Good morning! It's Paul here with the SCVR for Monday.

Today's report is now finished.

It's very quiet for small caps results/trading updates today. I've got family visiting, so want to get this week's reports out of the way by lunchtime at the latest, hence would prefer no reader requests this week, if possible!

Here's today's agenda;

Up Global Sourcing Holdings (LON:UPGS) - repaying Govt funds

Clipper Logistics (LON:CLG) - results FY 04/2020

Studio Retail (LON:STU) - results 52 weeks ended 27 March 2020

Motorpoint (LON:MOTR) - trading update


Up Global Sourcing Holdings (LON:UPGS)

As covered here previously, this product sourcing company has traded well throughout the covid crisis. I last covered it here on 6 July 2020, being impressed with its update.

Today it announces;

Return of Government furlough funds

An unusual announcement today;

Ultimate Products, the owner, manager, designer and developer of an extensive range of value-focused consumer goods brands, announces that it has taken the decision to repay the £465,237 that it has received under the Coronavirus Job Retention Scheme ('furlough scheme') and does not intend to make any further claims under the furlough scheme or for the associated Job Retention Bonus.

The Group is also no longer utilising the Government Time to Pay and VAT deferral schemes. All VAT and PAYE payments are up to date as at 31 July 2020.

These payments are possible because the Group's profitability and cash generation have been stronger than expected during this crisis....

... Returning this money to the taxpayer is therefore the right and proper thing for us to do.


I salute their sentiments, but do wonder if there's more to it than that? I've not looked into the finer detail of Govt support schemes, so am wondering if any readers know whether companies have to demonstrate that covid/lockdown has caused them financial hardship, in order to be eligible for these schemes? Particularly for a listed company, if they're putting out positive trading updates, then I would hope HMRC would push back against any requests for deferral of taxes.

Separately, but on the same topic, there are articles in today's papers saying that research from Oxford, Cambridge, and Zurich Universities suggests that a staggering 6 million people…

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