I'm no expert or accountant but it looks a steady as she goes situation now. COULD be a classic recovery play now. I have bought back in (in smallish way) and hoping to recover some of the losses made a year ago!!
I still have a core holding here and occasionally been buying /selling in the trading range.Not much in the way of excitement but keeping an eye out....for good and bad news.
Wish the directors would put more skin in the game tho'.
If you are interested in what sort of shenanigins go on under the heading of "accounting misstatements", and how the auditors seem to miss the obvious read the recently issued Financial Reporting Council's report on PWC's audit of Connaught - Guilty as charged M'lud !!. There are obvious smilarities to RCN; cash misstatements, incorrect spreading of profits/losses over the length of a contract etc...... oh and the same auditors.
Back in December when I sold my shares ( at a price slightly above today's price !) I said I would not bore you all further with my thoughts on the accounting irregularities etc. However I'm heartened to see that the FRC ( not to be confused with the FCA, who are already on the case) is now investigating the conduct of the auditors PwC and today announced they are investigating the conduct of one of the accountants responsible for preparing the accounts - presumably the FD.
If following the investigation a "prosecution" is undertaken then In a few years time we will find out what really happened.!
Yes , I tend to look at these shares as seldom as possible as they are so depressing. A great company , important product , if I think OK , I'll give it another chance & top up my losses - I lose even more. ONLY 2% down today.
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