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Think it is a one off, but there may be further charges, all be it less "material". Increase in divi may not balance out possible drop in share price today, emphasis on word possible, don't want to panic anyone; nor am I a deramper. Can't see anything to push this much North today since figures were already pretty much known from pre results statement in January; but who knows. Maybe I come out of this today, sit on the sidelines and then reinvest. Good luck CM
Folks. bit disappointed Cello have not been more forthcoming on VAT. The Qs I have are around 1. How far back does this VAT issue go or does it relate to a specific period/mix of products sold as that will be a pointer to any future VAT liability. 2. If they now have to add on VAT to charities this will make them appear less competitive as charity may not be able to fully recover themselves. 3. They say other amounts less material but what does that mean in £s overall, they could have given an an indication especially if it was less material. Very subjective. Seen this all before elsewhere - I think they will just try and bleed this one out slowly.
They did within Contingent Liabilities - "Other types of supply remain under query and discussions and negotiations are still ongoing with HMRC on these less material supplies. The Boards of Brightsource and the Group continue to believe, with the support of its advisors and industry bodies, that these further discussions are unlikely to result in further material liabilities in future years. Any further liability claimed by HMRC will be defended robustly. The Board believes that the maximum contingent liability that could be claimed by HMRC in relation to these other supplies is £0.8m".
I think the point is being missed here, they've quite sensibly set aside an amount for vat liability of £2.1m and might be able to reclaim some of this back in a best case scenario if it is charged, and if it is charged there is no further hit to the accounts and a release to the bottom line if its improved. Its been provided for, and moving on at the end of the day we are a health company whose underlying profit has increased 20% this year with a year on year dividend increase, against a previous year that they envisaged would be tough to beat I sold half of my holdings at 93p yesterday (the same ones that I bought at 80p in the last fall), as I envisaged a bit of panic selling, I'll buy these back when the dust settles
Thanks I didn't see that.