Shocking news yesterday evening, wishes with all those affected!

Goodwin (GDWN) – This is a company which operates through two segments: Mechanical engineering and Refractory engineering (whatever they are!). What puts me off is the flat revenue for the past 3 years, the declining profit (and ROCE), the increased debt and the fact I don’t really understand much what it actually does. I was expecting an update today hence this small report, alas there was none. It would have had to have been a spectacular update - This is not one for me at present.

Koovs (KOOV) – My last comment on this was “Just a quick look at the Stock Report and I can easily just pass on this”. I looked a little more this morning - It’s basically a supplier of branded fashion garments and accessories principally in Republic of India. It's not made a profit since 2013 and seems it is eating into its cash reserves to offset annual losses. It’s down 50% this year and has 3x as many shares in issue now (this dilution being part of the reason for the drop). With an 8%+ spread this may become attractive if the company ever shows a profit. Again I was expecting to find an update on this company this morning according to Bloomberg – But could find none.

Management Consulting (MMC)Interim Results To End June 2017 – Another company that’s not made a profit since 2013. With Revenue up 11% on a LFL basis, losses have at least been reduced this period.  Had cash of £38m at the end of last year, this now stands at £28m. A bit of a mish-mash set of numbers, Stockopedia doesn’t like it much (Stock Rank 36) and neither do I.

System1 (SYS1)Trading Update relating to End March 2018 - This is primarily a marketing and branding consultancy (used to be called BrainJuicer). It’s doubled YTD and the high level numbers look OK, a fantastic ROCE around the 50% mark. However, this latest report seems to be a profit warning so I will be sitting this one out for now. Fair play though – It does seem a bit like an “honest guv” hands up update, summary being PBT “approximately…

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