Results

Yu Group – FY18 results and a lack of cash (despite the headlines)?

Published 11 days ago

AIM-listed Yu Group (YU.) has posted its much awaited results for the year to December 2018 – much awaited because during the year it ‘fessed up that its previous numbers had been less than believable. The opening lines make good reading – and the market has reacted well, marking the stock up by a whopping 67%, last seen, to 155p but I wonder about that.

Reckless Neil Woodford gambles with other people’s money on Induction Healthcare IPO

Published 15 days ago

Induction Healthcare is coming to the AIM market in only the third IPO of the year on AIM. That kind of tells you now ain’t a great time, but leaving that aside, Neil Woodford has signed up for IPO shares (with no previous investment) in a company which seems to be a very long way from profitability. So is it his Equity Income Fund buying a company with no income? Maybe it is his Income Focus fund – although no matter how hard I focus, I still can’t see any dividends. Or perhaps it is Woodford Patient Capital (which has no cash)? I’ve no idea.

Neil Woodford Dog Mereo – FY18 results…..oh dear

Published 25 days ago

Oh dear oh dear oh dear. I commented at the weekend HERE that AIM- and now Nasdaq-listed Mereo Biopharma (AIM: MPH, Nasdaq: MREO) has FY18 results due this Monday, following Mereo’s merger with Oncomed on Nasdaq. Duly reported, how’s that extended cash runway doing?

Easter Red Flags at Night: Modern Water FY results a washout – SELL!

Published 34 days ago

Here haven’t been so many diabolical after-hours announcements as there used to be, but ahead of the Easter double bank holiday – at 6.19pm on Thursday evening – AIM-listed Modern Water (MWG) showed that the tradition is alive and kicking. Its investors might have gone home but ShareProphets was watching….

HSS Hire – 2018 results, “significant progress”?

Published 52 days ago

Previously writing on UK and Ireland tool and equipment hire and related services provider HSS Hire (HSS) in November with its shares at 33p, I concluded at least until there’s more concrete evidence of why to have confidence in the sustainability of the balance sheet, I’ll retain this on the bargepole list. Today results for the company’s year ended 29th December 2018 emphasising “we made significant progress against our strategic priorities and delivered the highest adjusted total EBITDA in the group's history” – and the shares are currently just above 35p…

Inspirit – Pleased to announce interims. It shouldn’t be – SELL.

Published 58 days ago

News from the boiler room this morning is that AIM-listed Inspirit Energy (INSP) is pleased to announce its interims. I’m not sure why – they are awful! But perhaps the pleasure relates to the fact that they are out at all, for the numbers show a deficit of net current assets. Is it bust yet?

Conroy Gold and Natural Resources – Interim drivel and a balance sheet from hell: SELL

Published 87 days ago

With its sister company, Karelian Diamonds (KDR) having published interims a couple of weeks back showing balance sheet in all sorts of trouble, this morning Conroy Gold and Natural Resources (CGNR) took its turn – where we find the same problem, and some class comedy from the good it’s the way I tell ‘em Professor.

AIQ – FY results show shares still well overvalued at 14.5p - Bargepole

Published 90 days ago

Standard-listed AIQ (AIQ) – an investment company which rather caught our eye last year in the wake of its calamity of an IPO and repeat suspensions thereafter – has published its maiden full year results. Needless to say, they are nothing to write home about (unless you are a ShareProphets writer!)

Karelian Diamonds – “Great Pleasure” in presenting Interims justified? Er, no…….SELL!!

Published 97 days ago

This morning AIM-listed Karelian Diamonds (KDR) - the Prof Conroy sister to Conroy Gold and Natural Resources (CGNR) - offered up its Interims to the end of November. Prof Conroy was pleased, but should shareholders be enthused?

Yu – reading through the numbers

Published 113 days ago

As Tom Winnifrith said in his Bearcast on Wednesday, Yu Group (YU.) offered numbers in its latest trading statement which are completely meaningless – and thus its net cash position could be anything. I’ve been trying to piece some of it together.

Inspirit – FY18 Results from the boiler room

Published 148 days ago

3.28pm on the Friday between Christmas and New Year is hardly the time to release your results unless they are really bad, and so it proved with AIM-listed Inspirit Energy (INSP). This is a company which, let us not forget, has been developing a revolutionary boiler (where is Neil Woodford?) since it listed via an RTO on the Casino way back in 2013 – after it was rescued from administration. The original company dates from 2010. So how are we doing in 2018?

ShareProphets RNS Translation Service: Yu Group ‘fesses up (again) as shares collapse another 22%

Published 157 days ago

And so at last we have the results of the forensic accounting review which followed the confession from AIM-listed Yu Group (YU.) on 24 October 2018 that its accounts were, in effect, a work of sheer fiction and has seen the company’s £12 million placing at £10 per share being investigated by the FCA. We already knew that the bill would be around £10 million – but now it is going to be around £13 million. As ever, the ShareProphets  RNS Translation Service is on hand to help us understand all this (original in bold).

Tern – attempts to calm with Portfolio Update…..shares down 8% and here's why

Published 185 days ago

AIM-listed jam-tomorrow investment company Tern plc (TERN) has seen its share price slipping sharply since they peaked in mid-June at 58p. What better way to reassure the market than with a Portfolio Update? That’ll help….or not: the shares are 10% down today, at just 13.5p. I’m sure the placees at 26p in July will be delighted….

Filthy Forty Walcom – profit warning, defaulting customer still not paying, discussions with lender. Uh-oh…..

Published 185 days ago

Yesterday ShareProphets AIM-China Filthy Forty member (one of only 7 remaining) Walcom (WALG) updated the market on its efforts to get its largest customer to pay its bills. Bad news there, as was the accompanying profit warning, repayments of borrowings, discussions with lender and the final coup de grace: ….the Company may be in a position where it is unable to settle its liabilities as and when they fall due. What’s not to like!

Imaginatik – H1 results show what a dog’s breakfast it was, but fundraising to complete still leaves it technically insolvent. Shocking.

Published 188 days ago

AIM-listed former Rob Terry favourite Imaginatek (IMTK) published its half year results to the end of September this morning – what a dog’s breakfast! Of course, the majority of the period was under the old management so as much as I would like to point the finger at new CEO Angus Forrest, that would be grossly unfair. Indeed, judging by the balance sheet he’s done very well to have kept the grim reaper at bay – and he nearly pulled off a dream proposal to bring the very saintly Vin Murria in….but that fell apart. The shares as I write are up just 10% at 1.375p in the middle, having peaked earlier in the day at 2.25p in an initial burst of enthusiasm. It looks to me like the market has taken fright at the balance sheet.

Karelian Diamonds FY18 numbers: on death watch too, very bad read across for Conroy Gold

Published 191 days ago

Yesterday it was the turn of AIM-listed Conroy Gold and Natural Resources (CGNR) to show that it is one tiny little centipede step from insolvency. Today sister company, AIM-listed Karelian Diamonds (KDR) took advantage of a good day to bury bad news and followed suit – and my conclusion is the same. Indeed, for Conroy Gold there is another worry here which could bring its life to an early termination. My view is that both are stand-out sells and here is why...

Conroy Gold – FY results…..balance sheet a shambles, the end is surely nigh: SELL

Published 192 days ago

AIM-listed Conroy Gold and Natural Resources (CGNR) offered up its FY results to May y31 esterday morning. There was plenty of blarney, of course, but the bottom line is that the balance sheet is in a mess – it needs yet another mega-placing PDQ to keep the lights on, and I don’t think it will get it away. Oh, and  NED, Dr Karl Keegan, is stepping down after just 15 months in the job. In short, the end appears to be nigh.

Red Flags at Night: Arricano announces resignation of Smith & Williamson as Nomad after hours on Friday - SELL

Published 196 days ago

In August it was announced that Cenkos was buying the Nomad operations of Smith and Williamson, with completion expected in November after due diligence had been done on Smith & Williamson’s Nomad clients. On Friday, at no-one-is-watching o’clock (natch – 6.09pm!!) AIM-listed Arricano Real Estate (ARO) announced that Smith & Williamson had served notice that it would resign on 23 November 2018. Talk about Red Flags at Night!

Conroy Gold – “New Gold Outcrop Discovery”: more about getting the next placing away than shareholder value?

Published 216 days ago

AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a new gold outcrop discovery in Ireland, between its Clontibret gold deposit and the Corcaskea gold target. So will this discovery transform the company’s prospects, or – bearing in mind that it has to report year-end results to May of this year by the end of next month – does this news mark the beginning of a pre-placing ramp?

Tern - Shocking Device Authority FY17 accounts released

Published 229 days ago

AIM-listed IoT investment company Tern (TERN) has seen its shares dropping again, despite the calls to Tom Winnifrith saying how shorts are being called in. That might put an upward pressure on the stock, but there is plenty down pressure too – and that includes today’s unaudited and abridged accounts for FY17 from principal investee Device Authority.

Tern – Interim car-crash: SELL

Published 251 days ago

AIM listed jam-tomorrow (or the day after) IoT investment company Tern (TERN) has released its interims to June 2018 and despite the polishing of things unmentionable they show what a car-crash had been – and still is - going on.

Conroy Gold and Natural Resources – £0.5m placing at 13.75p; nowhere near enough

Published 271 days ago

AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a placing at 13.75p to raise £0.5 million, boasting a 20 per cent premium to the market price. Well that’s fine and dandy – so why has the market not piled in behind the placees? The shares are up just one penny, leaving the stock at 12p to sell.

Tern: D-day (or is it C- or E-day?) approaches for Device Authority

Published 357 days ago

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has an interesting date in its diary at the end of this month, for on 30 June its recent loans to investee company Device Authority must be converted into DA stock or repaid (at 300% of principal!) Given the scale of the cash-crisis across the portfolio at FY17 (see HERE) it seems unlikely to be repaid, so what happens if/when the loan is converted, and why is it a problem for Tern?

Inspirit – or insolvent? 2017 Interims

Published 423 days ago

AIM-listed Inspirit Energy (INSP) has released its interim accounts to December 2017. We are told the company is pleased to announce its interims. What there is to be pleased about rather escapes me – the company is drowning in payables and has hardly any cash left (if any at all).

Inspirit – all’s quiet: signs of a problem?

Published 431 days ago

I note that things have been very quiet of late over in the boiler room of AIM-listed Inspirit Energy (INSP). Normally that might be seen as a good thing – the company quietly getting on with making shareholders money, and not getting bogged down in ramptastic RNSs. But I wonder if there is a nasty brewing here...

Karelian Diamonds – Interims: when’s the placing, and what about related party payments?

Published 452 days ago

Yesterday the good professor Conroy’s elder child, AIM-listed Conroy Gold and Natural Resources (CGNR) released its interims to last November and it needs cash. Today it is the turn of little brother, Karelian Diamonds (KDR) and the picture is no better. And as you shall see, there is an air of one insolvent partner funding the other. At least, that’s how it looks. And I wonder about the maths….

Conroy Gold and Natural Resources - Interims : oh dear, oh dear, oh dear

Published 453 days ago

AIM-listed Conroy Gold and Natural Resources (CGNR) published its interim accounts to 30 November 2017 this morning. Ignoring the jam tomorrow (we’ve seen that all before) it is clear that the company was up to its eyes in debt, not that chairman Prof Richard Conroy was bothered by that as he introduced his chairman’s statement with “I have great pleasure in presenting your Company’s Half-Yearly results”. He’s pleased – but I doubt any shareholder with half a brain cell will be.

Tracsis – H1 trading “strong across all parts”, what of the valuation?

Published 460 days ago

Shares in traffic and rail software and services provider Tracsis (TRCS) have recently fallen back below 500p, but are currently rebounding on the back of a Trading Update

Milestone: ‘fesses up that January compromise deal settlement cash from 2016 non-placing still not arrived

Published 463 days ago

Way back in November 2016 I first commented on the fiasco at AIM-listed Milestone Group which eventually saw then CEO Deborah White handed a black bag. This was the placing, first announced in October 2016, where the £1.25 million of cash never arrived and which the company sat on news of non-payment until it ‘fessed up on the day Donald Trump won the Presidency. It was a good day to bury bad news – but as ever, ShareProphets was watching. Well, the cash STILL hasn’t arrived, even on the much reduced 10p in the £ compromise terms announced on 22 January this year and I think the company has again been tardy in passing on the news.

Intercede – argues “strategically important” contract award… though still how’s the balance sheet?

Published 466 days ago

Cybersecurity group Intercede (IGP) has announced a New Contract Award, which it emphasises “is a strategically important project that exploits many of the new technologies Intercede has developed over the last two years”...

Best of the Best – increases VAT recovery claim, but hit by currently expected impact of Remote Gaming Duty

Published 528 days ago

An “Update on VAT Claim and Share Buy-Back” announcement from competitions to win luxury cars company Best of the Best (BOTB). This includes that the company intends to conduct buy-backs of shares for cancellation “as and when they become available at volumes and prices that, from time to time, the Board of BOTB considers appropriate”. So a good tax update then? Er…

Midatech Pharma – a reader asks what we think (it’s not good….the curse of Neil Woodford (again)

Published 599 days ago

I have to say I haven’t come across AIM-listed Midatech (MTPH) until now. However, with interims results just released perhaps I could get a handle on it. The problem is that the interim report has a few gaping holes in it, all of which leaves a strong sense of unease. The unease in increased when I note that the recent bailout placing (at a whopping 31% discount) showed up Woodford Investment Management as a major holder. Oh dear, not a good start….

Biome Technologies – following bullshit earnings trading update, how are the results?

Published 629 days ago

On a July trading update from Biome Technologies (BIOM) I concluded it does now look to be becoming more interesting and, ahead of results, is now on the watchlist. The shares have subsequently approached 250p, but are currently more than 7% lower at 230p on the back of results for the first half of 2017…

Goodwin – full-year results, sufficient value to compensate for “continued tightening”?

Published 641 days ago

With I having questioned in March 2:15pm ‘Interim Management Statement’ a cause for alarm?, mechanical and refractory engineering company Goodwin (GDWN) has now announced results for its year ended 30th April 2017…

Management Consulting Group – half-year results, an ‘operational improvement implementer’ which needs some of its own medicine!

Published 645 days ago

Management Consulting Group (MMC) Chairman & Chief Executive Nick Stagg, with the company’s results for the first half of 2017, is “pleased to report that Proudfoot, Management Consulting Group’s continuing business, has made progress in the execution of its strategy”. The market is not however pleased – the shares down 8.5%, to 7p…

Portmeirion Group – half-year results; argues “positive”, but how so?

Published 661 days ago

Portmeirion, Spode, Wax Lyrical, Royal Worcester and Pimpernel homewares company Portmeirion Group (PMP) emphasises it “pleased to announce a positive trading performance for the first six months of 2017”. Let’s take a look…

Servision - how do you keep lots of idiots in suspense? We'll tell its shareholders on Friday

Published 698 days ago

Worthless AIM listed piece of excrement Servision (SEV) always seems to report its results at the last possible moment to avoid suspension on the casino. In 2016 calendar 2015 numbers (piss poor) arrived on the 30 June deadline day. For 2016 its a slam dunk bet that the numbers (piss poor) will arrive this Friday on deadline day. Why is that? 

EU Supply – framework agreement signed, but valuation merited?

Published 709 days ago

Shares in e-procurement software provider, EU Supply (EUSP) are currently a further more than 17% higher, at 17p, on the back of a “Framework agreement signed” announcement. Hmmm, a framework agreement – so no specific financials then?...

Eckoh – full-year results argue “excellent” future prospects, but what’s already in the valuation?

Published 713 days ago

“Eckoh plc (ECK), the global provider of secure payment products and customer contact solutions, is pleased to announce its final results for the year ended 31 March 2017”. Hmmm, this though follows a profit warning in September

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

Published 724 days ago

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

Foxtons – Q1 2017 trading update, still a short?

Published 739 days ago

London estate agency Foxtons (FOXT) has updated on the first quarter of 2017, seeing a significant decline in revenue on the corresponding 2016 period though arguing “performance has been in line with the board's expectations”

Eden Research boasts that the taxpayer is funding promotion of its fraud

Published 745 days ago

AIM Cesspit listed FRAUD Eden Research (EDEN) has two massive problems. One is that with pitiful sales it is rapidly running out of cash and so must get yet another bailout placing away. The second is that it has now been fully exposed as committing a massive panama pump securities fraud HERE. Its response....

BNN Technology – placing “to fund exciting and transformational new developments”. Really?...

Published 773 days ago

Lucian Miers previously warned on BNN Technology (BNN) HERE and will update here in due course. But the following just takes a quick look at the numbers and placing the company has announced today...

Frontera – ShareProphets RNS Translation Service as the shares are ramped

Published 774 days ago

Readers will know that I'm far from convinced at the buy case for AIM-listed Frontera (FRR), shares in which have again been on the rampage after what looks like a rampety-ramp RNS yesterday. The ShareProphets RNS Translation Service thought it should chip in...

Starcom – “pleased to present” 2016 results, shares slump again…

Published 795 days ago

Chairman of tracking, monitoring and protection technology company Starcom (STAR), Michael Rosenberg, is “pleased to present the final audited accounts” for 2016. The shares have currently responded more than 17.5% lower, to 1.75p. Hmmm…

Milestone – Christmas Panto RNS: finally gets October Placing away.…Oh no it doesn’t!

Published 894 days ago

It seems the pantomime season has started early: AIM-listed lifestyler Milestone Group (MSG) has announced that it has raised a keep-the-lights-on placing at just 0.3p, and that of the original October placing which was announced to have brought in £1.385 million, only £60,000 has made it to the coffers. If Nomad Cairn Financial thought that its (currently suspended) client CloudTag (CTAG) was just a rogue case, Milestone begins to make it look more like carelessness.

Image Scan Holdings – full-year results, jam now being delivered?

Published 901 days ago

X-ray imaging for the security and industrial inspection markets-focused Image Scan Holdings (IGE) has announced results for its year ended 30th September 2016 – and the shares are currently slightly higher to 6.5p…

Aeorema Communications – 12:43pm “Trading Update”. Uh-oh…

Published 902 days ago

A 12:43pm “Trading Update” announcement from live events agency Aeorema Communications (AEO). Clearly not scheduled – and thus clearly unlikely to be positive…

Hornby – turnaround progress any smoother than half year results issuance?

Published 913 days ago

Hobby products company, Hornby (HRN) announced results for the six months ended 30th September 2016 at 7am claiming “good progress with turnaround plan”. This didn’t though extend to the announcement itself - as the financial tables weren’t included! A replacement announcement was then made at 09:41 – does the company's turnaround progress look smoother? …

SCANDAL - Milestone Group buries delayed bad news: placing cash not arrived, what about solvency?

Published 927 days ago

Talk about a good day to bury bad news: every media commentator is trying to come to terms with the election of Donald Trump (with the notable exception of our own Tom Winnifrith, who is off to get his new Poll Sheriff’s badge) and so at 3.41pm yesterday AIM-listed Milestone Group (MSG) slipped out a “miscellaneous” RNS. It may have won two big contracts recently but in terms of this RNS, there was nothing miscellaneous about it: this company is in serious trouble.

Filthy Forty Haike Chemical – first out of the traps this week with interims. Red Flags for breakfast?

Published 971 days ago

Well done to ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) for being first to stick its head above the parapet this week with the release of its interims to June. One down, nine to go. The PR reads well enough: profitable for the half, lots of cash in the bank. That’s the spin – but what about the Red Flags – such as negative net current assets?

Etaireia – Hooray, it’s the Baron Bloom and Oli Fattal magic show and a crack(l)ing Porkie?

Published 997 days ago

Last night at no-one-is-watching o’clock ISDX-listed Etaireia Investments released its annual numbers to 31 March 2016. The balance sheet held a few horrors, such as net current liabilities of £130,586 which in interesting in the wake of the RNS released on 17 August 2016 which told us that the company had ponied up £50,000 (deferred for a year) in addition to 203,076,923 new shares at 0.065p (although it took two goes for the company to get that bit right) in order to acquire a commercial property.

James Latham plc – strong full-year results, but growth slowing?

Published 1066 days ago

Panel and timber distributor, James Latham plc (LTHM) is “pleased to report very good trading results for the financial year to 31 March 2016”, though notes “year on year growth slowed in the second half year”. Let’s take a look…

GCM Resources – Interims: dilution ahoy!

Published 1152 days ago

AIM-listed GCM Resources (GCM) has been trying to get permits for a coal mine in Bangladesh for as long as I can remember – and this morning’s interims to Dec 2015 continue the lashings of Hartley’s being promised for tomorrow, or the day after. Or perhaps never. But meanwhile the cash is running out and there is a Going Concern warning to be found. Not surprising, as the balance sheet shows Net Current Assets weighing with a deficit of £416,000 – quite a problem when the market capitalisation is just £2.8 million (source: ADVFN).

Telecom Plus – Top Broker says “Underperform” but misses critical points

Published 1195 days ago

Yesterday I wondered why shares in fully listed Telecom Plus (TEP) had been dropping, and turned up a few nuggets in its interim statement and, of greater concern, a new £150 million loan facility on the Companies House website. Were these the cause of the drop since the turn of the year? Well perhaps not, for into my inbox has dropped an “underperform” note from top analysts RBS Capital Markets.

ShareProphets RNS Translation Service: Asian Citrus “Winter Orange Crop” update

Published 1254 days ago

ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) has had a history of suffering biblical-style plague and misfortune. Maybe insurance is difficult to get, but yesterday saw the latest in the line of disaster updates from this bargepole stock. The RNS was masterful, so we have wheeled out the ShareProphets RNS Translation Service to assist our understanding of this latest catastrophic release. Original is in bold italics.

UPDATED: Pointless PR puffery RNS of the day – NetDimensions: when’s the Placing?

Published 1315 days ago

I had to laugh out loud when I read this morning’s RNS Reach from AIM-listed NetDimensions (NETD). It is normally a pretty bad sign when a company announces that it has won some sort of spurious award, but this really takes the biscuit. You see, it is not even NetDimensions that has won it: it is one of its clients!  The update is the figures from the balance sheet - far, far worse than my first reading.

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