3357 days ago
The results for the six months to March 31 2014 for the fraud Worthington (WRN) were finally released on 29th August 2014. A child of three should have been able to see through them but on the Bulletin Boards the enthusiasm was almost overwhelming – the investing public fell for it hook, line and sinker.
If one looks at the bullet points then head honcho Aiden Earley (oops, sorry I meant to say Doug Ware) and his team had done a great job. The company reported a pre-tax profit of £8.7 million versus a loss of £5.3 million and net assets went from minus £3.5 million to plus £5.9 million. Wow! Pat on the back Aiden, oops I meant Doug.
But hang on Henry, how was this achieved given that the operating cash outflow was £129,000. In fact the whole P&L looks crackers from top to bottom.
