Good morning, it's Paul & Jack here with the SCVR for Wednesday.

Timing - today's report is now finished.

Agenda - let's start with some sections I prepared earlier (last night):

Quiz (LON:QUIZ) - review of its Interim results

Heiq (LON:HEIQ) - 2020 trading update

Simplybiz (LON:SBIZ) - 2020 trading update

Flowtech Fluidpower (LON:FLO) - 2020 trading update

Today's news:

Scapa (LON:SCPA) - recommended cash takeover bid at 210p

Scs (LON:SCS) - trading update at end H1

Strix (LON:KETL) - 2020 trading update - you may not like my view on this one!


Jack's contribution:

Wynnstay (LON:WYN) - Final results FY 10/2020



(I hold)

Mkt cap £9m at 7.2p

Interim results - NB this is a special situation, which did a pre-pack administration in June, to ditch all loss-making shops, and put the remainder on turnover rents. Hence the figures will look awful for now, because the shops were shut for a lot of the time. What matters is whether the business can survive, and rebuild once shops can open normally again, plus the progress of its online offering.

In a special situation, it's all about survival, so cash is king. This looks OK - £5.5m at 30 Sept 2020. Latest cash is £3.0m net cash as at 25 Jan 2021, with additional £3.5m undrawn banking facilities. Hence the liquidity position remains OK, and is better than I anticipated. Bulletin board experts who confidently predicted (with no evidence of course) that Quiz would run out of cash, have been wrong so far.

Concessions - I was worried that QUIZ might have bad debt exposure to Debenhams and Arcadia. It says that of its 142 concessions, 85 are in Debenhams, and 29 in Arcadia, all are expected to close. That would only leave 28 concessions remaining, so this side of the business is more-or-less over. Sad for the people involved of course, but new jobs are being created elsewhere by online & logistics companies. We can't stand in the way of progress, and there's really no longer much demand for many existing physical retailers, especially department stores, a concept that's arguably had its day. Pleasingly, re Debenhams & Arcadia, Quiz says -

There is no financial exposure to outstanding…

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