We would love to hear your thoughts about our site and services, please take our survey here.
Theborn … I couldn’t agree more, something was dreadfully wrong in the reporting of the half year results. You can only draw one conclusion that the past reporting was not transparent to say the very least. In business terms one would spread the downside risk across the duration of the average loan period not bundle it into a half year results period.
My view might be a bit simplistic but from my perspective I don’t see it any other way , and up to date nobody has offered a coherent explanation, except the CFO has gone, which in my book says it all.
Call it sixth sense but I’ve felt something is going on since the half the half year results
Question … why did they bundle all losses including potential future losses in the first half knowing the SP would crash ?? Why didn’t they spread it across a full years trade . We’ve all heard of the practice Kitchen Sinking but that normally happens on the arrival of a new CEO not the leaving present of the old one ,, very odd indeed.
Ubik- Fresh sorry to correct you , they are Not dealing in sub prime anymore. The whole point of the last 2/3 years was to get out of subprime ( which cost them a small fortune) and totally change the business model… the old door step lending days are long gone.
Like you Ubik-Fresh very similar situation, i’am of the same opinion it’s now going to take 12- 18 months to transform this business into making healthy and sustainable profits. I said some time ago I was doubtful that all the bad news was baked in the cake. Hopefully the new CEO will bring some of his own trusted team and get rid of the Old .
Could not agree more with you … what staggers me is the mind blowing impairment charges for the first six months trading, it’s clearly masking some very unsavory accounting from the resent past.