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Quindell Interims – Accruals, selling shares it issued to itself and more in red flag feast

Tom Winnifrith
Thursday 4 September 2014

Who was the 41% customer of Quindell in 2011? Was it TMC which had a spare £5.5 million (more than 100% of stated PTP and cashflows) thanks to the Quindell shares it was issued with and flogged? I only ask because of a revelation regarding Quindell flogging shares it issued to itself in today’s interims. That stands out but what about those accruals? Boy oh boy. 

So earnings come in at 30p and Quindell insists that it will hit all targets. I expected nothing less. But I serve up for you a stack of red flags.

on ShareProphets | Comments
About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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