Ann: MD on Results and Outlook , page-3

If you read what the MD says I am surprised its not tanked a lot further. This is another shocker. PSH has basically just had excuse after excuse - I am extremely glad I got out of it some time back. I , at one stage, regretted the fact that I got out but this really nails it for me. My instincts were correct - They are building stock constantly its really absorbing money so it cannot pay a dividend nor does it seem that it can currently be run effectively. I dont believe that suddenly the lights went out. They are just not on top of things.