deadfishdont just rely on headline, read the accounts and the...

deadfish

dont just rely on headline, read the accounts and the notes to accounts.

june13 showed a large drop in operating cashflow. there can be any number of reasons for this ( timing, gearing up for large contract) but can also show first signs of strain.

it gives you a point of refernce to dig deeper.

notes showed extent of bank guarantee facilities. there was a lot more debt here than most understood.

balance sheet was never that strong when you considered contigent liabilities and intangibles. certainly wasnt strong enough for the size of the group.