Good morning! It's Paul here.

Drat, I've just realised that I forgot to put up a placeholder article last night - apologies. There's no way I'll remember reliably in future, so I've just set up a reminder system on my phone.

Today is a very quiet day for small cap results & trading updates. We have 2 profit warnings though, so I'll start with those.

Here is the link to yesterday's report. I updated it in the evening, adding sections on Bloomsbury Publishing (LON:BMY) , Shoe Zone (LON:SHOE) , and Gear4Music results.

Lombard Risk Management (LON:LRM)

Share price: 7p (down 34.9% today)
No. shares: 400.6m
Market cap: £28.0m

Half year report

Lombard Risk Management plc (AIM: LRM), the leading dedicated global provider of collateral management and regulatory reporting solutions, announces its interim results for the six months ended 30 September 2017.

I'm impressed with the prompt reporting (just 25 days after the half year end). The figures themselves though, can only be described as diabolical. I won't spend much time on this, as I've long been a bear on this share. Looking at the figures today, I'm seriously wondering whether the company might go bust.

A few key numbers;

First-half revenue of 12.7m (H1 2016: 15.2m), down 16.4% largely due to a temporary fall in services revenues and some delays in contract signings.

Negative EBITDA of £3.5m. Bear in mind that the company capitalises a ton of internal costs onto the balance sheet, so the cash loss is much worse than EBITDA.

Capitalised development spend of £2.7m.

Loss before tax of -£5.9m - remember this is just for H1 trading. This is a massive deterioration, from a loss of -£0.1m in H1 2016.

Cash - amazingly, the company has burned through pretty much all the c.£8m in fresh equity raised last summer. There's only £0.4m left. Although it also has (currently undrawn) borrowing facilities of £4.5m. Although if it continues burning cash so quickly, will the lender allow them to draw on those facilities? I'd be rather surprised if they do.

Outlook comments sound upbeat, but they always do. This company is a perennial jam tomorrow - always optimistic, but…

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