Good morning, it's Paul & Jack here with the last SCVR for this week. Today's report is now finished.

Jack & I are going to trial an end of week podcast this afternoon. If it's any good, I'll publish a link to it here later today, probably this evening.

EDIT: Here it is, the first (and maybe last!) SCVR Podcast.

Agenda -

Paul's section:

Quiz (LON:QUIZ) (I hold) - small and illiquid. This ladieswear retailer is recovering well. December trading and year-to-date (FY 3/2022) is in line with mgt expectations. Not the best business in the world, but with shops now on short leases & cheap turnover rents, it should move back into profit in calendar 2022. Plenty of cash in the bank, which is up to £6m. So this is a value/turnaround micro cap situation, which I imagine won't appeal to most readers.

Xaar (LON:XAR) - trading update from yesterday. H2 moved into profit, recouping the losses in H1. Commentary sounds upbeat, and has plenty of net cash. I don't know how to value this share, due to erratic performance.

Cineworld (LON:CINE) - Q4 trading update, which glosses over the desperate debt position. Extremely high risk of heavy dilution or insolvency.

Equals (LON:EQLS) - a short section from earlier this week.

Sensyne Health (LON:SENS) - top faller today, down 69%. It's a high cash burner, and has almost run out of cash. I see if this was predictable (it was, it was obvious from the accounts), and compare it with the boom & bust from 1998-2002. Conditions now seem uncannily similar for speculative tech/growth.

Jack's section:

Senior (LON:SNR) - group says full year will be in line with expectations. Net debt reduced by £49m to £80m, cash flow positive, new contracts announced, and notes the start of a recovery in its markets. Margins were falling pre-Covid, but might subsequent restructuring and cost-cutting arrest that trend? It’s beginning to look a little more interesting now.

Smartspace Software (LON:SMRT) - short in line update ahead of more detailed announcement next month. Micro cap, so a lack of liquidity. Forecasts have been considerably downgraded over the past year. There’s still a lot to prove, so I don’t see any rush to jump in.


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