Fairy tale reporting | Debt | Remuneration
Results and updates covered here include some of the best and worst of AIM. A software company reported fabulous interim results but plenty of good news already appears to be factored into the valuation. Elsewhere, there were downgrades for some, while the business model of yet another online retailer looks circumspect to us. Read on here for more on this and other news from AIM.
Character Group – poor results, but that’s not the main issue Toy, and game creator Character Group (AIM:CCT) reported poor interim results, although these were well-flagged beforehand. We have previously expressed our concerns about the high level of directors remuneration at this small business, most recently here: ‘Still a distinct lack of Character’. Revenue for the 6 months to 28 February 2023 fell 36% to £57.9m and they scraped a profit of £0.2m (HY 2022: £6.5m). The operating cash outflow of £5.1m compared to the comparable period’s inflow of £2.5m, with the free cash outflow £7.4m resulting in period end…