Good morning, it's Paul here.

I added a few more sections to yesterday's report (on PhotoMe and Nexus Infrastructure (LON:NEXS) ) late yesterday afternoon. So if you missed that, here's the link.

Please see the header above for the 5 companies whose results/trading updates have caught my eye this morning.

Estimated timings - should mostly be done by 1pm today, although I'll probably add some more sections mid to late afternoon, as yesterday.Update at 17:40 - sorry, I nodded off after lunch, so am running late. I'll keep going until it's finished, so estimated completion now 21:30.

Update at 21:30 - today's report is now finished.



Sopheon (LON:SPE)

Share price:  605p  (down 12% at 08:18)
No. shares:  10.17m
Market cap:  £61.5m

Trading update (profit warning)

Sopheon plc, the international provider of software and services for Enterprise Innovation Management and Strategy Execution Management, provides an update on the Group's performance for the year ended 31 December 2019.

Here we are, less than 3 weeks from its financial year end, and Sopheon's profit for the year could still be anywhere in a very wide range of possible outcomes. This is the inherent problem with small software companies - they have hardly any visibility, because the outcome for the year hinges on closing deals in the busy Q4. If things slip into the following year, then it can have a large impact on profits.  I imagine most Sopheon shareholders are already aware of this lumpiness, it just goes with the territory for small cap, software sector.

This is part of what it says today;

Today, overall revenue visibility2 for the year stands at $28m with $9.9m in remaining opportunities with 2019 target close dates...

The figure for potential deal closures by 31 Dec 2019 is so large, that it makes this share pretty much impossible to value. Revised broker forecasts are out today, but these numbers could materially change in the next 3 weeks, if the company does manage to close some more deals.

The split is given of the $9.9m potential deals;

 ...Of this, up to $2.7m represents perpetual license fees which, if signed, would contribute to recognized revenue in the current financial year. An additional $4.8m represents potential orders for multi-year SaaS or other recurring commitments,…

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