Good morning, it's Paul & Jack here with the SCVR for Thursday.

Timing - we're rattling through things this morning, so should be done by official finish time of 1pm. Today's report is now finished.

Agenda -

Paul's section -

Early snapshots - quick fire comments on stand out news items between 7-8am. Readers seem to like this innovation, so we'll keep doing it. Paul gives a quick view on:

  • Cambridge Cognition Holdings (LON:COG) (I hold) - another contract win. Looks a very good, and reasonably-priced turnaround share.
  • Asos (LON:ASC) - Not a small cap but .... strong interim results, could be worth a look.
  • Altitude (LON:ALT) (I hold) - in line trading update. Seems to have enough cash to keep going. Recovery potential? I'm not sure on this one, it could go either way.

Motorpoint (LON:MOTR) - review of FY 03/2021 trading update. Interesting business model. Uncertain outlook. No guidance, so I can't form a view overall.

Tracsis (LON:TRCS) - Interim results are in line with the last trading update. A good quality group, I think.

Jack's section -

  • Premier Miton (LON:PMI) - UK equity fund inflows but multi-asset outflows worth monitoring
  • Equals (LON:EQLS) - cash break even and improving momentum into 2021 for this turnaround fintech company
  • M Winkworth (LON:WINK) - resilient results from this high quality but illiquid real estate franchisor micro cap


Paul's Section

Early snapshots -

Cambridge Cognition Holdings (LON:COG)

(I hold) - another contract win, £0.5m, mostly for delivery in 2021 - with a new client, which has a pipeline of new drugs (implying there could be more contract wins in future). Gross margin last year was 80%, so each new contract layers on useful extra gross profit, onto a largely fixed cost base - that's the perfect business model to me, and very much what I look for.

Given the large growth in order book previously reported, I think a recent flurry of new contract wins (e.g. £1.3m announced 9 days ago) makes it increasingly likely that forecasts could be raised again - current forecasts look too low to me. I covered all the main points here on 23 March 2021, when it issued much improved 2020 results.

My opinion - COG is clearly…

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