Good morning, it’s Paul here with the SCVR for Weds. Please see the header above for the companies that I’ll be reporting on, driven as always by today’s news feed of results, and trading updates. EDIT: apologies, I forgot to put in the estimated timings – it’s 4pm finish today. Edit at 15:34 – today’s report is now finished. We’re seeing the usual flow of money from companies to shareholders reverse at the moment. So dividends widely being suspended, and placings coming thick amp; fast (e.g. Joules, WH Smith, Asos). My worry is that entire sectors need to refinance, and I wonder how much appetite for funding so many companies that shareholders will have? All the focus on efficient balance sheets, and high ROCE, has turned out to be mistaken – it actually left many companies dangerously exposed, with no reserves to tide them over something unexpected. Maybe attitudes might change towards more prudent balance sheets once this crisis is over? From what I’m observing, there’s a strong case for arranging “rainy day” bank facilities – i.e. having a big bank borrowing facility dormant, then drawing it down in full to provide cash reserves in a crisis. Although there’s…
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