Eddie Stobart Logistics Share Discussion Threads

[ntv] 23/8/2019 08:32

Another CAKE? Along with all the ficticous financial accounts

[gary1966] 23/8/2019 08:16

Announcements like today’s just makes you want to put your money in a bank account. You make an informed decision based on what the company and its accounts are saying and it is all lies. Anyone who thinks they are clever making money on the stock market need to replace clever with lucky. Posh gambling and nothing more. Feeling very let down by the accounting profession and overpaid executives yet again, when will it end?

Thankfully have my health and will cling on to that on days like today.

[spob] 23/8/2019 08:06

obviously not

[zangdook] 23/8/2019 08:04

no, did you?

[spob] 23/8/2019 07:43

Zang - did you write it :)

[edmondj] 23/8/2019 07:43

Audit issues aside ESL should be a good business, e.g. why brokers were reportedly angling for stock for fund clients, off Woodford in a 50p range - declined at the time.

Not without cyclical risk, obviously.

[zangdook] 23/8/2019 07:38

^^ pinched without attribution from the link in post 110.

[spob] 23/8/2019 07:36

Eddie Stobart, the logistics group known for its distinctively coloured lorries‎, will deliver a fresh blow to the embattled fund manager Neil Woodford on Friday when its chief executive quits in the wake of a multimillion pound accounting error.

Sky News has learnt that Eddie Stobart, which is listed on London's junior AIM stock market, will announce that Alex Laffey is stepping down just two years after its flotation.

Sources said the company's shares were likely to be suspended on Friday because it would be unable to meet a statutory‎ deadline for publishing its half-year results, which had been scheduled for the latter part of next week.

The developments will come six weeks after Eddie Stobart, which specialises in supply chain, transport and logistics, told the City that a review of prior year financial statements meant that profits for last year were £2m lower than announced.

The news will come as a further blow to Woodford Investment Management, which is itself in turmoil following its decision three months ago to block investors in its flagship fund from withdrawing their money.

Mr Woodford has already seen his holdings in a number of listed companies being hurt by concerns about their finances, including, most recently, the litigation funder Burford Capital.

According to the most recently published filings, Mr Woodford's firm holds just under 23% of Eddie Stobart.

[edmondj] 23/8/2019 07:33

So the auditors before PwC were KPMG... erm, as Luke Johnson had at CAKE?

[spob] 23/8/2019 07:32

They should make a film about Neil Woodford one day

you couldn't make it up

LOL

[daffyjones] 23/8/2019 07:26

As part of the Group's review carried out in conjunction with the Group's auditors in relation to the interim results, the Board is applying a more prudent approach to revenue recognition, re-assessing the recoverability of certain receivables, as well as considering the appropriateness of certain provisions. While revenue expectations for the first half are broadly in line with previous guidance, the full impact of these items on Adjusted EBIT is unclear, but it is likely to be significantly lower than anticipated at the time of the Half Year Trading Update on 9 July 2019. As a result, the Board also intends to review the Group's current dividend policy.



Pending clarification of the impact of these items, the Group has applied to suspend trading of the Company's ordinary shares on AIM, which will be effective from 7.30 a.m. today. The Group previously announced that the Company would release its interim results for the six months to 31 May 2019 on 29 August 2019. However, the ongoing review will result in a delay to the publication of the Group's interim results.

[buywell3] 23/8/2019 07:09

Bad News

Suspension

And a profit warning

[lord gnome] 22/8/2019 21:35

hxxps://news.sky.com/story/eddie-stobart-crisis-deals-fresh-blow-to-woodford-11791584

Just what you needed - not!

[lefrene] 20/8/2019 14:30

A no deal Brexit should be good for UK hauliers since internal cabotage should cease overnight, and we could revive 'domestic hours' driving rules which offer a lot more flexibility. We might also see some of the European hauliers operating here no longer able to subsidise their fleets from earnings abroad as they pursue market share. ie the UK would no longer be an easy place to unfairly compete.

[bisiboy] 20/8/2019 14:20

no not really other than he is taking advantage of stock being available

[zangdook] 20/8/2019 07:26

That looks interesting, but it seems to be behind a paywall. Does it say anything particularly useful about ESL (or anyone else)?

[cfro] 16/7/2019 18:26

Nice recovery since the trading update..

I, like others i suppose, am wondering what the real intentions of the major shareholder DBAY is.
We know they took part of Woodfords stake but are they willing to take the lot? If they were interested then i suppose they just could have taken the lot of him in one go but chose not too or Woodford wouldnt sell?

Who knows, but perhaps DBAY are just happy to sit where they are but we do know they have form in taking over companies so one must assume they have some plan or other here.

[edmondj] 09/7/2019 09:16

Personally my key 'take' is beyond irritation with financial adjustments required: that H1 at the lower end of expectations is what you'd expect to see given the UK economy is slowing and e.g. Gavyn Davies in the FT t'other day was saying will soon be in recession. In which case, management/broker expectations go out the window for cyclical service stocks which typically seem cheap going into a downturn. Time will tell.

[winnings1] 09/7/2019 09:01

Today's Trading Update points to H1 Results coming in at the lower end of management expectations, but H2 is expected to fully make up for that and as such management expects full year Results to be in line with (high) expectations. EPS for the full year are forecast to come in at 13.1p (2018 11.4p), with Dividend to rise to 6.8p (2018: 6.3P)- Source EDISON. Seems to me that today's fall is rather overdone. The share price already stood unwarranted low, IMO.

[edmondj] 09/7/2019 08:46

It would seem the chief risk for logistics services is cyclicality, say if the UK slips into recession under a hard Brexit.

[gary1966] 09/7/2019 08:18

Organic growth of 8% is key for me. Was already very cheap but like most things can get cheaper.

[trier1] 09/7/2019 08:15

What were the auditors doing? Shouldn't they spot something like this?