Keyword results: bullshit earnings

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

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

IXI
IXI

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

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

SOS
SOS
PREMIUM CONTENT

Sosandar – Interims and Bullshit Earnings

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

Subscribe to ShareProphets to access Premium Content
Gold
PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content

Ten Lifestyle Group – trading update, is it ‘well positioned’ for anticipated travel & leisure pick up?

Ten Lifestyle Group (TENG“is pleased to announce a trading update ahead of its preliminary results for the year ended 31 August 2021”, with the announcement including that recent activity across many of its core service categories and supplier revenue has recovered to levels above the same period in 2019. The shares are though slightly down to 105p, and comparing to end-2019 134p, so is there value?…

BKS
BKS

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

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

Tungsten Corp – full-year results, “clear opportunities”?...

Self-styled “a leading provider of digital financial management products and software solutions”, Tungsten Corp (TUNG) has announced results for its year ended 30th April 2021 including emphasising “adjusted EBITDA has increased from £2.7 million to £3.6 million” and “an increase in transaction volumes over the Network as we entered the new financial year, and it’s pleasing to see that our year to date transactions are up 10% versus the prior year”. Why then are the shares unchanged at 38p compared to above 40p as recently as last month and also a year ago?

YU
YU
PREMIUM CONTENT

Feck Yu Trading Update: Profitable Growth or More of the Same?

AIM-listed alternative energy supplier Yu Group (YU.) has updated the market this morning with a trading statement for the half-year to June. We are told of strong growth in bookings ad revenue with confidence in delivering profitable growth, but whilst cash balances are broadly flat (ie a little down) over the period there is again no discussion of net current assets. So is it just more of the same?

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Audioboom takes the piss with misleading trading statement

Stuart Last, CEO of Audioboom (BOOM), said today that “Q1 2021 was a breakthrough period” as he yakked on about record sales and a maiden EBITDA but when you deep dive into the numbers, you find that Last is clearly taking the piss. Let’s start with vanity, that is to say sales.

Subscribe to ShareProphets to access Premium Content

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

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

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

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

UNG
UNG

Universe Group – trading update, what’s happened to the “revenue pipeline for the second half of £12.5 million”?

A trading update from retail management, payment and loyalty systems group Universe (UNG) includes “revenue for the second half of the year is expected to be in line with that of the first half… the company still expects to report a modest level of adjusted EBITDA profitability for the full year” and that it “has a strong financial position”. So why an approaching 12% share price fall, to 3.75p, on the back of the update?…

PREMIUM CONTENT

Tungsten Corp – interims argue “well placed to capitalise on the opportunities being presented”. Really?...

Tungsten Corp (TUNG) has announced results for its half year ended 31st October 2020. Do they support it being, self-styled, “a leading global electronic invoicing and purchase order transactions network”?…

Subscribe to ShareProphets to access Premium Content

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

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

ESL
ESL
PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content

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

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

PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content

Tungsten – argues transformation to sustainably profitable “remains firmly on track”. Er, really?...

“Trading Update for the Nine Months to 31 Jan 2020” from Tungsten (TUNG) which includes “revenues remain in line with our YTD Q3-FY20 expectations” and “our transformation to a sustainably profitable e-invoicing enterprise remains firmly on track”. The shares though remain below 34p – having been approaching 40p last month…

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…

Ten Lifestyle – update “as expected on a group-wide basis”… Or not?...

‘Travel and lifestyle service’ group Ten Lifestyle (TENG) has updated commencing “adjusted EBITDA is expected to be breakeven, in line with the board's expectations and a significant improvement on adjusted EBITDA loss of £2.5m in H1 FY19, with continuing improvements in operating cost efficiencies”… the shares, having already fallen from approaching 130p last month, have currently responded towards 78p – a further approaching 6% lower…

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

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

Pelatro – argues “in line with its expectations”… but that any real achievement?

Self-styled “multichannel marketing hub software specialist” Pelatro (PTRO) has updated on 2019 that it “expects to report revenue and adjusted EBITDA for the year in line with its expectations” and that it “continues to show strong commercial momentum, evidenced by recent contract wins, and now has 19 customers with fully operational software, of which 5 were won in 2019… The group's pipeline remains strong at about $16m of which about $6m is from existing customers”. The shares have currently responded to 67.5p, 9% higher…

NET
NET

Netcall – having argued “board confidence in the ongoing success”… why a trading update 10%+ share price fall?

Previously writing on Netcall (NET), I questioned argues “board confidence in the ongoing success”… but how confident can it really be?. Today a “Trading Update” – and the shares currently more than 10% lower on the back of it…

CNS
CNS

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

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

EVE
EVE
PREMIUM CONTENT

Eve Sleep Trading statement - still bargepole material

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

Subscribe to ShareProphets to access Premium Content

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

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

MySale – trading update, “decisive actions taken by management”… or not?

MySale (MYSL) has updated with CEO Carl Jackson emphasising “having taken some critical steps last year to restructure the group for the future, we're pleased to see our counter-seasonal offering beginning to resonate with a number of our brand partners who have relaunched on our marketplace platform over the last six months. We will continue to drive this momentum in ANZ, with our inventory light marketplace, through our new organisational structure and simplified business model, and will look to deliver further progress over the second half”. The market seems unconvinced though – the shares little changed at around 4.35p…

ITX
ITX

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

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

GMS
GMS

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

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

MBT
MBT

Mobile Tornado – results blown off course by deployment delays

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

PREMIUM CONTENT

Bury bad news on Election day – shocking interims and the cash is running out. No3 – Purplebricks

Estate agency business which argues it “combines highly experienced and professional Local Property Experts and innovative technology”, Purplebricks (PURP) has announced results for its half-year ended 31st October 2019 – on election day. Hmmm…

Subscribe to ShareProphets to access Premium Content
ACC
ACC

Access Intelligence – recent acquisition “very exciting and integration is progressing well”. Er…

“Full year trading update” from Access Intelligence (ACC) includes “excluding the Pulsar acquisition, Adjusted EBITDA is expected to be in the order of £1.1m, in line with market expectations” and “the acquisition of Pulsar, which has expanded Access Intelligence's capabilities in social media analysis, audience segmentation and social media marketing evaluation, is very exciting and integration is progressing well”. The shares have currently responded to 47p... er, more than 12% lower!...

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

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

AO
AO

AO World – UK business “world class” & Europe “some challenges”!? Er…

UK and Europe online electrical retailer AO World (AO.) has announced results for its half-year ended 30th September 2019, emphasising “pleased with the operational progress that we have made in this period… on track with our plans for sustainable growth” – and the shares have currently responded higher, towards 65p…

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

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

CTP
CTP

Castleton Technology – more stench from the stable of Redcentric & 365 Agile…

In June Castleton Technology (CTP) argued “another year of significant progress” and “the combination of a healthy pipeline of new business, together with our new development capabilities and our improved organisational structure, give… confidence for the year ahead and… expect that we will show continued progress in both our financial and operational metrics when we next report”. Now is a next report…

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

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

EVE
EVE
PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content
TWD
TWD

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

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

ESL
ESL
PREMIUM CONTENT

Eddie Stobart Logistics: Where, oh where, are the interims? Statement needed Monday.

AIM-listed Eddie Stobart Logistics  (ESL) was spun out of Stobart Group (STOB) is, of course, a Woodford Dog – Neil holds about 23% of the stock. When the shares were suspended last month in the wake of an accounting scandal because the interims would be delayed, we were told that the numbers would appear in early September. Well, they haven’t appeared and the next opportunity for release falls on Monday – the sixteenth of the month. According to my maths, that will therefore be the second half of September. Where are the numbers?

Subscribe to ShareProphets to access Premium Content
SCE
SCE

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

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

IQE
IQE
PREMIUM CONTENT

IQE Interims – look at that shiny new debt facility: sell

Bulls claim to be delighted. Having issued a shocking profits warning on June 21, IQE has served up half year numbers which reconfirm full year guidance. There is no follow up profits warning. Well not yet. But bears have real reasons for cheer. Having stated in June that it could operate within its existing £27 million overdraft into Q1 2020, we see today that the company has secured an additional £30 million asset financing (expensive debt). Ok, no bailout placing pro tem but a sign that cash continues to be burned.

Subscribe to ShareProphets to access Premium Content
BRY
BRY

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

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

AVN
AVN
PREMIUM CONTENT

Avanti to delist its AIM casino shares – shareholders lose 99%, founder makes close to £20m

I was once a believer as shares in the satellite company Avanti Communications (AVN) soared to 800p+. But I saw the light many moons ago. Today they languish at 0.5p as the company has announced that it is to delist from the AIM Casino. For six years this website has been warning about this disaster in waiting now we are 100% vindicated. Are there lessons to be learned? You bet....

Subscribe to ShareProphets to access Premium Content

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

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

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

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

Epwin Group – “in line with market expectations” & “significant strategic progress”… so why are the shares further lower?

Having been heading towards 85p at the start of June, shares in “manufacturer of low maintenance building products, supplying businesses in the Repair, Maintenance and Improvement, new build and social housing sectors” Epwin Group (EPWN) closed yesterday at 72.7p. Today a half-year trading update including “the board anticipates adjusted profit before tax for both H1 and the full year to be in line with market expectations” and “we have made significant strategic progress with new product launches, the continued reshaping of the group's footprint and the acquisition of PVS” – though the shares further lower towards 70p. Hmmm…

Brave Bison – interims, gouged by Facebook's new policies & no warning at the time (why not?!)

‘Social video company’ Brave Bison (BBSN) announced results for the first half of 2019 including “9% increase in revenue to £10.1 million… adjusted EBITDA of £247,000… (H1 2018: £79,000)”. The shares have responded, er, towards 1.5p – approaching 20% lower!…

YU
YU
PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content

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

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

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…

NET
NET

Netcall – “Trading Update” & “looks forward to giving a further update”. I wouldn’t be…

“Trading Update” from Netcall (NET) – and the shares currently down more than 9%, at 51.5p, on it. This despite “cloud bookings have continued their strong performance with year over year growth of 160% to £6.5m”, including “public sector customers ordering the group's newly launched Low-code cloud offerings”

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

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

XSG
XSG
PREMIUM CONTENT

Xeros Technology – 2018 results… to be calling Neil Woodford with a ‘bring the cheque book’ AGAIN!

Self-styled developer of “disruptive water saving technologies”, Xeros (XSG) has announced 2018 results headlined “good progress towards licensing model”. Natch, with “disruptive” being bandied about here, Woodford’s also about (39.71% shareholding). “Good progress” then?...

Subscribe to ShareProphets to access Premium Content

Trakm8 – “positive adjusted profit for the second half”… so at least close to net cash generation then? Er…

Telematics and data supplier Trakm8 (TRAK) commences a trading update for its year ended 31st March 2019 with that it “met current market expectations… achieved a positive adjusted profit for the second half” and the announcement includes “at the period end contracts were secured with Ingenie… and another one of the UK's innovative insurance providers. Post year end Trakm8 signed a contract with another new insurance provider… The number of roadside assistance customers deploying Trakm8 solutions across Europe has increased to 7 and the product has been launched in Australia. In the Fleet space new contracts were secured with a number of medium sized fleets”. Good news then?...

Brave Bison – update as shares a further 6.5% higher on RNS Reach announcement!

Brave Bison (BBSN) is “delighted” with a deal with The PGA Tour to “include YouTube channel management, digital rights management, and content strategy development”… and the shares have currently responded a further 6.5% higher, to 3.3p…

MAI
MAI

Maintel – “expected to be at the top end of the range”, so why are the shares still significantly lower than previously?

A 2018 trading update from provider of communications, cloud and managed services Maintel (MAI) includes “adjusted EBITDA expected to be at the top end of the range” and “the board remains confident in delivering growth in both revenue and EBITDA for the current financial year to 31 December 2019”. The shares have responded higher to 460p – but this still compares to 650p at the commencement of November…

EYE
EYE

Eagle Eye Solutions – “delighted” on H1 & growth expected to continue into H2… but what about that cash burn?

Eagle Eye Solutions (EYE) has updated on trading including “we are delighted to confirm a strong first half of the year, delivering significant revenue growth and expansion of the customer base, including the addition of Waitrose and Burger King” and “the growth in revenues and volumes is expected to continue into H2”. The shares have not responded excitedly though – currently unchanged at 172.5p…

ESC
ESC
PREMIUM CONTENT

Escape Hunt – this is bonkers

Hat tip to the UK’s No 1 private client broker for spotting this AIM casino accident waiting to happen.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Audioboom Trading Statement: what it says is bullshit what it does not say is more important – placing ahoy

Free speech denying, relative employing, value destroying serial bullshitter Rob Proctor of Audioboom (BOOM) is at it again with a trading statement that Nomad Allenby should be thoroughly ashamed of, in every respect.

Subscribe to ShareProphets to access Premium Content
ARE
ARE

Arena Events – “Trading Update”… & having only listed on AIM in July 2017…

“Trading Update” from “provider of temporary physical structures, seating, ice rinks, furniture and interiors”, Arena Events (ARE) includes in its first paragraph; “The group experienced strong revenue growth across the UK, US and Middle East divisions with the acquisitions contributing as expected”. The shares have though responded to the update… currently more than 30% lower on the day, at around 40p! Hmmm…

RBG
RBG

Revolution Bars – after weather last time, increased operating costs & economic and political uncertainties this

In June, previously writing on Revolution Bars Group (RBG) I questioned short of expectations in every conceivable weather environment?. Now a Christmas and half-year to 29th December 2018 trading update…

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

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

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

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

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

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

AD4
AD4

Adept4 – “Trading Update” = a late trading warning & even bullshit earnings on steroids can’t help!

“Trading Update” from “provider of IT as a Service”, Adept4 (AD4) sees the shares currently 25% lower, heading towards 1p. Uh oh…

VOD
VOD
PREMIUM CONTENT

Dividend Munchers: Vodafone calms market with interims

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

Subscribe to ShareProphets to access Premium Content
IQE
IQE

IQE Clarifies profits warning: as predicted the “crowded bear trade” supports share price (for now)

I noted last night in my bonus bearcast that the real short position in IQE was, whatever the FCA says, probably well North of 20% and that as bears used the profits warning as a reason to close out what is clearly a “crowded trade” this would provide some share price support. And so it has come to pass.  The shares are up 4p at 71p having fallen 29p in late trade Monday. IQE has also clarified its profits warning and that has offered some comfort. It won’t last. You see it is all about cash.

WSG
WSG

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

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

PVG
PVG

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

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

CNS
CNS

Corero Network Security – “excellent operational gains” & ‘confidence in prospects’. Really?

Corero Network Security (CNS) has updated including it “has delivered excellent operational gains in the first half of the year, which, coupled with its new business pipeline and developing go-to-market partnerships, gives the board confidence in the company's prospects”. Currently at sub 8.5p though, the shares remain comfortably below 11p they approached in May and 20p of a couple of years ago…

PREMIUM CONTENT

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…

Subscribe to ShareProphets to access Premium Content
CWD
CWD

Countrywide – significant equity fundraising reflects far from propitious circumstances. As warned!

I wrote last week on estate agency and property services company Countrywide (CWD) updating including “the adjusted EBITDA for the group for the six months ended 30 June 2018 was slightly better than the guidance previously provided” - and the shares have responded currently higher, back above 50p, but concluded the market cap is still now circa £120 million and with also it to be attempted significant equity fundraising ahoy in far from propitious circumstances, the stance remains avoid / sell. Today half-year results and a “Firm Placing, Placing and Open Offer 2018” announcement – and the shares down towards 17p!...

EYE
EYE

Eagle Eye Solutions – full-year trading update emphasises a “Breakout year”, so why a 12%+ share price decline?

A trading update for its year ended 30th June 2018 from Eagle Eye Solutions (EYE) is headlined “Breakout year sees delivery of world leading digital loyalty programme for Loblaw”. The shares have responded… er, currently circa 12% lower to around 150p…

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

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

Audioboom – half-year results, “fully funded through to expected cash break even”. You sure?

Podcasting platform company Audioboom (BOOM) has announced results for its half year ended 31st May 2018, including emphasising “revenue increased by 43% to £2.6 million (H1 2017: £1.8 million)… adjusted EBITDA loss reduced to £2.2 million (H1 2017: £2.6 million)… Fully funded through to expected cash break even”. Hmmm…

Be Heard – 15% like for like revenue growth, so why leading the fallers today?

Shares in Be Heard (BHRD) are currently the leading fallers today on the back of a trading update. The digital marketing services group though commences that with revenue up to more than £14 million, including 15% like-for-like growth. So what’s the problem?...

GYG
GYG

GYG – from confidence “can deliver continued growth” on AIM IPO to trading “significantly weaker than expected” just a year later!

On 5th July 2017 it was “GYG, a market leading superyacht painting, supply and maintenance company, is pleased to announce the commencement… of dealings of its ordinary shares on AIM… Placing price 100p, gross proceeds of the placing £6.9 million… Zeus Capital is acting as the company's nominated adviser and broker”. Now a trading update commencing “trading has been significantly weaker than expected”. Uh oh…

PREMIUM CONTENT

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

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

Subscribe to ShareProphets to access Premium Content
CWD
CWD
PREMIUM CONTENT

Countrywide – “Capital Structure, Recovery plan & Trading Update” = Confetti Aplenty Ahoy, Changes due to poor trading & Profit Warning

“Capital Structure, Recovery plan & Trading Update” announcement from Countrywide (CWD) – discounted fundraising ahoy to fund changes due to poor trading?...

Subscribe to ShareProphets to access Premium Content
CPX
CPX

CAP-XX – trading update; “pleased to announce”… but it’s a forecasts miss!

CAP-XX (CPX) has updated on trading, commencing “as it approaches the end of its financial year ending 30 June 2018, the company has received a sharp increase in enquiry levels across all product ranges… Total enquiries, if converted to orders, would amount to annualised sales in excess of US$20m per annum” - and the shares have currently responded higher, back towards 10p…

PREMIUM CONTENT

Footasylum – argues “pleased to report a strong performance”… but in reality merits an IPO roll-call of shame

Footasylum (FOOT) is “pleased to report a strong performance for the financial year, our first as a quoted company following our successful IPO last November… The board was delighted with the support we received for the IPO”. I doubt shareholders are pleased or delighted though – shares in this 164p per share IPO, currently trading well below 100p following a dramatic slump on the “pleased to report” results!...

Subscribe to ShareProphets to access Premium Content
RBG
RBG

Revolution Bars – short of expectations in every conceivable weather environment?

Previously writing just over a year ago on Revolution Bars (RBG) it was on it going from ‘platform to be confident about our prospects’ to profit warning in less than 3 months. Then heading towards 130p, the shares jumped a couple of months later on a 200p per share possible offer approach. However, an offer was voted down by shareholders and the shares have subsequently fallen back towards 150p before a Trading Update today…

PHSC – reports swing to positive EBITDA, so why do the shares remain depressed?

Provider of health, safety, hygiene and environmental consultancy services and security solutions, PHSC (PHSC) has updated including “the group achieved a positive EBITDA of approximately £184,000 for the year ended 31 March 2018, before allowing for £47,000 of redundancy costs associated with the closure of ALS, (31 March 2017: loss of £99,767)”. So, why do the shares remain depressed at a current 10.5p?...

MDZ
MDZ

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

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

Blue Prism – argues ‘strong momentum’, but follow the CTO, Sales director & ‘Chief Evangelist’?

Blue Prism (PRSM), “a global leader in Robotic Process Automation, is pleased to announce a pre-close trading update in respect of the six months ended 30 April 2018”. Ooooh - a more than £1 billion capitalised “global leader” pleased to update, should be good then…

VIP
VIP

Vipera – trading update, looking forward “with great confidence”… but right to remain sceptical?

Having last week announced a 7.5p per share possible offer for the company, mobile financial services provider Vipera (VIP) is now “pleased to announce a trading update in respect of the year ended 31 December 2017”. Hmmm, only doing this now, almost three months after the year-end? But at least “pleased to announce”, right?...

CVR
CVR

Conviviality – if the shares don’t respond as hoped, announce news again!... And then it gets very much worse

Trading update on Thursday from Conviviality (CVR) included that “following a review of current year projections, the company now expects that adjusted EBITDA for the current year will be approximately 20% below current market expectations”, but sought to reassure that “the company has not seen any material weakness in overall demand” and was followed by some director share buying. The shares though remained depressed... and there was then a 1:06pm Update to announcement. There's now a 'Further Update'...

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

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

UP Global Sourcing – despite listing less than a year ago… ANOTHER profit warning!

Trading Update and Notice of Results announcement from consumer goods company UP Global Sourcing (UPGS) including “it should be noted that H1 2017 was an unusually strong period for the group” - this in an update for its half year ended 31st January 2018. Uh oh…

7digital – 2017 “better than market expectations”… but it’s talking “adjusted LBITDA”!

Year End Trading Update from 7digital Group (7DIG) includes “revenue for 2017 is expected to be up 52% at £17.3m” and “losses at adjusted LBITDA level are expected to be significantly reduced from the previous period and be better than market expectations”. The shares have nudged ahead to 5p – though I note this still well down from start of 2017 levels…

Accrol – I having previously noted management flux, it’s again “Board Changes”

Writing on Accrol Group (ACRL) previously last month, business and management flux saw me remain sceptical. Now a Board Changes announcement…

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

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

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

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

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

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

Escher Group – late-year ‘trading update’ here seemingly means only one thing

A 4th December 2015 “Trading update” from Escher Group (ESCH) was a warning that “the group will not now close additional license sales that it had expected in H2”. There was no late-year update in 2016, but this year there’s now a “Trading Update”. Hmmm...

ESG
ESG

eServGlobal – following the recent pump…

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

TCM
TCM

Telit - predictably dire bullshit earnings warning amid vague statements

Yosi Fait the proven insider dealer who runs AIM Casino posterboy Telit (TCM) because Sam Smith's morally bankrupt Nomad FinnCap does not care if its client firms are run by criminals, has served up a bullshit heavy (bogus) profits warning.

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

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

Bearcast

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

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

Listen to the Bearcast:
BMN
BMN

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

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

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

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

TCM
TCM

Telit - as we often predicted this is the day the disaster unfolded, but can the CEO explain his £24m share sale?

I am not sure if Neil Woodford had a big stake but Telit Communications (TCM) ticked all the other red flag boxes for AIM casino disasters waiting to happen. UK Investor Show attendees know that this has been high on the bear's hit list for a while. Today the train wreck happened and as I write, shares in what was the most shorted stock on the casino, are 39% down at 156p. But a £199 million market cap is still a rum and coke. The shares could be 20p and I still would not buy. Pro tem I count this as another big win for the Sheriff of AIM.

ZIN
ZIN

Zinc Media – believes profitability “will increase substantially”… though it talking ‘adjusted EBITDA’?

I previously wrote on TV and multimedia content group Zinc Media (ZIN) on its results for its half year ended 31st December 2016 HERE. Recently the company, and now also its broker, have updated…

AVN
AVN

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

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

LRM
LRM

Lombard Risk Management – emphasises ahead of expectations, but what about sustainable cash generation?

Lombard Risk Management (LRM) has updated that it anticipates exceeding analyst consensus expectations for its year ended 31st March 2017 and “remains confident” looking ahead. What’s that though expected to be “in the region of £2.4m to £2.8m”“Adjusted EBITDA”. Hmmm…

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

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

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

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

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

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

NCC
NCC

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

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

Hayward Tyler – second half weighting, though not ‘as expected’…

An update from engineering group Hayward Tyler (HAYT) commences that, “as expected”, there is proving to be a second half weighting “with aggregate order intake of £24.3 million secured in the four months to 31 January 2017… and a significant increase in the order book to £52.2 million”. Sounds promising… but what? “The board now anticipates reporting lower revenue for the financial year ending 31 March 2017”?!?...

EGS
EGS

eg solutions – shares soar on update emphasising “now real momentum within the business”, what now?

Back-office workforce optimisation software company eg solutions (EGS) has issued a “Trading Update & Master Services Agreement Signed” announcement. The following updates with the shares presently soaring higher, to a current approaching 50p, in response...

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

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

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

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

CWD
CWD

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

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

AO
AO

AO World – argues “Continued Growth and Strategic Progress”, BUT…

UK and Europe online electrical retailer, AO World (AO.) headlines a trading update for the quarter to 31st December “Continued Growth and Strategic Progress”, though the shares are currently approaching 8% lower, at 170p, in response. Hmmm…

RedstoneConnect – “Business Update” review, still one to watch?

Having previously concluded that shares in ‘smart’ buildings and workspaces-focused RedstoneConnect (REDS) remained on the watchlist at 1.60p, I now note a “Business Update” announcement from the company…

TCM
TCM

ShareProphets share tips of the year number 23: Sell Telit Communications says Tom Winnifrith

Telit Communications (TCM) is the most heavily shorted stock on AIM but its share price has proved incredibly resilient. At 275p it is almost up at 2016 year highs and the company is capitalised at £317 million. But you simply cannot defy gravity forever and, as a sell, it is my next share tip of the year.

GMR
GMR

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

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

LRM
LRM

Lombard Risk Management - headline blather excellent, but hidden cashburn terrifying

Under its old management led by John Wisbey, Lombard Risk Management (LRM) used to make profits and pay dividends. How fucking old hat and boring is that? Think like a millennial and get the cashburning vibe, that is the way forward and who better to do that than a man fired by Oracle (yet who boasts about his Oracle career ) & who was at the helm of a spectacular dotcom disaster, Phil "Interx" Crawford. Interims today score straight 10s for bullshit headline blather. But look at the hidden cashburn, extrapolate and panic.

blinkx – massive FY2016 loss, but now reckons set “to fuel high quality organic growth”. Hmmm…

Internet media company blinkx (BLNX) headlines its results for its year ended 31st March 2016; “Company records 68% growth in Core programmatic revenues while simultaneously reducing annualized operating expenses by $40M, during a year of rapid Industry evolution and reaffirms its expectation to return to full year profitability1 in Financial Year 2017”. All good then? Er, not quite…

AVN
AVN

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

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

ESG
ESG

eServGlobal – claims “significant contract”, but guidance only maintained; PLACING AHOY!

eServGlobal (ESG) has announced what it immediately claims as “a significant contract to supply its PayMobile software”. However, despite approximately €2.5 million of the €6 million contract value to be recognised in the company’s current year to 31st October, it only “maintains” financial guidance. Hmmm…

RUR
RUR

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

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

Buffett

Reader Competition: what does EBITDA stand for?

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

DPP
DPP

DP Poland – 2015 results; company ‘encouraged’, I not so much…

Results for 2015 from the company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) are headlined “System Sales up 22%. Total corporate stores deliver PLN+1m EBITDA for full year. Commissary makes strong contribution. Group EBITDA losses reduced by 31%”. Hmmm, use of ‘bullshit earnings’ in the headline then, let’s take a proper look…

AN
AN

Alternative Networks – futility of attempted ‘no one watching o’clock’ “Trading update” again shown

A 5:06pm “Trading update”, Uh oh. A 24th February such announcement from IT and telecommunications provider, Alternative Networks (AN.) commenced that “the group's Advanced Solutions business continues to make good progress following the completion of the integration of the acquisitions made in 2014…”. Oh, ok. “… This has recently been offset by significant ongoing pressures in our mobile business”. Uh oh, here we go…

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

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

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

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

Subscribe to our newsletter

Daily digest of our latest stories.



Search ShareProphets

Complete Coverage

Recent Comments

|