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EPIC code: RUR

Rurelec – FY19 Results: light at the end of the tunnel?

By Nigel Somerville, the Deputy Sheriff of AIM | Monday 1 June 2020

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

AIM-listed Rurelec (RUR), the shambles of a carcass left behind by Peter Earle, has offered up its FY19 results this morning and the news is almost good. Actually, compared to the technically insolvent POS its current management inherited, it is something of a miracle just because it has survived so long...

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Market News

SVT
Severn Trent (#SVT) – equity issue to raise gross approximately £1bn, including up to €8m via PrimaryBid
 29 September 2023, 07:59
SGZ
Scotgold Resources (#SGZ) – notes creditor “recently taken action” and majority of employees now on “unpaid leave” as seeks to to advance financing discussions
 29 September 2023, 07:57
NNN
Nanosynth (#NNN) – not in a position to publish results as “continues to consider potential funding options”, shares remain suspended
 29 September 2023, 07:53
VCP
Victoria (#VCP) – Chairman Geoff Wilding admits Hanover subsidiary “inadequate accounting records”, argues “allocated additional experienced finance resources”
 29 September 2023, 07:51
VDTK
Verditek (#VDTK) – H1 loss £0.97m on revenue of £0.25m, even gross cash down to £0.14m and since raised £0.50m
 29 September 2023, 07:49
EDEN
#EDEN Research – H1 Op. loss £1.2m on revenue of £1.1m, end-Aug cash £1.7m
 29 September 2023, 07:46
BIDS
Bidstack (#BIDS) – COO Camila Franklin “to step down… with immediate effect to focus on other business ventures” after just 12 months
 29 September 2023, 07:42
BIDS
Bidstack (#BIDS) – H1 loss up to £5m, cash down to £2.1m
 29 September 2023, 07:40
MORE
Hostmore (#MORE) – notes H1 loss, net bank debt further up to £31.3m
 29 September 2023, 07:33
CAV
Cavendish Financial (#CAV) – lists some of its prospective transactions, but notes “trading across the City has been quiet during the Summer”
 29 September 2023, 07:30

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Bearcast

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Colefax (#CFX) – £7.1m tender offer at 700p per share slightly oversubscribed

 

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Bear

Photo Article: preparing for Sharestock: fish and tents

 

SND

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Tom Winnifrith Bearcast: When will bankers to Strix FORCE it to do a discounted placing?

 

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Letter to AIM Regulation: Stifel and Avacta just cannot say this in an RNS

 

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Beggar

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SLWD

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HLMA

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Audioboom might reflect on its big bucks deal with Russell Brand – now when’s its next lack of profits warning?

 

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AVCT

Avacta (#AVCT) – Peel Hunt appointed as a joint broker, wonder why?!

 

THR

Thor Energy (#THR) – placing at Australian$0.042 per share to raise A$1m with share options

 

JNEO

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TENG

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TEG

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EPWN

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DNLM

Dunelm (#DNLM) – FY adj. EPS -9% to 75p, ordinary DPS +5% to 42p, “pleased” with current trading

Tuesday »

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Northcoders – from “trading comfortably in line with management expectations” to now expects to be “significantly below” in 8 weeks!

 

Bearcast

Tom Winnifrith Bearcast: Stifel should lose its Nomad license for today's Avacta statement

 

AVCT

Avacta Group – the various responses, even more of a short

 

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Quiz plc – trading warning but argues “longer-term” confidence. It’s got to first even reach that “longer-term” though!

 

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Barkby – More Ramptastic Good News For CSS, But Will It Make Any difference?

 

IRON

Ironveld - where is the missing Grosvenor £5m?

 

WINE

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SFE

Safestyle UK – in less than 8 weeks from “net cash position at the end of the year is still expected” to even its debt facilities are to prove insufficient!

 

CHLL

Chill Brands AGM statement – it's “avin” a giraffe as it plies an evil trade

 

Boom

Altcast: No 2: Where do the equity markets stand after August?

 

EUA

Eurasia Mining (#EUA) – “interim results”… but makes them impossible to access currently!

 

CHLL

Chill Brands (#CHLL) – attempted ramptastic AGM Statement

 

TRST

Trustpilot (#TRST) – H1 still a loss, talks of “positive trend” but in terms of adjusted EBITDA

 

OCDO

Ocado (#OCDO) – Ocado Retail Q3 revenue +7.2% YoY, though its guidance is for even EBITDA only “marginally positive”

 

MOON

Moonpig (#MOON) – “trading remains in line with expectations… adjusted EBITDA margin is expected to remain resilient”. What about the bottom-line?

 

QUIZ

#QUIZ – now talks of FY loss, “liquidity headroom” down to £6.4m

 

SFE

Safestyle UK (#SFE) – warns since mid-August fallen behind order forecasts, “intends to engage with stakeholders to strengthen the balance sheet”

 

KGF

Kingfisher (#KGF) – H1 adj. EPS -29% to 13p, DPS maintained at 3.8p, reduces FY profit guidance

 

BEG

Begbies Traynor (#BEG) – “good start to our new financial year with encouraging activity levels across the group”

 

HL

Hargreaves Lansdown (#HL.) – FY adj. EPS up to 74.3p, DPS +5% to 41.5p, notes current economic climate impacting investor confidence

Monday »

ZED

Zenova – how “thrilled” to be with first deliveries to new sub distributor?

 

DEMG

Deltex Medical – interims, emphasises EBITDA… but it’s currently only a target and is bullshit earnings!

 

Bearcast

Tom Winnifrith Bearcast: Dan Wilkinson from Haworth wants to beat up a much older man, that is to say me

 

MNDI

Mondi does a deal with the Russians…and the share price, correctly, likes it

 

AVCT

Avacta – time to go short again as countdown to another attempt by Stifel to do a placing is surely underway

 

CTG

Christie – interims, transactions delays or not?…

 

BELL

SLAM DUNK SHORT: Belluscura – bailout placing looms to stop a gig with the Fat Lady within weeks

 

VAST

Vast Resources – the latest bad news really is a fair Cheryl Cole analogy

 

PXC

I still believe that Phoenix Copper has the potential to reach production - speculative buy

 

IGG

Don't Confuse this Bubbly Broker with Elvis's GI Blues. There's No Blues about the Possible Prospects for this Outfit

 

WCAT

Wildcat Petroleum (#WCAT) – unable to sign PSA with Sudan government “due to the current political situation” but reckons can sign a “service agreement”, hmmm

 

VAST

#VAST Resources – reckons “due to the recent election process… unable to progress the settlement of the historic parcel”, “remains confident of finalising”

 

ECR

#ECR Minerals – raises just £0.58m via a direct equity subscription at 0.175p per share

 

MTL

Metals Exploration (#MTL) – Chairman David Cather “resigned”, at insistence of significant shareholder “against the wishes of the majority of the board”

 

DIA

Dialight (#DIA) – CFO Clive Jennings “stepping down… with immediate effect”

 

DIA

Dialight (#DIA) – H1 swing to loss, states transformation plan to be initiated in H2 but trading below prior expectations

 

BGO

Bango (#BGO) – H1 swing to even adj. EBITDA loss, states “reflects the impact of costs associated with the DDL integration”

 

CTG

Christie (#CTG) – H1 swing to loss, DPS 0.5p, “anticipate an improvement in transactional volumes by the end of Q3 and into Q4”

 

TPX

TPXimpact (#TPX) – sale of its Questers IT support and related services business for £7.5m

 

PDG

Pendragon (#PDG) – agreement for sale of UK motor and leasing business for £250m and “strategic partnership” with Lithia Motors

Sunday »

Gold

The View From The Montana Log-Cabin As Gold Continues To Hold $1900……..just!

 

Bearcast

Tom Winnifrith Bearcast: a buy idea that is too sordid for me to consider

 

Clown

How bonkers will the Bank of England be later this week?

 

IOG

A wipeout for IOG equity holders seems the most likely outcome now - sell/avoid

 

Professor

Sunday Long Reads: The Last Nazis, Misleading Lefties, Harvesting Giant Redwoods, Escape from the 81st Floor, Matthew Wong

 

Quiz

The ShareProphets Sunday Pub Quiz #206

 

Wolf-of-Wall-Street

Visual Aid: The 25 Worst Stocks by Shareholder Wealth Losses (1926-2022)

 

Top-10

Notes from Underground – Most read articles for the week ending 16 September

Saturday »

AET

I expect a strong performance from Afentra when the Angola deals complete later this year and it is one to watch

 

HAYD

Haydale Delivers Monster Portion Of Ouzo To Deputy Sheriff Towers Promising More To Come

 

ECR

Doc Holliday to run AIM listed ECR Minerals – you could not make this up

 

GPM

Golden Prospect Precious Metals – interims, gains to follow now ‘peak of indifference/disdain’? Buy

 

SHEL

A Word in your Shell-Like. It's Not too Late to Latch onto this Colossal Share Boomer.

Friday »

TRI

Trifast – CEO appointment and how’s it coping with the “challenging” macroeconomic environment?

 

Bearcast

Tom Winnifrith Bearcast: I think Totally is Totally fecked & a chat with O'Hara

 

INSG

Insig AI – ramptastic “AGM Statement” and reckons the FCA is showing “understanding, rigour and determination” for corporate disclosures and transparency. Really!?…

 

Tom

Tom Winnifrith Video Shareshow No 32: Kerim Sener of Ariana Resources & Chris Bailey on the bonds pension timebomb and blue chips to buy

 

TST

Touchstar – interims, outlook still very positive…

 

TRN

Just because you can buy a ticket from Trainline does not mean you need to buy the shares

 

MTW

Mattioli Woods – full-year results, remains a recovery Buy

 

PHE

Powerhouse Patent Hocum Schmocum

 

Gold

Video: Gold and Silver Reveal Fiat Fraud

 

SMDS

DS Smith – solid AGM trading statement, still a value and income Buy

 

Pig

AIM Awards shortlist out – more nauseating self indulgence, but perhaps it tells us where value lies

 

Welsh_Flag

Photo Article from the Welsh Hovel - 10/10 for my crabapple jelly: Tom Winnifrith

 

PHE

Powerhouse Energy (#PHE) – patent grant and “continues discussions with a number of clients” but what about the financials?

 

GAW

Games Workshop (#GAW) – quarterly growth “ahead of the board's expectations”, 50p per share dividend

 

BCE

Beacon Energy (#BCE) – £4.3m equity raise including via PrimaryBid at 0.15p per share

 

B90

#B90 – £2m placing at 5.44491p per share and conversion of loan notes

 

WEB

Webis (#WEB) – further £1.15m of convertible loan notes funding from its major shareholder

 

HAYD

Haydale Graphene Industries (#HAYD) – warrants issued alongside August 2022 capital raise have now expired

 

GCM

#GCM Resources – Chairman Mohd Najib Bin Abdul Aziz to resign “for personal reasons”

 

PDL

Petra Diamonds (#PDL) – FY swing to even adj. post-tax loss, notes current soft market conditions

 

ROCK

Rockfire Resources (#ROCK) – proposed reverse takeover acquisitions and equity raise at 0.5p per share, shares suspended

 

QTX

Quartix Technologies (#QTX) – completes acquisition of Konetik Deutschland GmbH for initial €2.5m and up to further €1.4m

Thursday »

ING

Ingenta – interims, an ahead of market expectations Buy

 

PMP

Portmeirion – after recent “significantly below” expectations profit warning, reckons “pleased to announce” half-year results!

 

Bearcast

Tom Winnifrith Bearcast: bloody rotten day, Frisby wants me to kill my cats and Bill Gates fecks up a video as I buy more shares

 

CKT

Checkit – interims, “on an accelerated track to profitability”…or not?

 

Clown

More losses announced and a warning of delayed recovery: Why hasn’t failing Dame Sharon White been sacked by John Lewis?

 

LOOP

LoopUp – interims argue “well placed… to become a future winner”, but is it really?…

 

BRK

Brooks Macdonald, wine and cheese parties and too high margins

 

DVRG

Deepverge: the Fat Lady is gargling and has Gerry Brandon knicked the website too?

 

ECP

Eight Capital Partners 2022 accounts - part of the house of cards

 

RTOP

Regtech Open – more horrible omissions in prospectus that the FCA somehow approved

 

Welsh_Flag

Photo Article from the Welsh Hovel - my growing harvest of crabapples: Tom Winnifrith

 

DVRG

DeepVerge (#DVRG) – continues to explore transactions but admits insufficient value may be realised, new website as lost control of original!

 

TRN

Trainline (#TRN) – “trading statement”, though just focusing on revenue and adjusted EBITDA

 

THG

#THG – H1 loss (natch), expects FY continuing revenue performance of 0% to -5%

 

SAA

M&C Saatchi (#SAA) – H1 adj. EPS down to 4.47p, notes “continued challenging macro environment”

 

PMP

Portmeirion (#PMP) – H1 swing to loss, DPS maintained, notes reduced order flow across North American market

 

CHH

Churchill China (#CHH) – H1 adj. EPS +39%, DPS +5%, “despite some market headwinds”

 

TUNE

Focusrite (#TUNE) – H2 revenue “slightly ahead of the comparable period in FY22”, expects FY EBITDA “around the lower end of current market expectations”

 

VCP

Victoria (#VCP) – FY adj. EPS -3%, net debt up to £658.3m

 

IGG

IG Group (#IGG) – Q1 to end-Aug revenue slightly up YoY, “progressing with plans to drive even greater cost efficiency”

 

HFG

Hilton Food (#HFG) – to open its first North America manufacturing facility in eastern Canada, with a “long-term supply agreement with Walmart Canada”

Wednesday »

SND

Sondrel – I having previously noted half-year results concerns, it’s to now be with an Interim CFO…

 

Bearcast

Tom Winnifrith Bearcast: From the Top (BP's Looney) to the bottom, the bum that is Zak Mir

 

MTEC

Made Tech – cash burn abounds but it’s “thank you” from £37.6m of shares sold on 2021 AIM listing CEO Rory MacDonald!

 

ECP

GOTCHA! Eight Capital Partners accounts for 2021 and 2022 are now both out and are shocking - Part 1

 

FDEV

Frontier Developments – full-year results, how “comfortable” to be with even current dire consensus trading expectations for this year?

 

BP

Looney Tunes at BP, CEO walks after more evidence of him shagging about emerges

 

VRS

Versarien Turnaround Plan My arse – grant in Spain

 

KEFI

Kefi Gold & Copper – notes further progress with Ethiopian government, still an upcoming project catalysts BUY

 

RTOP

GOTCHA – Regtech Open, you couldn’t make this up but it did!

 

SPX

Though Engineering Bores the Pants Off Some of Us, this Big Niche Operator is Worth a Gander

 

VRS

Versarien (#VRS) – “Turnaround Strategy - Gnanomat Grant Award” announcement. Er, what about the overall balance sheet still?!

 

BP

BP (#BP.) – CEO Bernard Looney resigns, admitting “not fully transparent” in previous disclosures re. “personal relationships with company colleagues”

 

STJ

St. James's Place (#STJ) – CEO Andrew Croft to “step down… following an orderly handover”, appointment of Mark FitzPatrick as CEO Designate

 

SND

Sondrel (#SND) – CFO Joe Lopez “standing down” with immediate effect “by mutual agreement”

 

AV

Aviva (#AV.) – agreement to sell interests in Singlife to Sumitomo Life for £0.8bn

 

DSCV

discoverIE (#DSCV) – acquisition of Slovakian-based antennas business 2J Antennas for €52.5m

 

RCDO

Ricardo (#RCDO) – FY adj. EPS +7%, DPS +15%, confident for sustainable profitable growth

 

OTB

On the Beach (#OTB) – expects FY adj. PBT “at the top end of the range of market expectations, benefitting from higher than anticipated interest income”

 

FDEV

Frontier Developments (#FDEV) – FY swing to loss, “release of F1 Manager 2023 in July 2023 has so far not delivered the expected sales contribution”

 

RDW

Redrow (#RDW) – FY adj. EPS down to 91.2p, DPS to 30p, 10 weeks since sales per outlet per week down to 0.34 from prior year 0.61

Tuesday »

DX

DX Group – H.I.G. and largest shareholder Gatemore respond to its “Possible Offer” RNS

 

Bearcast

Tom Winnifrith Bearcast: EK says never trust a man who does not drink, ref Chris Bailey & Fevertree

 

ITX

Itaconix – interims, how “pleased” should this former Neil Woodford pick be to announce these?…

 

IQE

The definition of a bad company is one that can never generate cash – IQE interims

 

GYM

Gym Group – interims, how well positioned to ‘take advantage of growth opportunities’?…

 

RTOP

An Open Letter to the FCA - how have you allowed a £180 million utterly false market to be created in just over two weeks & will you fix it?

 

ARC

Arcontech – full-year results, a winning share tip in 5 weeks but with more to go!

 

FEVR

FeverTree continues to focus on a certain type of consumer/user…and investor

 

CHLL

BREAKING: A ban on the sale of disposable vapes will have a significant impact on Chill Brands - sell

 

RTOP

Regtech Open: the bastard son of the Supply@ME Capital fraud – the comedy continues

 

MTRO

Metro Bank (#MTRO) – on AIRB application for residential mortgages “at this stage more work is required”

 

IQE

#IQE – H1 significantly increased loss, semiconductor recovery slower than anticipated

 

FEVR

Fevertree Drinks (#FEVR) – H1 EPS down to just 1.2p, DPS +2%, notes “product cost headwinds”

 

ABF

Associated British Foods (#ABF) – expects FY adj. Op profit growth slightly better than expectations

 

GYM

#GYM Group – H1 even adj. loss, notes cost inflation

 

TPFG

Property Franchise Group (#TPFG) – H1 EPS +4%, DPS +10%, remains confident for FY

 

NTBR

Northern Bear (#NTBR) – currently building “site activity levels remain high despite the ongoing economic challenges”

 

WIX

Wickes (#WIX) – H1 adj. EPS -29% to 9.4p, DPS maintained, notes cost inflation

 

CHG

Chemring (#CHG) – FY remains in line with expectations, though subject to US approval of certain “countermeasure” deliveries

 

PRV

Porvair (#PRV) – Q3 traded “satisfactorily”, “expects full year earnings to be above those for 2022”

Monday »

DX

DX Group – “Possible Offer”, what to do following 48.5p per share “proposal”?

 

Bearcast

Tom Winnifrith Bearcast: I reckon Wandisco will run out of cash by Christmas 2024, Versarien a year earlier

 

EXR

Engage XR – interims emphasise virtual reality potential, but what’s the financial reality outlook?…

 

VARE

Various Eateries – CEO “agreed his resignation… with immediate effect”. Why could that be then?…

 

Bear

Video: Complete Collapse & Meltdown – The Dollar Will be Destroyed

 

RTN

The Restaurant Group proposes a deal to help it own fewer restaurants

 

BARK

Barkby Roars Ahead On Sale Prospects For Cambridge Sleep Sciences. But....

 

SGZ

Lashings of ouzo on my cornflakes, ScotGold suspended, the Fat Lady is boarding a train to Jockland

 

GCAT

Caracal Gold – 6 ominous words, you are being warned

 

RIO

Is It Worth Flying to Rio? Probably and Here's Why

 

SGZ

Scotgold Resources (#SGZ) – shares suspension, “pending clarification of its financial position”

 

RTN

Restaurant Group (#RTN) – disposal agreement for “Leisure” business, to “pay a cash contribution of £7.5m”

 

BARK

Barkby (#BARK) – “exploring options to maximise shareholder value” from Cambridge Sleep Sciences business

 

SPO

Sportech (#SPO) – proposed AIM de-listing

 

VARE

Various Eateries (#VARE) – CEO Yishay Malkov “has agreed his resignation with the board… with immediate effect”

 

BMN

Bushveld Minerals (#BMN) – binding financing term sheet with Southern Point Resources

 

ING

Ingenta (#ING) – H1 adj. EPS up to 9.4p, DPS to 1.5p, notes contract wins

 

WAND

WANdisco (#WAND) – H1 $22.5m loss, pipeline “in the early stages of a rebuild” and forecasts $16m-$16.5m year-end cash position

 

BUR

Burford Capital (#BUR) – states Court ruling is “a complete win against Argentina at the high end of the possible range of damages”

 

VTY

Vistry (#VTY) – H1 adj. EPS -43% to 38.3p, to focus on Partnerships by merging that business with housebuilding

Sunday »

Bearcast

Tom Winnifrith Bearcast: Malcolm and Nigel you may well both be wrong

 

Gold

The View From The Montana Log-Cabin As Gold Settles Back But Holds $1900

 

KEFI

Kefi Gold and Copper – “Saudi projects progress” update, bigger news VERY SOON

 

Professor

Sunday Long Reads: Talking to Whales, King’s Speech Protests, Broken Blurbs, Murder BFFs, Chinese EVs

 

Quiz

The ShareProphets Sunday Pub Quiz #205

 

Wolf-of-Wall-Street

Visual Aid: Six Red Flags Pointing to China’s Economy Slowing Down

 

Top-10

Notes from Underground – Most read articles for the week ending 9 September

Saturday »

Bearcast

Tom Winnifrith Bearcast - should I buy back into Bezant Resources asks a reader?

 

KEFI

An email from ‘arry – Kefi is on track in Ethiopia

 

RTOP

Regtech Open – Good Luck Paul

 

SBTX

SkinBioTherapeutics – identifies blends for acne consumer study, an upcoming catalysts STRONG BUY

 

SHEL

Strikes in the Land of Oz and Over-Enthusiastic Dumping by Computers Lends Hope to this Antediluvian Punter.

Friday »

Bearcast

Tom Winnifrith Bearcast: I feel like Nigel Farage

 

MORE

Hostmore – CFO resigns “to pursue other interests”, how’s the trading performance and net debt then?

 

AMTE

AMTE Power – issues a big ‘up your’s’ to investors with a “pleased to announce” placing…at a more than 81% discount! Hopefully our various warnings heeded!

 

Big Dave Lenigas & Pennpetro: just how do you define “short delay?”

 

Bear

Video: Market Pain will Create the Perfect Conditions for Gold

 

Boom

The David Lenigas video in full… I need to contact my lawyers

 

G4M

Gear4Music – don’t get carried away Malcolm there are caveats to today’s statement

 

HFD

It is fun, fun, fun at the…AutoCentre of Halfords: BUY

 

TNT

Tintra bid at 150p – do you smell a rat at the AIM Company of the year 2022?

 

VSA

VSA Capital – a stock overhang and an apology to Mr. Andrew Monk

 

Photo article from the Greek Hovel - just in case you thought I was kidding about the rain: Tom Winnifrith

 

ARB

Argo Blockchain (#ARB) – “August Operational Update”, no net cash flow detail (natch!)

 

COPL

Canadian Overseas Petroleum (#COPL) – more shares confetti issuance with a “share settlement option exercised by bondholders”

 

AMTE

#AMTE Power – bailout £2.1m placing at 1.7p per share, up to £0.25m Bookbuild platform retail offer

 

MORE

Hostmore (#MORE) – CFO Alan Clark resigns “to pursue other interests”, FD Matthew Bibby appointed Interim CFO

 

RTN

Restaurant Group (#RTN) – Chairman Ken Hanna not to seek re-election for “personal reasons”, initiated search process

 

STM

#STM – progressing further work following possible offeror letter from bank stating “highly confident” of senior debt provision

 

SMV

Smoove (#SMV) – PEXA “has substantially completed due diligence”, Takeover Panel extension to 5pm 6th October

 

G4M

Gear4music (#G4M) – gross margins and cost base reduction “progress”, though being ‘prioritised ahead of revenue growth’

 

CCC

Computacenter (#CCC) – H1 adj. EPS +5%, DPS +2%, “good progress in Q3 to date”

 

BKG

Berkeley Group (#BKG) – “value of underlying private sales reservations is some 35% below last year's rate”

Thursday »

Tom

Sharestock update – 2 (no 1) of 100 tickets left, have you booked in for supper?

 

RST

Restore plc – “Significant Contract Win” boosts gain to more than 51% in less than three weeks!

 

WG

Wood Group – after interims, again a Buy?...

 

DCTA

Directa Plus – emphasises its “largest single contract signed”, but how’s that balance sheet?…

 

CRU

Coral Products – full-year results, remains a value Buy

 

LORD

Lords Group Trading – interims emphasise record revenue, but what about the profit warning?...

 

ENQ

EnQuest is in a better position than the headline figures in the interims might suggest, Buy

 

POLX

Polarean Imaging – interims talk of ‘revolutionising’ medicine but it’s the balance sheet which soon needs to be revolutionised!

 

CURY

I am still not worried by Currys

 

Bearcast

Tom Winnifrith Bearcast: Here is how the FCA will cull standard listed dogs in 2024

 

Bear

$1.2 trillion capitalised Nvidia - the bear case dossier

 

CHLL

Chill Brands (#CHLL) – “trading update”, with no actual financial numbers natch!

 

TM1

Technology Minerals (#TM1) – raises £0.7m via loan notes with a coupon of 12% and convertible at 1.4p per share, with also warrants

 

HE1

Helium One (#HE1) – raises £6.3m at 6p per share

 

SYNT

Synthomer (#SYNT) – proposed £276m rights issue at 197p per share and capital reorganisation

 

SYNT

Synthomer (#SYNT) – H1 swing to adj. loss, net debt £795.8m

 

FCH

Funding Circle (#FCH) – H1 further loss, argues including investment in “growth opportunities”

 

JET2

#JET2 – on track to exceed current market expectations for FY adj. profit

 

CURY

Currys (#CURY) – 17 weeks to 26th August LFL sales -4%, “guidance for the year remains unchanged”

 

SPEC

Inspecs (#SPEC) – H1 adj. profit decline, notes macro caution but “order books remain at a good level”

 

HFG

Hilton Food (#HFG) – H1 adj. EPS -23% to 21.6p, DPS +27% to 9p, emphasises “growth opportunities”

Wednesday »

Bearcast

Tom Winnifrith Bearcast: Oxford Nanopore could halve and I still would not buy

 

COPL

Canadian Overseas – Placing changes nothing, I do not believe leadership change is real

 

BKS

Beeks Financial Cloud – a more than two months after period-end profit warning that dare not speak its name (on “the world’s leading growth market”!)…

 

EUA

Eurasia Mining – do the maths: time for a statement

 

BDEV

Barratt Developments correctly shows that prospects for the housing market are not exciting for the rest of the 2020s

 

VSA

UPDATED: A slur and a shocking revelation from Andrew Monk of VSA, this is so embarrassing

 

SUN

Surgical Innovations – “confidence that revenues for the year to 31 December 2023 will meet the board's expectations”, but what about the bottom-line?…

 

PHE

Powerhouse Energy – Letter to AIM Regulation about that placing in a closed period

 

ONT

Oxford Nanopore – this just looks misleading: a £2bn share to short

 

BIRD

Bye, Bye Blackbird

 

Greek Tear

Photo Article from the Greek Hovel - figs in blankets: Tom Winnifrith

 

COPL

Canadian Overseas Petroleum (#COPL) – fundraising including $3.5m equity at 4p per share, board changes including Chairman and CEO

 

PHE

Powerhouse Energy (#PHE) – H1 adj. loss £1.3m, cash down to £4.9m

 

PHE

Powerhouse Energy (#PHE) – Keith Riley “stepped down” as Acting CEO “for personal reasons with immediate effect”

 

GINV

Global Invacom (#GINV) – proposed AIM delisting including with its listing on Singapore Exchange Securities

 

SMWH

WH Smith (#SMWH) – FY LFL revenue +18%, “strong performance from Travel”

 

RTN

Restaurant Group (#RTN) – H1 return to small pre-tax profit, “continues to actively explore strategic options” including for deleveraging

 

BAKK

Bakkavor (#BAKK) – H1 adj. EPS -15%, DPS +5%, emphasises restructuring “driving performance and synergies”

 

HFD

Halfords (#HFD) – 20 weeks to 18th August LFL revenue +7.8% YoY, discretionary categories softening

 

WINK

M Winkworth (#WINK) – H1 EPS -31% to 4.33p, DPS +7%, “slower sales market but ongoing strength in lettings”

 

BDEV

Barratt Developments (#BDEV) – FY adj. EPS -19% to 67.3p, DPS -9%, current trading backdrop “difficult”

Tuesday »

CRST

Kicking a man when he’s down – Crest Nicholson

 

Bearcast

Tom Winnifrith Bearcast: can Kefi ever please ouzo man and the whining shareholders?

 

CML

CML Microsystems – an ahead of upcoming catalysts BUY

 

TPX

TPXimpact – emphasises revenue growth and adjusted EBITDA, what about cash flow and the balance sheet?…

 

BTC

Vinanz: Oh David Lenigas you are awful but I like you, another spoof from the big man

 

SMDS

DS Smith reiterates why it is one of my top total return plays: BUY

 

GETB

GetBusy – interims argue cash position “remains strong”. Er, does it?…

 

ECEL

Eurocell – I having previously questioned how much improvement in the near-term is there really likely to be, how are the half-year results?

 

BIRD

Blackbird spaffs ten grand a day: 6 nil to the Cockney Boys, Malcolm Stacey you’re not singing anymore, etc, etc

 

ASHI

Ashington Innovation – so who fired who?

 

Fake_News

Tom Winnifrith podcast: as I wake up to another morning of Greek rain, I consider Forest Fires and the BBC's claim that Greece will become a desert

 

ASHI

Ashington Innovation (#ASHI) – reckons “terminated” SI Capital as broker “following a breach of confidentiality”

 

JET2

#JET2 – founder Philip Meeson stands down, Robin Terrell appointed Chairman

 

SBTX

SkinBioTherapeutics (#SBTX) – chosen blends for acne consumer study, study expected in next quarter

 

JSG

Johnson Service (#JSG) – H1 adj. EPS up to 2.9p, DPS to 0.9p, notes “improved outlook”

 

MIDW

Midwich (#MIDW) – H1 adj. EPS +10%, DPS +22%, “order books remaining healthy”

 

SMDS

DS Smith (#SMDS) – trading in line with expectations, “driven by continued resilient pricing and strong cost control measures”

 

HEAD

Headlam (#HEAD) – H1 adj. EPS down to 6.1p, DPS -35% to 4p, headwinds “likely to persist into 2024”

 

ECEL

Eurocell (#ECEL) – H1 adj. EPS down to 4.3p, DPS -43% to 2p, recent further market deterioration

 

MBH

Michelmersh Brick (#MBH) – H1 adj. EPS +12%, DPS +15%, expects FY “resilient demand across… diverse end market customer base”

 

AHT

Ashtead (#AHT) – Q1 increased revenue to $2.7bn, adj. EPS +14% to $1.075

Monday »

Bearcast

Tom Winnifrith Bearcast: don't tell the BBC but it is absolutely pissing it down here in Greece

 

BMV

Bluebird Merchant Ventures – interims suggest sum of the parts far from reflected in the share price...

 

ZED

Zenova – emphasises fire retardant paint order, but what about still the cash burn?

 

YCA

Nuclear still has a part to play in our future energy supply and Yellow Cake offers good exposure to uranium price upside - buy

 

AMS

Advanced Medical Solutions – CEO argues “confidence in… long term growth prospects is stronger than ever”… so it’s a current profit warning (natch!)

 

SIXH

600 Group – it’s Orlando, Florida for the board but RNS ‘gruel’ for shareholders!

 

MSMN

Mosman: chairman and founder walks, when is next bailout placing at this minus 99.9%er?

 

Bear

Video: Market Meltdown will Intensify Inflation & Ignite a Currency Crisis

 

TNT

Tintra and its new auditors from KPMG, Olaf’s b/f the trainspotter & the grave of Little Nell

 

PSON

Artificial Intelligence could Help this Top Educator to Even Bigger Profits

 

Greek Tear

The Greek Hovel summer 2023: Death in the Square – Part 1: Tom Winnifrith

 

Greek Tear

Photo article from the Greek Hovel - guess what wildlife diversity we spotted on snake hill: Tom Winnifrith

 

ERGO

Ergomed (#ERGO) – 1350p per share recommended offer from Permira with a “partial securities alternative”

 

WCAT

Wildcat Petroleum (#WCAT) – “opens office in South Sudan” RNS Reach attempted ramptastic

 

MSMN

Mosman Oil & Gas (#MSMN) – Chairman John W Barr and NED John Young resignations

 

CMCX

CMC Markets (#CMCX) – CFO change with Euan Marshall retiring and appointment of Albert Soleiman

 

WIZZ

#WIZZ Air – August booked passengers +23.9% YoY, load factor up to 94.1%

 

MTO

Mitie (#MTO) – acquisition of ‘critical environments’ project designer and principal contractor JCA Engineering for up to £31.5m

 

AMS

Advanced Medical Solutions (#AMS) – royalty and destocking based profit warning

 

AT

Ashtead Technology (#AT.) – H1 adj. EPS up to 14.2p, expects FY “comfortably ahead” of expectations

 

CRU

Coral Products (#CRU) – FY adj. EPS up to 2.60p, DPS maintained, “see significant further opportunity”

 

BLV

Belvoir (#BLV) – H1 EPS +3%, DPS +25%, notes franchisees “58% of their revenue derived from a strong recurring lettings market”

Sunday »

Boom

You might use ARM products, but that does not mean you need to love up its IPO

 

Bearcast

Tom Winnifrith Bearcast - the ghastly Mail on Sunday wants you buying a slum house in Burnley

 

Gold

The View From The Montana Log-Cabin As Gold Follows Through On Bounce

 

Professor

Sunday Long Reads: UBS Merger, Social Media is Dead, Roasting Eggs, Naomi Klein, Affairs

 

Wolf-of-Wall-Street

Visual Aid: The Race in AI Chips

 

Quiz

The ShareProphets Sunday Pub Quiz #204

 

Top-10

Notes from Underground – Most read articles for the week ending 2 September

 

Greek Tear

The Greek Hovel summer 2023, losing more faith in humanity: the Belgian Lady - Tom Winnifrith

Saturday »

PEB

Pebble Beach Systems – interims, argues ‘confidence’ for full-year but how confident to be?

 

ASHI

Ashington Innovations: Jason Drummond, a Police arrest and an article withdrawn

 

SOU

EXPOSE: As a rule of thumb Sound Energy *ALWAYS* fecks over its shareholders!

 

TNT

EXPOSE: Another day, another monster red flag at the AIM Company of the year 2022, Tintra

 

TERN

Tern – Is This A Smoking Gun?

 

GSK

Two Medical Giants for Your Consideration as So Many of Us Approach the Final Curtain.

Friday »

Bearcast

Tom Winnifrith Bearcast: who would threaten me on my 10th wedding anniversary?

 

PYC

Physiomics – ‘contract awards’, how “delighted” should investors really be though?…

 

ASHI

BREAKING: SI Capital quits as broker to Ashington over £170m con deals with struck off dentist Ajan Rejinald

 

Crime-Scene

Nate Anderson hits back at Tingo - still brands it a "brazen scam"

 

PALM

Panther Metals – Convertible Loan Funding From A Poor Tip, But....

 

JMAT

Johnson Matthey might be falling out of the FTSE 100, but it seems I am not the only one who wants to buy more shares...

 

AXS

Accsys Technologies – “made a strong start to the current financial year”, but what about now?…

 

LIB

Libertine Holdings – “combustion performance using bioethanol” or cash currently its ‘burning issue’?

 

VDTK

GOTCHA! Verditek bailout placing at just 0.45p, More disgrace for Gollum and Walters

 

TNT

BREAKING Tintra, AIM Company of the year 2022, equity to debt swap stinks – when will AIM regulation bring this rotten farce to an end

 

DLG

Direct Line (#DLG) – notes ‘error in implementation of rules’ and a past business review, current estimate of policyholder redress payments “in the region of £30m”

 

DLG

Direct Line (#DLG) – FCA notes re. its pricing rules, the company “has agreed a voluntary requirement” for customer overcharging

 

VDTK

Verditek (#VDTK) – to raise £0.5m at just 0.45p per share, “funds are expected to be received on or before 6 September”

 

CFX

Colefax (#CFX) – tender offer for up to 14% of shares at lower of 700p or 105% of average price over five days before take-up announcement date

 

RKT

Reckitt Benckiser (#RKT) – Kris Licht to become CEO on 1st October

 

SDRY

Superdry (#SDRY) – FY swing to even adj. loss and material net debt, “start to the new year has been tough”

 

AXS

Accsys Technologies (#AXS) – softening trading conditions, FY “EBITDA likely to be significantly below expectations”

 

TLY

Totally (#TLY) – “many decisions related to the awarding of new contracts are currently on hold”, states implementing strategies to streamline operations

 

RNO

Renold (#RNO) – acquisition of trading assets of Australia conveyor chain business Davidson Chain for A$6m

 

JSG

Johnson Service (#JSG) – acquisition of Republic of Ireland linen supplier Celtic Linen for €31.5m

Thursday »

AFRN

Aferian – interims, how confident to really be in the full year outturn here?...

 

Bearcast

Tom Winnifrith Bearcast: 10 years of servitude is tomorrow

 

ANG

Whilst I like Angling Direct as a business, the shares are just too high

 

ETP

Eneraqua Technologies – with expectations already having been downgraded just a few months ago, what about a latest “trading update”?…

 

SND

Sondrel – I having previously questioned how much confidence to have in the forecasts, now a dire “Trading Update”…

 

Bear

Video: The Cracks in the Edifice built on debt are Starting to Form

 

PBEE

Why PensionBee remains an avoid for me

 

TERN

Tern – Second Shoe Drops As GM Called

 

OPTI

OptiBiotix Health – further commercial progress, Strong Buy, target 78p

 

RDT

Rosslyn Data Technologies (#RDT) – £3.3m bailout placing at 0.5p per share, up to £0.5m retail offer via Bookbuild platform

 

IMM

Immupharma (#IMM) – £1.35m shares subscriptions including death spiral, up to £0.5m WRAP retail offer

 

CAR

Carclo (#CAR) – mixed trading update, argues focus on cash conversion and margin improvement “beginning to reflect positively on our balance sheet”

 

ETP

Eneraqua Technologies (#ETP) – proposed changes to UK “net nutrient neutrality rules” expected to “delay projects until there is greater clarity”

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