Member Info for NasCan

Cheap as chips. Bought more for 90p after this crazy dip. Some idiot dumped 100,000 today for 90p when they could of done it for 110p yesterday. Definitely not a profits warning when they're gaining market share without the cost base of Wickes & B&Q, ToppsTiles. MFI here I come!

Oh boy, I first PE buy my Sureserve shares a couple of years ago and now this. My buy was 40p. I was just getting ready for Kinovo to multi bag from here now that the legacy stuff is sorted. I hope we get a 2.5p div before completion to make it 90p, or better still 100p as you guys suggest. This is one of very few UK sectors where there is still great money to be made and scale up.

I mean JJB

LL,

I am still flabbergasted that the NAV is 307 cents, as per this portal. That's 230p. That's why I'm heavy into this market leader. Similar to the SFR play.

What investment strategy do you now have?Global ETF's? How much % are you into JGB if you don't mind me asking? Just cos I got screwed big time on AGFX.

Lorenzo,

It's ok if you missed it as there is a 'sale' on with a different stock every week, it's just a case of doing a bit of research and being brave when everyone else is exiting (maximum pessimism). I got screwed with AGFX so hope this partially makes up for it.

Still cheap IMHO with a 100p target in 3-5 years.

Not many new economy high yield high ROCE value stocks out there

Hi Lorenzo,

I went against the negative analysis you posted a couple of months ago I think on this which was not easy for me. On 6th March I posted it will drop to 20p which it did. Then on 23rd April as the other guy commented it was me buying big at 20p. It's a long term hold for me as it's an innovative market leader with protection from Chinese/USA competition and fab prospects in Middle East/India where it is construction boom time. I hope to sell for 100p at peak in 3-5 years. GLTA

I've been r*ped and shag**d by this incompetent board. I'm out with a massive loss at 3.13p. Bought big lots as high as 94p a couple of years ago. You B*stards!! No repercussions!!

Reflection: Now I know why the risk premium for small stocks and AIM is so high. At least I'm not waiting 6 months for 2.49p (if that).

Offer is 3.5p not 2.5p, what happens if they don't get a 75% vote? Loan recalls? Can't continue to trade?

Fantastic update, as good as it could be.

Still trading at below TNAV, with strong moat. I hope it doubles in the next couple of years, with minimal downside risk.

Cheap as chips NAV with US brand and manufacturing.

Outlook...

Adjusted operating profit margins* are expected to improve to low-single-digit levels, benefiting from the extensive restructuring activities announced so far, most of which are now complete and which will have a more pronounced impact in the second half of 2025.

In 2026 and beyond, revenues will benefit from both a return to market growth and a resumption of new product introductions. Longer-term expectations for the business are to achieve mid-double-digit adjusted operating profit margins* from a combination of operating leverage on revenue growth, structural simplification and continued focus on operational efficiencies.

With our premium products, market-leading brands and improving cost base, the Board is confident that the Group is well positioned for the future.

Go Billie go!!!

Plenty of intellectual property and strong brands to ensure future margins. Debt risks gone and restarting divs. You buy now not when the green shoots have turned into flowers to double your money. DYOR

Lorenzo,

I've always agreed they do a lot of importing from China. What I'm saying is only 30% of total sales vs 100% of sales for competitors. Plus they have no factories in China to mothball. So yes they will be the overall winners, eg someone Has to supply Xmas crackers to USA.

Brilliant set of results given the circumstances. Their risk of bankruptcy or capital calls is now gone given their stronger than expected net cash position. They just need to vet and insure who they supply to to avoid bad debts. I just hope they don't do a knee-jerk sale of America's to a PE firm for a dollar - just wait for full tariffs outcome.

Fab results today. As they say only 10% of their items go from China to USA. Up and up.....

Summary and Outlook

After several years of volatility across our Content Creation sales channels, we are now seeing a return to more normal inventory levels, accompanied by sustained demand for our leading brands. The Group has returned to growth, with a 9.9% increase in revenue from Content Creation. This has been driven by more consistent and predictable channel orders, successful new product launches across most of our brands, and some sales rephasing in the US to mitigate the impact of tariffs. The refresh of our flagship Scarlett range in Focusrite is now complete, with customer registrations remaining steady compared to the prior year, outperforming a declining wider market and signalling continued brand strength. Incremental new product introductions in both ADAM and Sequential have further contributed to the overall revenue growth.

I was playing around with Google's Gemini, and apparently built within it is a chess app. I played a game on it for free against Gemini. So does this make World Chess worthless? Fast forward AI advances in 2 years or 5 years?

£25m mkt cap with a negative TNAV and cashflow negative?

I just read the Convivality and WanDISCO comments, yes fully agreed it's a total BLACK SWAN EVENT.

Worth doing a class-action against the auditors/co - no if you read the Convivality KPMG response letter, they will escape liability and get a £3m fine 3 years from now. The auditors will pass the buck to the board's risk management policies. The CEO and FD will jump ship, so what will be the outcome?

Can't believe Paul of Vox lost 10% net worth after a 30 year track record. I also lost big but not as much. I've looked up the 2% rule, basically don't put more than 2% at risk in any investment, so a portfolio size of 50 to sleep at night. More the case for AIM rather than FTSE100 co's. I'd rather pick my own 50-100 stocks than an index of 100 random shares (inc zombie co's), but then again I'm now afraid to log in to see which co is down day 30% today and ruin my day. Alternatively as Paul says maybe opt for a deep discount investment trust/REIT yielding say 8%.

True.... only buyers not sellers today. Anyone who wanted to sell, sold out a month ago.

Soon their EU/Indian ops will exceed the UK's.

Sorry guys, as a value investor I'm shocked people buy this *hit. Value destruction year after year with hardly any assets. If they raise delivery prices say 25% to get an adequate return the model is dead.

I'm surprised it's still not been taken over after all the consolidation in this sector. Sub £3bn mkt cap vs over half-a billion pre-tax profit.

PS I'm shocked that a Canadian state pension fund has authority to short this one, vs UK shi*less pension funds who won't even invest in regular equities and stick to bonds.

OMG, I can't believe all these big investors have agreed to this without exploring say a rights issue? They have bridge funding in place now. Was the alternative offers 1p?

It's a £50m cap co with tens of millions in the bank. They advise others on FX, really???

Instead of having a portfolio of 20 companies in my portfolio I need a 100. F***ing hell, I'm in a big big loss buying at 85p with no solution other than don't invest in industries I don't understand fully.

Buffet said even having a portfolio of several companies is sufficient diversification, really??