These announcements tell me that management does not have an...

These announcements tell me that management does not have an understanding of their business operations.

I suspect the 6 Feb announcement was done after the accounts were produced for the first half, forcing them to disclose. If they had a good knowledge of their business, they would have know the financial outlook and had to disclose that well before Feb.

Also if they were aware of the way the first half profit was increased by non-recurring factors, they were required to release that at the time.
Hence it seems to have taken them another month to understand the nature of the profit which occurred in the first half of the financial year.

This has been on my watch list for a while now, influenced partly by management buying. Now time to discount managements knowledge and remove it from my watch list.