Good morning, it's Paul here with the SCVR for Friday.

Timing - with it being a quiet Friday, I'll take my time, and hope to finish by 1pm. Today's report is now finished.

StockSlam recording

These are quick fire shares investor evenings (online at present). If you missed it, here is the recording for the most recent one. They're good fun I think. Here is the video, let's see if I can embed it below...

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Boohoo (LON:BOO)

(I hold)

Jack and I agree that BOO is cluttering up the comments in the SCVRs, and it's not a small cap any more, so we want to move it onto a separate thread. Here is the new BOO thread - where I comment on today's news re its warehousing update, pointing to strong growth. NB - please leave your comments about BOO on the new thread, not in the SCVRs any more. Many thanks.


Srt Marine Systems (LON:SRT)

31.75p (up 2% at 08:29) - mkt cap £53m

Trading Update

SRT Marine Systems PLC (SRT), a global provider of maritime surveillance, monitoring and management systems, today announces a trading update for the year ended 31 March 2021.
The Company expects to report revenues of approximately £8.2 million* and loss before tax of £5.8 million* with gross cash as at 31 March 2021 of £5.3 million*.

The asterisk says “subject to audit”.

Clearly another grim year. This is a stark statement -

… because of Covid lockdown related implementation delays, no invoice milestones were completed and thus no revenues recognised during the year.

That relates to new projects. Existing projects & sales of hardware generated the £8.2m revenues.

Funding - a CBILS loan of £2.5m was due for repayment in April 2021, but has been extended to quarterly repayments from July 2021 to April 2023, giving some breathing space on cashflow. Note the £5.3m quoted above is gross cash, so we would need to deduct the £2.5m CBILS loan from that, plus any other loans.

The interim results as at 30 Sept 2020 show the £2.5m bank loan, but also “Other loan” of £5.99m. This is a £10m secured loan note programme provided by LGB Corporate Finance. This is expensive debt, costing 8-10% p.a. interest cost. A covenant was breached on…

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