Good morning, it's Paul here!

Here's today's usual placeholder. I'm making an early start today, in order to cover today's news, and then circle back to finishing off yesterday's report, plus telling you about my meeting yesterday with management of Revolution Bars (LON:RBG) which went very well. There was so much to take in, that by the time I got home yesterday, I'd used up all my mental bandwidth for the day. That's the trouble with trying to write a report, and have meetings on the same day.

Taking a quick look at the day's top % movers (at 09:10) which fall within my remit;

Bilby (LON:BILB) - down 39% on a trading update - must be a profit warning, I'll look into that below

WH Ireland (LON:WHI) - down 29% to 45.5p on news of a discounted £5m placing

Swallowfield (LON:SWL) - down 13% on interim results - I'll take a closer look below

Looking at risers, the ones that interest me today are;

Netcall (LON:NET) - up 14% to 34.5p on interim results

SimplyBiz (LON:SBIZ) - up 6% to 192p on full year results. I've reported positively on this company before, so will review these results below

That's my initial to do list, so let's get cracking.

Bilby (LON:BILB)

Share price: 40p (down 39% today, at 09:42)
No. shares: 40.5m
Market cap: £16.2m

Trading update

Bilby Plc, a leading gas heating, electrical and building services provider, announces the following trading update for year ending 31 March 2019.

Checking back through my notes here on 11 Dec 2018, this contracting group put out a mild profit warning.

Today it warns again, due to problems with various contracts. That's the Achilles Heel of contracting type businesses, and why I avoid this sector altogether now. The work tends to be low margin (due to competitive pressures), and sooner or later something awful seems to go wrong with contracts, leading to cost over-runs, disputes, etc.

Helpfully, the company does today quantify the likely outcome for the year;


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