results, page-10

Just had a read through the results.....not impressed.

Infact I was surprised.

I will have a detailed look at their accounts over the weekend but from an initial look I am concerned about their many acquisitions. I had expected that each one would be substantially cash flow accretive and as such that the business would be spitting out serious cashflow now.

I know that from the mortgage books we have bought in the past, they all have had a pay back period of 2 years or less.

The balance sheet is carrying net debt of $64m. This is a concern in itself.

I think we will see new lows continue here until the new CEO can demonstrate that he is the man for the job, and that the business is turning around.

Kiril.