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Lookveryclosely

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13/01/17

16:39

Post #: 21883418
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Originally posted by Lookveryclosely ↑

You appear to be correct Mongrel - looking back through some past annual reports this is a disgraceful performance no matter how you look at the figures
a) Moved out of Automotive when they were the only aftermarket distributor with the competitive advantage of OEM Ford Holden and Volkswagen supply agreements - Repco and Burson (BAP) must still be laughing.
b) Had market leading share of the fastener business and went rebranding, destocking , cost cutting and relocated the stores to 3rd street locations - look at the impact on revenue.
c) Management relocated the whole HO to Melbourne - what real benefit when their best market shares by brand appear to be WA - do all the current management team live in Melbourne??????
d) Profit wise the gasket business is the gem but then according to the last annual report management sell the property and hangs the business with solid rents which must impact EBITDA in the future - Even though (CGY) appear to own only 3/4 of the business this will obviously be up for sale and that will surely spell the end of Coventry
There,s little left to sell and it looks unlikely the half year report will have any real positives......but as you said the CEO gets a whopping increase - totally ridiculous!!!

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Schroder....Goooooooone today....

CYG Price at posting: 91.0¢ Sentiment: Sell Disclosure: Not Held
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Cost cutting must start at the top, page-4

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