Ann: October 2021 Business Update, page-8

That’s normal for all companies, no? It’s normalised so much so that there’s even a term for it in the accounting profession and it’s called window dressing.

Companies that want to prospectively list on disallowed will make their numbers look good to suit the narrative. Oh it’s all about sales growth and market share growth and subscription revenue growth. Forget about the profits, those will come later.

And companies who are trying to turn the ship around will say oh don’t look at the profits now, because we need to spend money in turning things around. Look at all these changes we’ve made!

It’s all about the narrative in shareholder communications. As investors, we need to know how to read beneath the surface and look at what the numbers are telling us.