Recent developments at a company that I have been researching over the past few months have prompted me to want to document my thoughts sooner rather than later. It’s not usually my approach to write a long, “strong sell” hit piece, but I’ve been planning a Hempton-style, multi-part series of blog posts to explain my positioning that may finally be timely. Investor Relations stopped returning my calls, and I think I understand why now. It’s a busy week from a personal and professional standpoint, but time permitting I hope to share why I’m now pressing the position.
A small teaser:
Below is the 2013 income statement of the company’s principal operating subsidiary, which represented approximately 87% of reported revenue for the Group:
Now compare the 2014 accounts of the same subsidiary under a new auditor:
More to come.