Good morning! It's Paul here.

Graham couldn't find anything of interest to write about today. So I've agreed to step in, and write some stuff about 2 interesting companies whose results/updates slipped through the net earlier this week.

Firstly, we have results from perennial dog, Earthport.

Earthport (LON:EPO)

Share price: 6.2p (flat on the day, at 10:20)
No. shares: 931.0m
Market cap: £57.7m

Final results

Earthport (AIM: EPO.L), the leading payment network for cross-border transactions, is pleased to announce its final results for the year ended 30 June 2018.

First red flag - slow accounts. It should not take a small cap 5 months to produce its accounts, especially a financial company - as it suggests that internal controls may not be up to scratch. Indeed, this is admitted;

The Board acknowledges that management accounting control and reporting errors took place in prior periods and changes to these processes and other decisive actions are currently underway to address the underlying issues. This includes increased monitoring of the FX business, increased controls and checks, stronger review processes and specific internal reporting changes....

It's been yet another poor performance this year from Earthport;

Revenues: £ 31.9m

Operating loss:  £8.5m

Earthport has been producing lamentable results now for 17 years as a listed company.

The balance sheet shows retained losses of £163.4m.

The story is always jam tomorrow. Then when failure is achieved, periodically management is changed, and the story changes. This year it's more of the same;

This year was a transitional year for Earthport where the underlying core payment business performed well despite the material setback of losing the business of a single large customer in Europe. The Board made significant changes to the leadership of the Company reflecting a change in business priorities and strategy ...  

The financial year 2018 began strongly and with high expectations for the year ahead, following a period of business growth in the previous year. In order to build on the expected momentum, the Company raised new capital to finance investment plans in capabilities and technology. However, it became apparent during the year that revenue was under pressure due to the loss of a major strategic payment customer and material delays occurred in the implementation process for another strategic partner....

Blah, blah, blah! I've been reading…

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