RE: 13m Market Cap 8M in bank21 Jan 2021 11:20
on further reflection this might be better than I first thought:
Same amount of money in the bank as last year, £8m, so trading at breakeven?
First half last year suffered from initial disruptive lockdown for a month or two and had not experienced the move away from bricks and mortar to online as we are now, so there is room for good sales growth on a like-for-like basis in the first half at least. Also the first half last year did not have the benefit from the new branded accessories.
Costs made to improving e-platforms should not be at the same level this year which should translate to lower costs comparatives also.
France has, by the sound of it, had a lot of development cost that also will not be a factor this year, plus there hopefully should be a disproportionate bump in French sales as that work starts to bear fruit this year (and particularly the first half.)
All in all I think March when the end of year detail comes through, the first few months of 2021 trading will be excellent as a comparative. That's where the re-rating will come from imo. So perhaps my initial under-whelmness (I don't think that's a word), maybe was misplaced? Its a drag that I will have to wait another 2 months to see if I am right, although if I am, the SP will reflect it well before then.... (I hope...)