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July wasn't kind to this screen, with an overall profit of 3% turning into a net loss of 6.59%, in large part due to the collapse in the share price of MyHome and the termination of the takeover in TMN.
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With those two factors in mind, it won't come as too much surprise to hear that the key changes this month are:
• Sell MyHome . At the end of June the franchising specialist put out a statement that it had swung into first-half pretax loss with both turnover and profits for the full year to end-September expected to be "materially below" current market expectations. The cause ? The sale of 77 franchises in the first half, which was below its expectations, coupled with the consumer slowdown and tightening of credit availability for franchisees. But worse was to come. Three weeks later, it warned that it was in breach of some of its banking facility covenants but said it was in "constructive" talks with Lloyds TSB to restructure its 8 million-pound bank line. In this market, a statement like that is a suicide note. Sell at 4.75p.
• Sell TMN . This sale has been forced by our automatic triggers for stop losses. Not only has the group had a profit warning recently, it's also ended buyout talks with its management team, effectively removing the last supporting prop from the share price. That's triggered an automatic stop-loss sale. Sell at 30p.
The state of play:
| Name | EPIC | Close | Return % |
|---|---|---|---|
| YouGov | YOU | 1.29 | 84.3 |
| World Careers Network | WOR | 1.15 | -8 |
| Stanley Gibbons Group (The) Ltd | SGI | 1.545 | 2.8 |
| Dillistone Group | DSG | 1.575 | -14.9 |
| DM | DMP | 0.1425 | 5.1 |
| Broker Network Holdings | BNH | 6.03 | 152.3 |
| CBG Group | CB. | 1.575 | 9 |
| TMN Group | TMN | 0.2975 | -28.3 |
| SpaceandPeople | SAL | 1.1 | -0.1 |
| Goals Soccer Centres | GOAL | 2.385 | 0.6 |
| Jarvis Securities | JIM | 1.925 | -10.9 |
| Myhome International | MYH | 0.0537 | -77.1 |
| ToLuna | TOL | 2.275 | -1.1 |
| SOLD POSITIONS | |||
| Carter & Carter Group | CART | 0.825 | -33.1 |
| Strategic Thought Group | STR | 0.805 | -56 |
| Interactive Prospect Targeting Holdings | IPH | 0.25 | -39 |
| Premier Research Group | PRG | 0.995 | -32 |
| GETECH Group | GTC | 0.3075 | -36.5 |
| Wren Homes Group | WHG | 0.12 | -25.7 |
| First Derivatives | FDP | 1.85 | -23.3 |
| Average | -6.595 | ||
| FTSE 100 | UKX | 5420.7 | |
| FTSE Small Cap | SMX | 2756.5 | |
You can also track this portfolio online; we assume an investment of £1,000 in each company and make no allowance for dealing costs or stamp duty.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
