Good morning, it's Paul & Jack here with the SCVR for Wednesday of this shorter working week.

So you don't need to put in requests, I'll definitely be looking at 2 company updates that are large positions in my portfolio, namely Saga (LON:SAGA) (I hold) and Intercede (LON:IGP) (I hold).

Paul -

Saga (LON:SAGA) (I hold) - 07:59 snapshot view in the comments section below. Full write-up now also published. Sorry it took a while, there was lots to plough through.

Beeks Financial Cloud (LON:BKS) (I hold) - quick view on the placing announced last night & completed this morning.

Intercede (LON:IGP) - (I hold) in line trading update. No surprises. Company now (modestly) profitable, and balance sheet much stronger since debt all converted into equity in Feb 2021.

Tasty (LON:TAST) (I hold) - micro cap restaurant chain. Results show it lives to fight another day.

Jack -

VP. (LON:VP) - in line update and improving outlook from this specialist rental business


Paul's Section

Intercede (LON:IGP)

(I hold)

104p (up 1%, at 08:46) - mkt cap £60m

Trading Update

There’s also a change of auditor announced, following a competitive tender. PWC (in the role for 12 years) is replaced by BDO.

No surprises in the trading update for FY 03/2021 - here’s my summary of it -

  • Revenues c.£11.0m - in line with expectations, and 6% up on last year - not bad in a year badly disrupted by covid/lockdowns
  • US (biggest market) performing strongly
  • Rest of World still adversely affected by covid (as previously announced)
  • Tight cost control
  • Improved profitability (no figures given)
  • Gross cash of £8.0m at 31 March 2021
  • Convertible loan notes have gone - they mainly (or might have been entirely, I can’t remember, it doesn’t really matter) converted into new equity in Feb 2021 - hence balance sheet is now greatly strengthened, and interest cost will reduce significantly in future - all good, but already known, so nothing new today
  • Diary date - FY 03/2021 results will be published in June 2021

My opinion - that’s all fine, no surprises.

There’s a really helpful update from Finncap out today, which we can access (many thanks as usual to Finncap for making its research available to PIs, incredibly helpful, and obviously it helps generate…

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