Good morning, it's Paul here with the SCVR for Weds. Please see the header above for the companies that I'll be reporting on, driven as always by today's news feed of results, and trading updates.

EDIT: apologies, I forgot to put in the estimated timings - it's 4pm finish today. Edit at 15:34 - today's report is now finished.

We're seeing the usual flow of money from companies to shareholders reverse at the moment. So dividends widely being suspended, and placings coming thick & fast (e.g. Joules, WH Smith, Asos). My worry is that entire sectors need to refinance, and I wonder how much appetite for funding so many companies that shareholders will have?

All the focus on efficient balance sheets, and high ROCE, has turned out to be mistaken - it actually left many companies dangerously exposed, with no reserves to tide them over something unexpected. Maybe attitudes might change towards more prudent balance sheets once this crisis is over?

From what I'm observing, there's a strong case for arranging "rainy day" bank facilities - i.e. having a big bank borrowing facility dormant, then drawing it down in full to provide cash reserves in a crisis. Although there's a cost to that, as banks charge hefty arrangement fees as the price of tying up some of their reserves. After all, we need to think in terms of the possibility of coronavirus coming back again after this initial crisis. Hopefully by then, if a second wave does hit us, there might at least be some kind of treatment available to make it less deadly for older/vulnerable people.

We're still in the realms of having powerful rallies, as is usual in a bear market, but will they stick? I think the market is starting to look beyond coronavirus perhaps, and a resumption of economic activity, but that doesn't immediately change the fact that we're facing utterly dire, probably never-seen-before type of economic data. Also, many companies are going to be reporting unthinkably bad figures for H1 2020. How that all fits together? Your guess is as good as mine.

My worry is that shares which rally strongly with the general market rallies, could end up crashing back down again when the full enormity of trading losses in H1 2020 become apparent. People say they're looking beyond terrible 2020 figures, but in my experience with small caps, bad numbers tend to…

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