondary lending facility of up to £25m” announcement. After little more than three months, brand recovery and equity raise and related measures now not providing the necessary stable base then?!

Previously writing on electric vehicle charging group Pod Point (PODP) with the shares sliding from above 45p I noted it will be interesting to see how the half-year performance compares with its latest full-year guidance. So what of today-announced half year results?

Previously writing on ‘novel’ affinity binders development group Aptamer (APTA) last week, I concluded ‘the shares have currently responded… to 4.5p, a £3.1 million market cap and still 20% higher on the day. However, with the noted financial desperation and cash burn, I suggest the group is not in a strong negotiating position and is in a very challenged financing market. As such, still currently avoid/sell’. Today it states that it “is pleased to announce that it has conditionally raised £3.6 million (before expenses), including approximately £0.3 million from existing directors, proposed directors and PDMRs, by way of a placing and subscription… for working capital purposes”. Good news then? Er…

Previously writing on “leading UK focused retailer and manufacturer of PVCu replacement windows and doors for the homeowner market” Safestyle UK (SFE), in March with the shares heading back towards 23.5p I questioned how confident on profitability now and concluded continue to avoid. Today an update from the company commences that it “expects to report H1 revenue of £74.0m, a decline of 5.4% on H1 2022, which is in line with our forecasts”… so what of a current more than 40% further lower share price response to around 10p?

Previously writing on safety products group FireAngel Safety Technology (FA.), last month with the shares falling below its 5.05p per share fundraising price I concluded bearishly – desperate results, management change and fundraising... and still uncertainty?!. Today a “Trading Update and Directorate Change” announcement and what of the shares currently materially further lower at 3.25p?

Previously writing on company with the exclusive rights for Domino's Pizza in Poland and Croatia DP Poland (DPP), last year with the shares just above 6p I concluded new management look to offer hope but the current financials still don’t look good. What’s the situation now, with a trading update for the first half of 2023?

Previously writing on company which describes itself as “a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets” AMTE Power (AMTE), last month as the shares jumped to 6p on ‘battery challenge’ and UN Certification announcements I concluded it’s good luck here particularly in the current financing environment – and thus more covid-era IPO misery. Hopefully our prior warnings were heeded and it remains bargepole/sell. The shares most recently closed at 8.25p but are currently down to 4.25p on the back of a “Financing update” announcement. Uh oh!

Having yesterday issued a trading update which showed signs of cash flow desperation again despite a recent fundraising and saw the shares further lower, from Mirriad Advertising (MIRI) today there’s a LTIP option awards announcement (natch!).

Previously writing on customer engagement software company Pelatro (PTRO), last month with the shares at 8p I noted concern added to by a swing to even adjusted operating loss and the balance sheet. Now a “trading update” announcement commencing that “Pelatro announces that it has recently been informed by a key customer, owing $550K, that it will no longer meet a previously agreed payment deadline of July…”. Uh oh!

Previously writing on finance digitalisation and subscription management software group Aptitude (APTD), last year with the shares down to 310p I reviewed ‘after emphasised “good progress in 2021”, why the share price slump?’, concluding with it following a trading update only a couple of months earlier which didn’t mention further increased investment and, set for ‘dampened profitability’ in the next years, the valuation still meant I avoided. The shares most recently closed at 340p, but what of them currently falling below 300p on a “Trading Update and Directorate Changes” announcement?

Previously on self-described “novel Optimer binders to enable innovation in the life sciences industry” group Aptamer (APTA), last month, with the shares around 20p, I wrote a formal reminder of the caution that should be applied to (ramptastic) RNS Reach announcements. Today a “Trading Update”… and the shares currently heading towards 4p!

Previously writing on company describing itself as “a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets” AMTE Power (AMTE), a couple of weeks ago I noted it’s good luck in the current financing environment, and hopefully my prior warnings were heeded as the shares, unsurprisingly, slump to 15p. Now a “Financing and corporate update” announcement… and the shares currently down to below 5p!

Previously writing on “B2B video streaming solutions company” Aferian (AFRN) last month with the shares just above 17p I wrote “additional cash funding… gives us adequate headroom over our covenants”. Er, is there and does it?!, concluding in the continued challenging wider macro-economic situation currently still avoid/sell. Now a “Trading Statement”, and the shares currently down to 11.5p…

Previously writing on company describing itself as “a leading mathematical modelling company” in drug development and personalised medicine Physiomics (PYC), at the end of last month I noted a “Collaboration with The University of Sheffield” announcement helping the shares up from 2.15p to 2.30p. I though also noted that it doesn’t seem financially significant but that currently financially significant looks to be what’s needed here and still avoid/sell. Now, quelle surprise, “Equity Fundraise” announcements.

Previously writing on AMTE Power (AMTE), in March as the shares rose towards 60p I wrote “pleased” with delivery of first ‘Ultra Prime’ cells, how ‘pleasing’ is the balance sheet to be though?!, concluding caveat emptor, still avoid/sell. The shares last closed at 51p…and today a “Financing Update” announcement…

Previously writing on group which describes itself as a “cloud platform for premium hybrid communications” LoopUp (LOOP), in March with the shares rising to 3.15p I noted it reckons “strong double-digit revenue growth from FY25 onwards”… but what about the bottom-line? And it has to get there first. It now reckons it “is pleased to announce its preliminary unaudited results for the year ended 31 December 2022”, so what of the shares currently responding further lower to 2.55p?

Previously writing on home safety products developer and supplier FireAngel Safety Technology Group (FA.), in April with the shares heading down towards 8p I questioned how much of an achievement would just a slightly improved current year performance really be and concluded to avoid/sell. The group has now announced results, “Directorate Changes” and an “Open Offer and Placing”.

Previously writing on company which describes itself as a “leading in-content advertising” business Mirriad Advertising (MIRI), last month with the shares up to 3.8p I wrote “collaborates with Microsoft” ramptastic desperation as funding crisis further nears”. Quelle surprise – there’s now discounted equity raise news.

Previously writing on footwear brand Dr. Martens (DOCS), in April with the shares up towards 155p I noted CFO ‘retires’ & trading warning but CEO Kenny Wilson reckons he looks forward to sharing more details at the full year results! and concluded that it remained a 2021 IPO Roll-Call of Shame avoid/sell. The shares most recently closed at 156.3p… but are currently heading towards 140p on the back of the results Kenny Wilson reckoned he was looking forward to sharing more details at!

Previously writing on “B2B video streaming solutions company” Aferian (AFRN), in March with the shares falling below 30p I wrote “financial position remains robust”. Really?!, as shares slump again – concluding that I hope my prior warning was heeded and certainly continue to avoid/sell. Now, with the shares just above 17p, an “Additional funding secured and trading update” announcement from the company.

Previously writing on ‘digital transformation consultancy’ Kin and Carta (KCT), in February with the shares down to 130p I questioned a trading update – noting “backlog” and “pipeline” are only useful if they’re being converted and concluding to Avoid. What now of “a trading update covering the year ending 31 July 2023”?

Previously writing on semiconductor company Sondrel (SND), last week with the shares falling to 52p I wrote “in line with market expectations”… or is it?, concluding ahead of upcoming results Avoid. The company states that it now “is pleased to announce its audited full year results for the year ended 31 December 2022” and the shares have responded up on the announcement, but what of them still now at 45p?

Last week I wrote on pharmaceutical development company Nuformix (NFX) “absolutely delighted with the data we've generated”. Er, how’s the balance sheet now?”, concluding still a financial red flags fluttering Sell. What about now following “unaudited results for the twelve months ended 31 March 2023 following the change in the company's accounting reference date from 31 March to 30 September”?

Previously writing on Hotter Shoes brand footwear group Unbound (UBG), last week I wrote my prior scepticism vindicated?; after possible offer not proceeding now also funding proposal “withdrawn”! – concluding with the shares slumping to 3.25p, towards a £2 million market cap, hopefully my prior warnings were heeded and still one for the Bargepole. Hopefully that was heeded as today a “Strategic Review and Formal Sale Process”-titled announcement from the group. With the shares currently responding further down to 2.5p, is this announcement indeed code for ‘we’re fecked’ as such announcements often are?

Describing itself as “a leading vendor of cloud-based cybersecurity software”, Osirium Technologies (OSI) has issued an update commencing that it “is pleased to announce continued positive trading through Q1 2023” and concluding noting “ongoing demand we are seeing for our offering, underpinned by a substantial market opportunity”. So what of a share price currently slightly down to 1.45p in response?

Previously writing on printed circuit technology products manufacturer Trackwise Designs (TWD), in March with the shares down to 0.65p I noted “Contract and Trading Update” disastrous, cash crunch AHOY!. What now of a “UK EV OEM Contract Update”?

Previously writing on landscape, building and roofing products manufacturer and supplier Marshalls (MSLH), in March with the shares slightly further falling from close to 300p I warned suggesting underlying earnings heading lower this year and the macroeconomic outlook concerning for assumed progressive improvement in the end markets. So what of today a trading statement… and the shares currently lower towards 270p?

Last week I noted on automotive interior components group CT Automotive (CTA) a vastly discounted bailout equity raise following prior profit warning and despite an AIM IPO at 147p per share as recently as December 2021. The shares had since nudged up to 40p, but are currently approaching 9% lower today, at 36.5p, on the back of an “Update on FY22 preliminary results” announcement.

Previously writing on branded clothing, accessories and footwear company Superdry (SDRY), last month with the shares falling below 90p I wrote the consumer landscape very ‘challenging’ for it. Attempted equity raise ahoy? – concluding that, with its trading certainly not providing a strong platform to undertake a fundraise, natch, at a heading towards £70 million market cap (will thus the mooted fundraise even be sufficient?), still a Sell. It has now announced a proposed equity raise… and the shares are currently falling to around 80p. So what’s the latest detail?

Previously writing on controlled environment agriculture and contract electronics manufacturing company Light Science Technologies (LST), last month I wrote result of equity raise, how far is £1.59 million really going to take it?. So what of now full-year results?

Previously writing on the former In The Style Group, now called Itsarm plc, (ITS), last month with the shares at 0.66p I noted ‘its farce continues… with even just the listing costs (and why would someone do existing shareholders a favour here?), I continue to Avoid’. The shares last closed at 0.48p, a £0.25 million market cap, and now a “Corporate update” announcement.

Previously writing on home safety products developer and supplier FireAngel Safety Technology Group (FA.), in January I concluded sceptically as it admitted the 2022 “result will not be what we had set out to achieve” but the share price leapt to 10p. The shares most recently closed at 11.25p… but are currently heading back towards 8p on the back of a trading update, so what’s going on?

Previously writing on ‘deskless workforce’ technology company Checkit (CKT), in February with the shares at 30p I noted “ahead of market expectations”… but how creditable is this?. What then now of “pleased to report” full-year results… and the shares at 28p?

Previously writing on Osirium Technologies (OSI), early this month I noted on its remuneration committee that do Simon Hember and Simon Lee consider that a misleading results statement and massive shareholder value destruction should be newly rewarded? as the company announced “Proposed Changes to Option Scheme”. Now an “Update re proposed grant of options”.

Previously writing on pharmaceutical development company Nuformix (NFX), in December with the shares at 0.375p I concluded that it looked to be hoping for studies excitement and stock market conditions improvement. Following a late-March “NXP002 Update” announcement, now an equity raise announcement.

Previously writing on ‘dressy and occasion wear’ fashion company Quiz plc (QUIZ), in December with the shares edged up to 17p I concluded that with consumer and inflationary pressures and pent-up demand concerns re. the first-half trading performance the shares only remained on my watchlist. Now a full-year trading update.

Previously writing on branded clothing, accessories and footwear company Superdry (SDRY), last month with the shares rising back above 110p I asked just how challenging is the “consumer landscape” for it?, with it still talking of additional steps to further strengthen its balance sheet despite a $50 million disposal agreement. Now a trading statement… and the shares currently down below 90p.

Previously writing on tools and equipment hire and complementary services company Speedy Hire (SDY), in February despite the shares down to around 39p and it stating that it “continues to perform well” I concluded that the macroeconomic and asset situations still made me cautious. So what now of a “Year End Trading Update”…and the shares currently further lower at 31.35p?

Previously writing on drug development consultancy Physiomics (PYC), in October with the shares up to 2.6p I noted again a “Contract Award”, again attempted ramptastic… my view remains caveat emptor, Avoid. The shares last closed at 3.75p but are currently more than 25% lower today on the back of a “Trading and Company Update” announcement. So what’s the news?

Previously writing on Osirium Technologies (OSI), last month I noted body of 2022 results statement misleads; omitting “and raise additional capital” included in Going concern notes!. Today, with the shares at 1.6p and a £2 million market cap, a “Notice of AGM & Proposed Changes to Option Scheme” announcement. Does Osirium’s remuneration committee of Simon Hember and Simon Lee consider that a misleading results statement and massive shareholder value destruction should be newly rewarded then?

Previously writing on ‘Wildwood’ ('pizza, pasta, grill') and ‘dim t’ (pan-Asian) casual dining restaurants company Tasty (TAST), in June with the shares down from previously 5.5p to below 4p I noted share price performance tasty for the CEO, not for other investors!, concluding that ‘with £135,000 basic salary apparently not enough to sufficiently incentivise and the noted challenges now, continue to avoid / sell’. The shares most recently closed at 2.6p… and now results for the company’s year ended 25th December 2022.

Previously writing on printed circuit technology products manufacturer Trackwise Designs (TWD), in January I noted its 1p per share equity raise and concluded that its still-remaining financial challenge meant it remains that hopefully my prior warnings were heeded; avoid/sell. Today a “Contract and Trading Update” announcement…and the shares are currently more than 40% lower at 0.65p, so what’s the situation now?

Previously writing on company describing itself as “a leading vendor of cloud-based cybersecurity and IT automation software” Osirium Technologies (OSI), in January with the shares at 3.8p I concluded that it was still cash burn and thus only a bailout fundraise for now. The shares last closed at 2.6p and are currently further lower on the back of full-year results... which have a main body of the statement omission disgrace.

Previously writing on specialist engineering company Pressure Technologies (PRES), in November I questioned why should confidence be put in now that it has the bridge to profitable, cash-generative trading in the year ahead and that dialogue with the bank seems to always be “constructive” until it suddenly isn’t. Today an “Update on FY22 Audit, AGM & Current Trading”-titled announcement.

Previously writing on Gym Group (GYM), in November with the shares falling from 123.6p I questioned it stating its “offer will be even more compelling and attractive” and concluded to continue to avoid. So what of the shares currently falling below 100p on the back of a full-year results announcement?

Previously writing on antibody contract research organisation Fusion Antibodies (FAB), last month I noted the shares rising from 45p on an “R&D update”, but wrote attempted ramptastic?, how “sufficient” is the cash now?. Today a “trading statement” and the shares currently more than 30% lower towards 30p.

Previously writing on company describing itself as “a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets” AMTE Power (AMTE), in September with the shares down towards 70p I concluded sceptically. The shares most recently closed at 54p, but what of a “Delivery of Ultra Prime Cells” announcement today and the shares currently up towards 60p, an above £21 million market cap?

Previously writing on company describing itself as “a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems” CAP-XX (CPX), last month with the shares down to 3.4p I noted “current funding is sufficient for the company's expected needs”… For how long though?. Today results for the company’s half-year ended 31st December 2022… and the shares currently further down to 2.6p.

Infection prevention products manufacturer Tristel (TSTL) has announced results for its half-year ended 31st December 2022 emphasising “achieving 16% revenue growth and a 16-fold increase in EBITDA”. So what of the shares currently up to 330p, but still down from when I previously concluded bearishly a year ago?

I wrote on TPXimpact (TPX) at the end of last month; I having stated ‘good luck’ on even its previously-downgraded outlook, now another trading warning (and worse!). That “worse” was it having to ‘actively engage with its bankers’ with it “unlikely to satisfy its debt covenants at 31 March 2023” and I concluded that despite a slump to a below 30p share price still avoid / sell. The shares last closed at 24.25p and now… a “LTIP, PDMR Dealings & Retention Award”-titled announcement!

Previously writing on digital technology platform for retailers group Itim (ITIM), in September with the shares down to 67.5p I questioned ‘deployment of its products and services vital in helping clients weather the storm’, concluding still avoid/sell and ANOTHER 2021 AIM IPO (at 154p) Roll-Call of Shame. The shares last closed at 49.85p and today a further “trading update”.

Previously writing on company describing itself as a “leading esports solutions provider” Gfinity (GFIN), last month with the shares up to 0.545p I cautioned ‘commercial agreement ‘delight’. Attempted ramptastic?’. Now an intra-day (uh oh!) “Business update and financing” announcement.

Previously writing on antibody contract research organisation Fusion Antibodies (FAB), in August with the shares rising above 100p I wrote ‘ramptastic patent application announcement, cash sufficient for current requirements?’. The shares have since slumped to most recently close at 45p, but what of an announcement today taking them up currently more than 5.5%?

Previously writing on surface coating technology company Hardide (HDD), in September with the shares at 19p I concluded including that it will be interesting to see the full-year results and balance sheet detail, but they clearly aren’t going to be good. The company has now announced the results, stating that it “is pleased to report” them and that “the new financial year has started well, with revenues in the first quarter ahead of those in the same period last year”. So what of a now 13.5p share price?

Previously writing on radiation and bio-detection technology group Kromek (KMK), last month with the shares up to 11p I concluded that, with financial and valuation concerns, I avoided. Today it has announced a c. £2.5 million funding award “from the UK's innovation agency, Innovate UK” (of Versarien (VRS) infamy) and half-year ended 31st October 2022 results… and what of the shares in response currently a further near 10% lower to 9.35p?

Previously writing on TPXimpact (TPX), in October with the shares at 32.5p I noted director share purchases to try to reassure the market rather than of real conviction?, following that this ‘digital transformation’ provider struggling with its own transformation!. The shares had recovered to last close at 46p, but now a “Q3 Trading Update”.

Previously writing on Revolution Bars Group (RBG), in October with the shares falling below 11p I concluded that I could understand why – with it’s admitted challenging trading environment and I questioning an argued “exciting and transformative” acquisition. The shares last closed at 7.4p and today an “H1 Trading Update”.

Previously writing on currently Hotter Shoes brand 55+ demographic footwear group Unbound (UBG), in August with the shares at 14.75p I noted, following an equity raise it stated would see it “focus on accelerating our growth strategy”, that following the prior misleading market expectations, I remained highly sceptical. Having last closed at 6.75p, today a “Trading Update and Operating Review”.

Previously writing on alcoholic drinks company Distil (DIS), in October as the falling shares saw the market cap down to below £6 million I cautioned still due to stated “opportunity for new growth” and “a new, highly effective distributor” having to be proven and amidst an admitted backdrop of macro uncertainty and cost pressures. The last closing market cap was just above £6 million… but then today a “trading update”.

Previously writing on 'Fridays' (formerly TGI Fridays), '63rd+1st', and 'Fridays and Go' restaurants and bars company Hostmore (MORE), in November with the shares at 15.245p I questioned how effective its “elevating our positioning” is going to be against current headwinds. Today a “Trading Update and Board Change” announcement… and the shares currently slumping from a last close above 14p to below 11.5p, so what’s the detail?

Previously writing on “materials and textile innovation” company HeiQ plc (HEIQ), in October with the shares at 72p I noted receivables and cash generation concerns and concluded to certainly avoid. The shares are currently slumping to well below 30p on the back of a “Trading Update and Acquisition” announcement.

On the ‘no one watching o’clock’ day of 30th December Invinity Energy Systems (IES) issued a “Project Delivery Update” which helped the shares up 13.5% to 43p as it included that the company “now anticipate revenues in 2023 significantly ahead of its previous expectations” and that “the prospects for our battery systems have never been more positive”. However, I concluded that it was also a trading warning for its year ending 31st December 2022 and asked how bad was the cash burn in the second half of the year then?. There are now some broker “estimates revised” and the shares are currently slipping back.

Previously writing on company which describes itself as “a world-leading esports technology and media business” Gfinity (GFIN), in March with the shares at 1.425p I noted interims, the equity raise “for working capital purposes”?, concluding continue to avoid. Now it announces results for its year ended 30th June 2022 headlined “Continued progress on path to profitability”. Why announce the results now, at prime no one watching o’clock, then?