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Anyone know the reason for the drop? Are the results out?
The last time it did this the rupee was doing the same, just checked and rupee is on 16 month high against the dollar and has climbed against the pound and euro. So it isn't that then....
I have assumed it was as a result of a leak on the results as they are due any day, but who knows. Certainly a few more trades than usual. Long term MYT should prove profitable, but with continuous building of wind farms and now solar, I do worry we will have to wait a while.
They have already stated they are looking at changing to the new Indian rules regarding depreciation of property etc, so they have forewarned us the figures may not look good this year because of the costs incurred, so one would hope that this drop is the one we usually see after results are announced and it doesn't go too much lower, but it wouldn't surprise me if we had another 8% drop after the results.
Hi Shaxe, Accounting changes don't really undermine a business model or cash, I would have thought any management presentation would compare pre and now both for results and forecast.
Skid, from their last RNS: Any changes may result in a significant additional non-cash charge to the income statement in 2016 the word significant to me means the results won't look as good as they could have and therefore will invoke another mass exodus (if there is anyone left by that stage....)
Unless the SP is going to fall below 26p, we could see quite a bounce off the bottom trend line, which the SP is close to touching. Even though the results may look awful due to the accounting adjustment which I expect them to make, if sufficient investors see past that at the underlying growth, it may be that they will be the springboard for a healthy rise back up to 40p initially. In percentage terms not bad if you are brave enough to buy at the current level. This is definitely not a forecast! Each to their own.
Tried contacting mytrah by email and phone no response been trying for month now, not sure what's going on glad I sold at 39p
If the last accounts are to be believed there should be no problem. However, the uptick in volumes and decline in the share price hint of problems.
Finally got in touch with company, they weren't able to give date on when results will be available but will be soon, they said company doing OK and the hold up was due to new account standards / regulations, I asked about the recent drop and they said there is a seller reducing there holding, the same as what happen December
Thanks SMT for that info. I guessed the delay might be because of the implementation of the new accounting standards. IMHO the SP is now very cheap; after all its fallen some 40% since the beginning of December and of course much more going back further and I do not see there being any good reason for that other than the effect of the seller, who first attacked during December and again since mid-March. The company have said that the underlying results will be up with market expectations and I have no reason to disbelieve them. After buying in at 49p, I did buy more after the previous big drop at 32p. My chart currently shows a possible drop to 18p! At that SP, it would be a bargain and even at the current price, you have to say it is. This could turn out to be a bagger amazingly once the seller has finished.