Good morning!

It's worth noting that sterling is weakening again, which has a knock on impact on shares, as we've discussed here before. So those dollar earning companies, and UK exporters, are becoming increasingly attractive again.

As an example of that, Judges Scientific (LON:JDG) pointed out yesterday that as mainly a UK exporter, it is enjoying the most favourable exchange rates since 2009. This was one of the companies that I wrote about in a late update last night. The other one was Fastjet (LON:FJET) - a complete crock.

Here is the link to yesterday's complete report, to get you started whilst I crack on with writing up some new stuff about companies reporting today.

Profit warnings

As the day goes on, I will report below in more detail on 3 companies which have all put out profit warnings this morning, and are all hitting fresh 52-weeks lows, namely;

Majestic Wine (LON:WINE) - under-performance in commercial, and Naked Wines USA. Warning doesn't look too bad though. Am awaiting updated broker forecasts.

Bonmarche Holdings (LON:BON) - as I predicted here on 28 Jul 2016, another profit warning looked "a virtual certainty". I don't see any rush to buy the shares this morning, as profit expectations are way down, and the company is clearly under-performing. Guess what? It blames the weather!

Cenkos Securities (LON:CNKS) - not a sector I usually cover, but the deep plunge in H1 profit today illustrates the feast or famine cyclicality of this sector.


Recommended cash offer - the company's own Directors have made a cash bid for SWP, at 9p per share. This looks a fair price to me, being a 50% premium to yesterday's closing price of 6p.

Well done to all holders. The usual form now is for everyone to start bellyaching that the company is worth far more, etc. Then people quietly accept the deal, bank the profit & move on.

It's almost a done deal, with 57.2% already in the bag.

Majestic Wine (LON:WINE)

Share price: 325p (down 25.0% today)
No. shares: 70.8m
Market cap: £230.1m

Trading update

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