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Looks like a major dump in play
gaining momentum
Been some big £50k buy ins today?
yeah just to answer my own question
UK logistics company Eddie Stobart has suspended its stock trading, following an investigation which found a £2m accounting-based error in its 2018 accounts.
This development comes after the appointment of chief financial officer Anoop King in April and his investigation into the company’s finances. King’s review found that the company’s 2018 operating profits were inflated by roughly 4%.
This review was conducted with the support of the Group’s auditors, prompting the Board to apply “a more prudent approach to revenue recognition, re-assessing the recoverability of certain receivables, as well as considering the appropriateness of certain provisions.”
In a letter to stockholders, the company also announced that its 2019 profits would be significantly lower than anticipated. When trading was suspended, shares were going for 70p – a far cry from the £1.60 they fetched when trading opened in early 2017.
Change in leadership
Eddie Stobart has not publicly announced what the accounting error was that led to this mistake, but its impact has been felt across the company and its assets. Former chief executive Alex Laffey has stepped down from his position, leaving Sebastien Desreumaux of iForce and Contract Logistics to pick up the pieces.
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Moving forward, Eddie Stobart’s board has “full confidence” in its management team, although it does not yet know what the full extent of its accounting mistake is.
In its July half year trading statement, the company said, “The likely cumulative effect on the results for the year ended 30 November 2018 will be to reduce adjusted EBIT by approximately £2m.
“Although the 2019 adjusted EBIT impact of these matters is £1.6m we expect to deliver a full year result in line with the Board’s expectations. Further details will be included in our Interim Report.”
These six-month interim results were due to be published on 29 August but have now been delayed until early September. As the company’s adjusted EBIT changes, its dividend policy is also set to be reviewed.
Hi, wondering if any fellow investors can offer up advice as to what happened ESL share price in the Autumn of 2019 to cause it to drop so much to the levels seen through 2020
Realise this is a bit lazy to ask! apologies in advance
Lol dude the only person that has lost you profits is yourself. Grow up and DYOR
as i said earlier TF is a disgraceful poster....luckily i wasnt drawn into their negativity but many would have sold...should be banned from LSE.....i am all for balanced views but their posting was essentially 100% -ve over the months yet they still have the front to post...
Heha - did he come round to your house and 'not' press the sell button ? - I think you need to look at yourself before calling someone you haven't met a 'clown'
dear me......
I just have the common sense to take everything I read on an open forum with a pinch of salt. Good and bad, I'm open to reading opinions and from what I've seen (last two months only, I'm not trawling back to before that) TF hasn't said anything untoward. He has a clear opinion (and offers god insight, in my opinion) and has every right to share it, what you or others choose to do with that information is your own business. I've seen people ramping and dumping who clearly have an agenda on other forums/pages and this isn't it.
Now, that's my individual OPINION of the matter, yours clearly differs and you have every right to say so.
hes probably employed by D bay to bring the price down so they could get shares on the cheap, this clown has lost me over 15k in profits M.O.F.O.
If u really believe in what you have just posted x111josh then u r totally blindfolded ...
Thanks TF, I for one value the insight and opinion from both sides and from what I've seen here in the past few months you've been very level headed. No ramping or dumping, just clear facts and knowledgeable opinions/predictions. I'm not sure why so many people get irate when someone has a differing opinion on here, but hey-ho.
What kind of price would you be thinking to buy in at?
Had my say about TF months ago. Anyone who constantly spouts negatives about a share they are not involved with has to be some weird individual - TF has been on the ESL board for months and months. You must be an ex director who got booted out, cannot see any other reason why you are still here. You are an absolute moron TF and probably the worst of the worst of all posters across LSE. One last thing, sadly, some would have listened to you and sold up ages ago and are now regretting coming on here....
We all need a bit of belief in life :) I sold out at 14p with a small profit as I didnt get in earlier enough and monitoring for the right buy in price now
Looking at the situation - and with all the developments
This is going up in the future ....
DYOR
What kind of price would people suggest looking to buy in at now then? Do people think this will drop back towards 10p or is mid-teens the lowest in peoples opinion?
5p shares now at 15p plus. What a bargain!
There's a tweet on Zak Mir's page this morning forecasting a share price of 32p based on preliminary figures recently released, hoping Zak will feature us on the bb heroes later, his previous target was 16p by the end of January!
Eddie finally woke up. Wow. well done to the long term holders.
News due or is it just over sold?
I won't be surprised if over sold - Truthfactory :) may may be responsible for that .Lol
You missed boat at that price sorry to break to you
Truthfactory - in your opinion do you think this will back below 10p
Im not quite sure of the games being played above just a question from someone new to all of this
Thanks mate appreciate you taking the time to reply, I kinda thought that was what you were indicating but just wanted to clarify. Apologise for wasting your time. I was recommended this share for my first investment when it was 7p and foolishly didnt listen, so become addicted to watching the SP and chats. Hoping it will come back down again and can get involved
40p by easter
nice to have beliefs, but lets be honest its a guess. could drop back down to 10p as there'll be a lot of sells today