Good morning! I've got two reports to write today, as yesterday's fizzled out shortly after I started, and by the time I got round to reading the results from Norcros (LON:NXR), couldn't get access to a computer. Anyway, let's crack on - it's a fairly quiet day for news today.


Note that Quindell (LON:QPP) shares have consolidated today, on a 1 for 15 basis, which has moved the share price up from about 17p to currently 243p. It wasn't very clearly announced, as the detail is contained within RNS statements relating to the AGM. I think it's best practice to issue a separate RNS, entitled "Share Consolidation" to announce this type of thing, as a few people have been caught out - there were some orders on the order book first thing around 18p!


Cupid (LON:CUP)

This online dating firm company has issued a trading statement where the key part says;

The Board is pleased to report that the Company has made significant progress in the first half of 2014 towards achieving the operational goals stated in its Annual Report. The EBITDA loss is estimated to be c £3m, which is better than anticipated. We further estimate that revenue for the first half will be c £7m, slightly lower than management's expectations.  The stronger EBITDA result has been achieved through the close management of costs, which in turn will enable us to end the half with c £11m of cash (pre-dividend).

Whilst that sounds pretty awful (a £3m EBITDA loss on turnover of just £7m), I seem to recall there is a seasonal bias with this company, in that they used to do the advertising spend in H1, and then recoup the extra turnover in H2, although seasonality is not mentioned in today's statement.

Note that following the disposal of their controversial casual dating sites, the business is now very much smaller, and you have to ask whether it is really viable at all? If they can get it to breakeven or a small profit, then things would look a lot better, as there should be a regular flow of cash coming in from the deferred proceeds, currently sitting on the Balance Sheet as a debtor.

It's not one for me, the company's past is too chequered, and it's not yet clear if they…

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