Good morning! Taking into account reader suggestions so far, my list is as follows:

Only the first two were announced today, but there was quite a lot of news during the week, so plenty to discuss.

Also worth mentioning that I think Paul did a fine job discussing the late profit warning from Conviviality (LON:CVR) in yesterday's report, so I'll leave that one alone for now.



PS: There is an investor event coming up on March 28th in London, featuring the CEOs of Cloudcall (LON:CALL), Xpediator (LON:XPD) and Realm Therapeutics (LON:RLM). You can get your free tickets at this link.

Focusrite (LON:TUNE)

  • Share price: 380p (+7%)
  • No. of shares: 58 million
  • Market cap: £221 million

Trading Update

This company makes hardware and software products for the music industry, under its own brands. Headquartered in the UK, it distributes its products worldwide.

Rather than making or distributing musical instruments, the company makes the tools used by producers - microphone preamplifiers, audio interfaces, synthesisers and apps.

This is a nice update, which has been warmly received. First-half revenue, profits and cash are up year-on-year.

As a result, revenue for the half year ending 28 February 2018, is expected to be over £38 million, up from £32.0 million in the same period last year.  This represents an increase of over 25% on a constant currency basis
Conversion to cash has also remained positive and, as at 28 February 2018, net cash was £19.7 million, up from £14.2 million on 31 August 2017 and £9.4 million on 28 February 2017.

For a company which sells internationally, such as this one, constant-currency measures are what I focus on. Needless to say, 25% is a fantastic gain.

The CEO comments that the recent Christmas holiday period gave the company a big boost, stating that the outlook remains "confident" for the future:

We keep a close and cautious eye on some of the headwinds…

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