Good morning, it’s Paul & Jack here with the SCVR for Tuesday.

Timing - it's an all day job, with a deluge of results/trading updates out today. Update at 15:57 - today's report is now finished.

Agenda -

Paul -

Loopup (LON:LOOP) (I hold) - delayed accounts & NOMAD appointed

Cambridge Cognition Holdings (LON:COG) (I hold) - results in line with Jan 2021 trading update. Almost reached breakeven, strong order book, looks very good to me, and still cheap.

Portmeirion (LON:PMP) (I hold) - brief update from webinar last weeks, some interesting points I jotted down.

Time Out (LON:TMO) - Pulls out of a London development site, and confirms it is reviewing another fundraising proposal. Looks an awful investment to me, very high risk.

Luceco (LON:LUCE) - impressive results for FY 12/2020, in line with January's trading update. Still looks reasonably priced.

Jack -

Wynnstay (LON:WYN) - 'in line' trading update, 3.2% dividend confirmed, and two bolt-on acquisitions

Henry Boot (LON:BOOT) - improving outlook for this prudently run construction company

Ergomed (LON:ERGO) - great results from this high flying pharmaceutical services provider, but the shares might be too expensive for some.


Paul's Section

Loopup (LON:LOOP)

(I hold)

78p (pre market open) - mkt cap £43m

Delayed accounts

FY 12/2020 results are delayed. A very specific reason has been given - that a “routine technical review” has not been completed in time by the auditor, Grant Thornton. This relates to the amortisation treatment of intangible assets from an acquisition.

I’m surprised at the reason given. I would have thought it was very simple to decide whether goodwill has to be amortised or not. You just look at how much profit is being made by the subsidiary in question, and if that supports the goodwill on the balance sheet or not. If not, then you write it down. Why that would cause a delay to the accounts, I’m not sure. Is there some other reason, I wonder? (e.g. auditors not being happy with going concern?)

This bit is positive though - the RNS specifically re-confirms the 2020 results given in a previous trading update -

For the avoidance of doubt, this is a non-cash, technical accounting review and the Group reconfirms…

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