Good morning everyone! It's Paul here.

Many thanks to Graham for adding some extra sections to yesterday's report, as I had a busy afternoon dealing with other stuff. I think we'll work that way in future - as readers seem to prefer having all our sections in the main article. My experiment with posting additional sections in the comments area didn't seem to go down well, and I understand why - as such comments could be easily missed.

On to today's news.

Lombard Risk Management (LON:LRM)

Share price: 10.85p (down 16.5% today)
No. shares: 400.6m
Market cap: £43.5m

AGM Statement - this software company has a 31 Mar 2018 year end. It is a developer of software for banks, concerning e.g. collateral management & regulatory reporting.

There's very little information about trading in today's update. This bit is the closest it gets to being a trading update;

The Company continues to see a positive market for its products with the landscape largely unchanged since we announced our 2017 full year results in May.

That doesn't sound particularly good to me.

Also this bit is somewhat worrying;

"We have historically reported full year revenues that are weighted to the second half of the year and we expect the year to 31 March 2018 to be no different.

I think the market has taken this as a veiled H1 profit warning, which is probably sensible, given this company's poor track record.

The next bit says that they have a positive pipeline, but nothing positive is said about actual performance. That again suggests to me that things possibly aren't going particularly well:

The Board is encouraged by the pipeline of new business being pursued both through the Company's direct sales force and through its relationships with its channel partners.

Lombard Risk continues to invest in its development centre in Birmingham, which will provide the Company with both time to market and cost advantages. The Board is satisfied with the progress of this important initiative and continues to look to the future with confidence."

This company is always relentlessly confident, but that means nothing in terms of performance, which has been poor for several years now.

Note that nothing is said about performance compared with market expectations. That, combined with the H2 weighting…

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