I'm not confusing revenue for turnover, I spelled out to the presentation and page where I drew what numbers from, and how I built that conclusion. I'm well aware their turnover number is smoke and mirrors - but it's all they focus on because to focus on revenue would be to truly drive home how badly the acquisitions have performed over the years. Honest management would given revenue and EBITDA forecasts, not turnover and "normalised" figures. Clear guidance should be easy, they have low organic growth in a services industry and if they can't see 3, 6, 9 months ahead, they should resign.
They've had as long as four years for some of these acquisitions to pull together, and more than twelve months for most of them, it's not gone well and I've illustrated that above by simply adding up the figures in all the announcements - an exercise you could do yourself in 20 minutes with pen, paper and a calculator.
Regarding the AGM, yes, Geoff Lord almost didn't get over the line - too bad they don't seem to have taken that to heart at all.
Anyway, I can see you don't like what I have to say, even though it's based entirely on management presentations and 4Cs - and that's fine. Making excuses for the company doesn't change any of that though and trying weakly to imply I'm confused just looks bad for you.
TNT Price at posting:
11.0¢ Sentiment: Sell Disclosure: Not Held
