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Imaginatik – trading update, ‘considering the cash options available’. Uh oh…

By Steve Moore | Thursday 27 April 2017

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.

Having questioned at the weekend what’s with the radio silence, Tuesday saw Imaginatik (IMTK) provide “an update on trading for the year ended 31 March 2017”.

My weekend piece questioned whether it would be increased cash or requiring a repeat of the summer fundraisings of prior years. On cash, the trading update just states “the directors continue to carefully monitor the company's cash position and to consider the options available”.

Why not provide the year-end cash number? And “consider the options available” - attempted discounted fundraising ahoy?

Chairman Matt Cooper argues “this has been of year of good underlying progress for the group”, but the update also includes “recognised revenues for the year are expected to be flat at approximately £3.9m (2016: £3.9m), with overall bookings amounting to £3.6m (2016: £4.7m)”. Hmmm!

It is also argued that “several partnership agreements” were entered into during the second half of the year and “as we enter the new financial year the pipeline of new business opportunities is strong and we look forward to providing a further update at the time of full year results”.

The track-record suggests shareholders may not be looking forward to that as much – maybe they will know by then if it is another bailout fundraising required though! Natch, this currently remains a bargepole stock.

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