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Completely agree. Results were a small stumble but this is a highly profitable business paying a near 8% yield at its current price plus a buy-back and excellent capital buffers. A good entry point in my opinion.

Manfor, you may be right on currency risk - certainly it can't be ignored. It's interesting though that 10 years ago the GEL was stronger at 1.72 and 5 years ago about the same exchange rate as now so hard to say what normal is.

It depends what a win is. If it takes the whole country, I would imagine Ferrexpo will be toast as it will confiscate the shares in retaliation for the sanctions against its businesses in the west. If it carves up on roughly current lines and Ukraine still has good access to the sea port, it will probably be ok. Neither a good outcome though after all the suffering.

About 80% - not a share I have averaged down on. The remaining 20% is too small to worry about and my expectations are low. Hopefully this will turn round to some extent although I'm not yet seeing any compelling evidence that that is likely to happen.

There's certainly a heightened risk of total loss but the share price reflects that. Market cap is around £300m which is less than half pre-tax profits not so long ago. The potential gain, if the issues are resolved, is many multiples of the potential loss. I'm happy to hold but not too many!

Latest statement said that adjusted EBITDA will be considerably better in 2025 than now. Significantly, nothing was said about profit. Last 6 months was EBITDA was negative 16m but the actual loss was 120m. On that basis, I'm assuming that the actual figures for 2025 will involve yet another substantial loss. Furthermore, the cashflow remains negative at a time when old stock is being cleared. Will it ever be actually positive? I've lost a lot on this stock and still hold but wonder whether there are actually good reasons why the CEO has never put his hand in his pocket to buy shares here. I increasingly think that any upside dep[ends on a bid coming before potential dilution to deal with the bond refi down the line. Maybe I'm being too gloomy but looking at the hard facts, I can't see the where the real profit is coming from. EBITDA is pretty meaningless for a company with this level of debt.

It clearly isn't dead. You might be pessimistic about its prospects and you might prove to be right - that's the risk shareholders like myself are prepared to take - but it is still fighting for its future, has a lot of customers and has attracted interest from pretty savvy retailers like Mike Ashley.

Yes and the bracelet I bought my wife apparently has a 75% mark-up which wasn't disclosed to me.

Skier - 100% agree. It was effectively a 30% hit to income and so a massive devaluation of the UK shares held by pension funds and that devaluation played a big part in the demise of final salary pension schemes as well as the damage to the UK stock market. The huge damage to pensions may well outweigh any benefit to the government from the corporation tax grab but too late now to reverse it I suspect.

If you are nervous about the car finance issue then go with your gut feelings. The problem is the temptation to look at overall levels of car financing and then assume that all or most of it will give ground for redress. I would guess that a lot of car buyers were not affected as they would have looked around for the best deals. I think the administrative costs for the banks could be very high as the claims management companies will go into overdrive to start with but personally, I would be staggered if this is anything remotely approaching PPI and doubt it will stop Lloyds returning large amounts to shareholders. In the end though, you have to go with your own feelings. Although bank shares have rallied a bit, they are still low by reference to historic norms which may give a little protection as well. I suspect the economic picture will be more important to Lloyds' prospects than the car finance.

Let's hope CEO agrees and puts his hand in his pocket.

Good to see the positive reaction. I felt distinctly nervous that the update might not go down that well but pleased to be wrong on that front so far.

Will be interesting to see how the market reacts to a statement which is very lacking in detail. What's not quite clear to me is how much of the free cashflow improvement is just down to clearing excess stock rather than stellar trading performance. It feels worryingly like the former but perhaps I am misreading it. Once the excess stock is gone, will they be able to generate free cashflow from their ongoing business? At least there appears to be no immediate existential threat which is positive.

Good report and important because after the last positive trading statement just a couple of months ago, I think management would have lost credibility if they had been negative this time. Still cheap in my view given the plans to grow profits and the large yield which seems pretty safe.

Of course I realise that but at a share price of 44p the downside is limited to 44p whereas the upside is many multiples of that which is similar to the economics of an option where you risk losing everything for a large upside. That's the way I look at it because I'm of the view that my shares here could be wiped out. You can't value this as a normal investment at the moment.

I don't think I would read a lot into big investors reducing. There is a clearly a risk of total loss which for big investors may be unacceptable but the shares are more like an option play now with relatively limited downside given the low share price and a huge upside if things are resolved. It's a gamble and I doubt big investors have any more idea how it will play our than we do. Hopefully we will hear something soon.

Difficult to know the underlying truth but the justice system in Ukraine has so far come out heavily against the company. Last year, the head of the supreme court was detained on corruption allegations and so it is difficult to know whether a fair hearing is even possible. Attacking the subsidiary of a listed and internationally held company for the sins of a major shareholder certainly seems contrary to the rule of any normal law. Can only hope that there's somehow a quick resolution but not adding to my holding here.

The lettuce budget clearly hasn't helped showing how risks to companies with huge balance sheets can be unpredictable but the share price was only £5.36 at the time of the budget and so a lot of the fall had already happened. The vagueness of the consumer duty and costs of compliance and the risk of fighting continually against claims companies who will surely see it as a big meal ticket is probably hanging over the stock quite a bit as well. Hopefully the update will allay some of these fears but the share price will likely plummet if there is a significant cut in the dividend along with vague costs projections. Fingers crossed that doesn't happen and management are upbeat about the year ahead. I think on balance they will be given the positivity in the last update. We seem to be in an era now where any company making profits is seen as an indication that it has unfair operating practices and therefore needs more regulation. The heavy hand of government is after any profitable business. Only the big tech US companies seem largely immune to it. unimpeded.

I should say West that I'm not suggesting it will happen just that there is clearly some nervousness. Hopefully the update puts any fears to rest.

I should have added that Barker would probably get an opportunity to participate.