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Trakm8; First Half Slump = Another Period of Growth

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.

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