Agreed - the worst bit is that I can see the consensus forecast eps elsewhere but these are adjusted and the FLO report does not give adjusted. All I can find is the basic figure which is negative because of the massive £10m write-off of goodwill. We do get a detailed account of the changes of discount rate causing that! |
Bloody hell, that has to be some of the worst presented and most difficult to read (unaudited) results I have seen in 25 years of investing.
No proper formatting, long and winding sentences, lack of straightforward comparisons with earlier years, lack of clear and simple underlying results, and the notes are dreadful. |
Thanks, Boadicea. I just forgot to update my results schedule, I did see that RNS earlier... The important line in that RNS was "The Board confirms that the underlying profit for the year ended 31 December 2022 remains in line with market expectations", together with the absence of any specific warnings.
Anyway, as I had taken some profits at 150p in 2021 and not replaced the shares on the drop in 2022, I was comfortable to topped up again at 97p, which I think is probably a good price.
I actively manage my exposure to my different shareholdings, so rises and falls do present opportunities to take profits and reinvest, which on average I find beneficial... |
Edmund - I think you need to read this -
In fact audit delays are commopnplace at present and other companies I hold have had them. So far it has not been a forewarning of any problem apart from lack of audit manpower. One company was confident enough to publish its preliminary results unaudited. The audited version duly followed without material alteration to the bottom line |
We shall see tomorrow... |
I love an optimist have you heard of the first sign of madness? |
18BT
Fair point |
96p and still falling....some of you have taken the hint.To be fair, you can't say you weren't advised correctly. |
Delays to results is going to happen to more and more companies - this is the result of the FRC fining auditors all over the place and putting them under huge pressure to "raise audit quality" - they now have to tick even more boxes. 2 upshots- audit fees are going through the roof and they have gone completely risk averse. Personally, I doubt whether audit quality is being raised, but the FRC will have been seen to "do something". I don't think it is necessarily a red flag. |
Delay not good and I note last year was March 29 and in Covid 2021 April 20th.
If they had said right from the front that it wad going to be mid April, I would not have been too surprised. |
Stavely again minute 23 |
Pressure Technologies (PRES) also have Rockwood Strategic as a major shareholder and Grant Thornton as the company's auditors. PRES last week also announced delayed results after Grant Thornton "advised the Company that this accounting treatment is not in compliance with IFRS 15" |
Now that's always a good sign isn't it ?. Auditors asking for more time is akin to a Football Club Chairman expressing full confidence in the Manager, and we all know how that ends don't we ?.
PS Have you seen the share price graph performance since Feb ?. I am going giddy just looking at it. |
Now that's always a good sign isn't it ?. Auditors asking for more time is akin to a Football Club Chairman expressing full confidence in the Manager, and we all know how that ends don't we ?. |
no explanation?
"Grant Thornton, the Company's auditors, have requested additional time to complete their standard audit processes, and accordingly, the Company expects to release its full year results no later than 14 April 2023." |
OH OH....What is going on?.Annual Results presentation NOT going ahead as scheduled. NO explanation!!!.
Should we [you] be worried ?. |
As prev predicted, now BELOW £1
,THIS is below the float price of 9 yrs ago, is this a record ?. |
Lovely chart. The cup will need a handle. |
The Odyssean manager was on thr vox markets podcast the other day going through his holdings.
His main comment about FLO was the small free float given the shareholder base and was pleased that they had avoided havingto do an Equity raise during Covid.
Agree with you on McDowell.
I top upped a couple of weeks back and was thinking of doing more but perhaps too late. |
Looks like steady accumulating going on here.
The company has a lot of funds in it shareholders list led by the very successful Odyssean Investment Trust PLC with 17.1%
Also worth noting Roger McDowell is on the board here, he has a successful reputation which I am sure has been one factor amongst others in attracting some funds here. |
Yes l suspect at least 2032 before 150p and perhaps 2050 for 185p. |
Some other nice ideas from Judith, though most not to my taste (e.g. I don't like micro-microcaps under £10m and tech always worries me if it is too complicated and I cannot foresee the market future).
£1.85 is a nice price target from her, but we are going to have to wait a bit for that! |
Judith Mackenzie (Downing) on FLO on Vox Markets : minute 39:28 |
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