Good morning, it’s Paul and Jack here with the SCVR for Thursday.

Please bear with us this week, as we’re experimenting with new ideas for how to seamlessly contribute sections into the same article. Yesterday seemed to work out well. I enjoyed having a good rummage into the weird put options at M&c Saatchi (LON:SAA) which turned up a potentially nasty dilution situation. So be careful with that one. If anything looks odd, in the accounts, it really does need to be properly checked out.

Timings - Jack did an early section, many thanks for that. Now I'll be producing the usual 4 or 5 sections throughout the day. Likely to be finished late afternoon, as some of these sections take a long time to dig into, and write up! Let's aim for 4pm finish. Update at 16:26 - the main sections are now done, but I'll do a bit more to look at one or two more companies. Extended finish time now 6:30pm. Today's report is now finished.

Agenda - these results/trading updates have caught my eye;

Foxtons (LON:FOXT) - Trading statement

Begbies Traynor (LON:BEG) - Red Flag Report

Proactis Holdings (LON:PHD) - Final results

Christie (LON:CTG) - Interim results

Redde Northgate (LON:REDD) - from yesterday, several people have asked if I’d look at it


** This first section contributed by Jack Brumby **

Hornby (LON:HRN)

Share price: 37.4p

Shares in issue: 166,927,838

Market cap: £62.4m

(Jack writing)

This developer, producer, and supplier of hobby products probably has some goodwill with certain investors who have used Airfix and the rest before.

Long-suffering shareholders might be less fond of the company as a listed entity, however.


It’s a potentially interesting case here.

What some once assumed to be the likely fate of Games Workshop (LON:GAW) has happened at Hornby: from 2015, Hornby (LON:HRN) has reported declining financial results due to a sustained fall in collecting customers and the rise of video gaming.

A brief summary of recent trading:

Shares dropped by more than 50% in a year in 2015/16 and Hornby announced it would cut more than half its less profitable toy ranges. In the…

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