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Trakm8 Holdings TRAK has the audacity to describe its first half results as another period of growth, rather than the disaster which they really are. Profit before tax for the 6 months to the end of September is down by 77%, basic earnings per share by 69% and cash generated from operating activities by 90%. Some people have a funny idea of growth unless you look at the net debt position which has grown In fact it has doubled and to be fair recurring revenue is up by 18% . Seasonality it explains has hit profitability “as expected”, as if last years first half was in a completely different season to this years. Increased investment in sales, marketing and engineering also get the blame for impacting the results but, surprise, surprise no detail whatsoever, not a single fact or figure to justify this claim, is provided. However shareholders will no doubt be pleased to learn that a strong contract pipeline provides visibility, a statement which, without translation into a reasonably modern language, seems meaningless to the uninitiated.
The share price does not reflect the growth claimed by management. In fact it is already down by over 27% this morning. Since December it has fallen from 400p to its present 134p. Some “growth”
Draper Esprit GROW has enjoyed a transformational first half with profit after tax of 26m in the 6 months to 30th September in its first year as a public company. Portfolio value has risen by 36% and NAV per share stands at 352p. Net cash on deposit and available for investment amounts to 48m. The company’s aim is to become a significant European venture capital leader.
Nanoco Group NANO has acquired a group of patents from Kodak relating to the use of quantum dots in electroluminescent displays. The acquisition forms part of the company’s policy of building a commercial position in quantum dot technology and its future applications.