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Exactly Verney. The late reporting of the accounts was due to the independent financial auditor being unhappy with what they were presented with at that time. The markets take a very dim view of companies who have issues with the auditors and vice versa.
Because of the litany of self inflicted problems which has beset this company it really does require a management refresh. I just wish we had an Archie Norman type character to drive this company forward. Someone whose ego does not trump effective business decision making.
The financial management of this company has not been to an acceptable standard and it all started with that late reporting of results. Further the independent auditor revealed poor internal financial controls which additionally damaged the company’s business reputation. The financial forecasting was derisory which resulted in an unnecessary series of profit warnings. This caused additional unnecessary harm to the share price.
Yes SMS can blame the business downturn within the advertising sector and I am sympathetic to this. However, he appears to have forgotten that a significant proportion of the damage was manufactured in house!!!
Jcj07- Fully agree with your views. Because SMS holds the golden ticket he is still there. This was an absolutely dreadful investment for me and has shaken my confidence in the company.
I suspect the big investors will begin to turn the heat up, if not doing so already.
Matty Boy- I just hope these short sellers are cremated. I signed a petition a few years back to ban short selling recognising it is inherently corrupt. Why, because it is not properly regulated by that useless Quango - the FCA.
My view is when I sell up and move on I don’t post on the chat site any longer. Life is too bl..dy short. The company will either succeed or fold, my view is that it can prosper particularly when interest rates fall. They have a significant impact on your ability to service the loan.
The trading statement was better than previous but that is not a recommendation. I am not putting anymore money in this company. I am wary of SMS propaganda and obviously the markets are still not convinced. If you wait several years you may do reasonably well but you should never ever become a prisoner of the markets.
MH01 - Very useful information and this is the sort of intelligence that I wish to see when visiting this chat site. Too often we are carpet bombed by short sellers and other head bangers spouting their antagonistic infantile rubbish.
FCA is just another ineffective Government Quango. Remember Neil Woodford and their abject failure to take action. The useless Governor of the BoE was previously head of the FCA. Say no more.
Short selling is taking place on an industrial scale which is leading to the demise of the London markets. People are now selling up and investing in other products such as Cryptocurrency. The latter is extremely volatile but has much less interference.