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This list is final.

Aeorema Communications (LON:AEO)

  • Share price: 26p (-15%)
  • No. of shares: 9 million
  • Market cap: £2 million

Interim Report

Perhaps I shouldn't mention a company this small, but I am just wondering why it is still listed at this small size?

I take an interest in it as a former shareholder - I took a loss when I sold out of it a few years ago.

It's a live events agency, trading as "Cheerful Twentyfirst". It's the type of people business that seems to have difficulty scaling up for investors.

We have an H1 operating loss of £140k, due to "recruitment costs and increased salaries".

New staff have been hired, who will hopefully deliver increased revenues in future periods.

Trading is said to be in line with expectations. Investors were clearly hoping for a bit more, though, based on the share price reaction. Meeting expectations for the full year is now dependent on achieving a stronger second half. As we know, this is often the precursor to a fully-fledged profit warning.

At least there is £1 million in cash on the balance sheet, underpinning the low valuation.

My view  - I can't see the logic for this being publicly listed at this stage.

Spaceandpeople (LON:SAL)

  • Share price: 11.15p (-23%)
  • No. of shares: 19.5 million
  • Market cap: £2 million

Preliminary Results

Very similar story here. We have a tiny market cap that doesn't justify the stock market listing.

High hopes had previously been attached to this one.

For 2018, Spaceandpeople has generated an operating loss after revenues declined by about 20%. This is attributed to bad weather in Q1, good weather in Q2 and Q3 (SAL couldn't source outdoor locations quickly enough), the World Cup, staff and service cost increases, and the tough retail backdrop.

There is no specific…

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