Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Looks like MGAM was attacked first.
IS there some kind of pattern? Industrial espionage with this companies?
N.Korea? Russia? China?
Shame this company trades where it does. Growing, profitable, pays a dividend.
£8m -£12m costs associated with recovery....That's some fee + damage. Whilst frustrating, incidents such as this are not uncommon and if you're going to be connected to the Interweb, you really need to have robust security. Either they have in house IT or outsource it, in both cases they need to be looked at. If management have been thrifty and denying the need for robust security, they need to be held to account. I'm sure being savvy in this area in today's day and age is almost a legal requirement of an executive/director member of the board. You can't just say ''no' to securing your infrastructure. That's a complacency and your customers have a right to be concerned. ISO9001 anyone?
One thing about this which is interesting is why MGAM? WHy hack them? Do they have secrets which could give competitive advantage? Or was it simply denial of service and to cause nuisance?
..............
Exceptional costs associated with the incident could amount to approximately £8m to £12m, comprising specialist professional fees, as well as costs associated with recovering a number of systems across the Morgan Group.
It remains challenging to estimate precisely the extent of any impact on our H1 2023 trading. During January, a number of sites experienced a delay in restarting production and shipping due to the cyber security incident. Whilst demand has remained strong during January, we are experiencing production inefficiency during the recovery period which, based on current estimates, could lead to adjusted operating profit for FY2023 being approximately 10% to 15% below our previous expectations.
Analysts' motives are to protect their bonuses.
If their previous beliefs are too far away from current, they'll adjust in order for the SP to have a chance at hitting the target and their clients feeling they got good advice. Cha-ching!
You only have to listen to fireside chats hosted by some of these guys and realise they're cringeworthy.
I know LGEN was cut too as I'm invested there too.
Doesn't matter. Only in it for the divi.
"Desperately need more skilled workers.....Halfords cant even find 1000 automotive technicians...having to set up their own apprentice program ......BT cant find enough AI tech engineers"
Glad to hear you're seeing the inflation picture for what it is. As you said, we need to free up labour.....
Not sure if there's a credible plan to get the early retirees to come back in to the jobs market. There's many roles for managers and team leads which can't be filled by the right skillset, forcing employers to look out side.
The people who really profit from the current situation are the recruitment agencies.
I find that by weighting your portfolio, you can have both.
So if you have 50% of your portfolio in say LGEN which some say (including myself) is boring yet reliable, then it mellows out the volatility of the exciting stocks like say TSLA and biotechs.
I've found out (the hard way ) not to put all your eggs in one basket.
"and its nice to have a bit of tax free income to either spend or spread around. I'll probably die with rich kids inheriting!"
I used to be in the accumulation camp and I saw some stellar growth pre-2008 and then lost it spectacularly and just about got the principal back.
I've changed to having a mix of accumulation and some income funds/stocks, just so I can choose what to do with the distribution. Spend it on a nice meal or the kids rather than hoping it'll all add up through some opaque re-investment approach and then lose it in some 'Woodford' moment of madness.