Member Info for Pianista

"For those interested in the increase in net debt, I believe this is down to the transition to IFRS-16".

There was no increase in net debt, and net debt does not include lease liability.

Perhaps they did include the unused facility in their figure of net debt, but as it wasn’t being used at the year end, that would clearly be incorrect. Surprised the auditors didn’t pick up the discrepancy.

However, overall what matters most to me is that I feel reassured, having reviewed the accounts, that the company does not need to perform particularly well in 2020/21 to keep its head above water.

A profit of some kind would be nice, of course, and in view of Covid would represent a creditable performance, but with market cap of about £10M, and net debt around £5m, gearing seems very reasonable, and does not pose a significant threat to the company's continuance.

If the company exceeds expectations by even a modest amount, this SP is back above 50p. Good Smart Breakdown numbers from the AA when they report in a month's time would certainly help...

Looking at the 2019 accounts, the net debt figure was also overstated there: it should have been around £5.1m, not £5.6m.

So it is true that the net debt figure was unchanged during y/e 31.3.20, but in both 2019 and 2020 it was actually lower than reported by around £0.4 or £0.5m.

dc2 - I also read it carefully, in particular to check on debt and cash.
CBILS
The rules include: “If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so”.
So Trak must have been adjudged by HSBC to be not badly enough affected by Covid to warrant a CBILS. On the face of it, a positive, but at the same time a great pity, because Trak has thereby missed out on up to a £5m loan, interest-free for 12 months.
FURLOUGH SCHEME
“There’s talk about abuse of the furlough scheme”. No more than any other company, I dare say. Just spiteful gossip.
NET DEBT
I agree that £6.9m is the total of bank loans. Net debt is after deducting cash of £1.7m, which gives a figure of £5.2m.
The Annual Report states that net debt is £5.6m, so it looks like Trak have failed to take credit for a £0.4m net debt reduction during the year. However, net debt is just a memorandum figure, ie does not appear in the B/S, so does not tie in with anything else, and is therefore easy to get wrong. I feel inclined to write to the FD and ask for clarification.
By the way, this £5.6m is not the same figure as the £5.6m under “Borrowings” in the B/S: this latter figure is the non-current portion of the loans, and furthermore is not net of any cash. So the equality of the figures is pure coincidence.

The good news is that the cash figure of £1.7m looks pukka, and is definitely not flattered by any Covid deferrals of VAT or PAYE, because the cash benefit of such deferrals would not come until after the B/S date anyway, ie at the time that these year-end liabilities would normally fall due for payment.

"Three things not to do for the next year". You overlooked a couple of things:

Don't go out and cross the road, you might get run over.

Don't stay indoors, the boiler might blow up and bring the house down.

The media really have got to you, haven't they?

Send it back and ask for the real deal!

I thought exactly the same. Also a desire to under-promise, then over-deliver.

Not surprising really. People bought into the results hoping for an immediate rise above £2. It didn't happen, largely because of the cautious outlook statement, so the same people are out. Short attention span. Now a decent buying opportunity for those with a longer-term view.

Norwegian cruise line Hurtigruten has confirmed it will launch ex-UK sailings from September.

"at first I've checked back in fairly regularly in the hope my decision to sell is vindicated"

That's normal, we all do that. What isn't normal is to continually **** a company off after disinvesting.

If they really believed their bearish rhetoric, surely they would quietly take comfort in watching the company go down from the sidelines, taking the bulls with it?

It must be either something personal, or they are connected in some way with a competitor.

I'd rather take my cue from someone like Raza.

Speculators try to predict where the herd is heading.

Investors try to predict where the business is heading.

Your reaction to the RNS depends on whether you're a speculator or an investor.

Speculators will no doubt be disappointed, hence the slight retrace today.

But true investors will be quietly confident that the trend is up. I'd be happy with 250p by the end of the year.

...was inevitable after a doubling of the SP last week.

An opportunity though for PDMRs to put their hands in their pockets (or handbag), and show their faith.

I also added spindok. The 50k sell today is actually my 50k buy.

Second quarter turnover was expected to reduce by between 20% and 25% from the level achieved in 2019, in the event it only reduced by 7%. Shares up 8%.

Gives us hope that the reduction for CRU will turn out to be much less than the 35% envisaged. When will we find out, though?

Some PDMR buying wouldn't go amiss in the meantime.

When you see the uncontrolled drunken behaviour yesterday on the streets of Britain, it makes you wonder why such a fuss is being made about cruising in the superclean controlled environment of a Saga cruise ship.

There is no reason for Saga not to restart cruising NOW.

But even 1 September would get the SP moving back up.

No dates on messages except on the one I posted, ie 3/7/20.

This is an old message on the Saga website.

The latest message is the one I posted here a few posts down.

Oddly enough, Saga don’t put a date on their messages.

“....we look forward to welcoming you aboard our ships soon“.

I realise Spirit of Adventure can’t start till it’s delivered. But it’s “ships” plural. Could this mean cruises on Spirit of Discovery could start in September?

"excitement over a contract that will apparently make Trakm8 less than nothing"

The market is not focusing on just that one contract. That contract is seen as a sign of things to come, concrete evidence of the start of the turnaround. That's the significance of it.

As for it making "less than nothing", that would make it a fraudulent RNS, leaving them open to accusations of in effect sucking investors in on a false prospectus. I don't believe they'd be so stupid.