Updates

Equals Group

March 2020

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In the November ‘19 issue, I had said interims were light against my own expectations. I had assumed brokers would know better than me so had continued to hold but post a trading update brokers forecasts have now been belatedly downgraded. I cannot reconcile how it has taken so many months for the company to update the market given its huge investment in technology. It now says it expects sales for the year to 31 December to be £31.1m, up 20%. Adjusted EBITDA is expected to be 30% higher at £9.7m but ridiculously short of the £12.9m forecast. Pretax profit is expected to be £6.6m for eps of 4.7p. Cash at bank is £16.4m. Canaccord says the miss is down to slower progress in consumer cards as ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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