Totalling up the figures for 2011 and 2012 published by Sux (thanx sux) for the 3 major UK trading operations (Robert Horne, Howard Smith and The Paper Company) reveals the following startling turnaround:
Total Revenue fell from GBP 776m to 713m, a decline of 8.2%.
Total Profit before tax fell from a profit of GBP 960k to a loss of 8.952 MILLION (!!) - an awe-inspiring decline of almost ONE THOUSAND PERCENT.
This is a "turnaround" of staggering proportions - only in the wrong direction!
So where now are the "team" that was running these businesses and produced such an amazing year on year performance?
Shareholders and hybrid holders can be truly reassured to know that they are the ....... "NEW TEAM" !
The former MD of the whole of UK has been promoted to CEO of the whole PPX group, and the former CFO of UK is now the MD of the UK business.
Great - they are the ones who are going to fix our company. They can now work a similar magic within their larger remits.
How very reassuring.
I am prepared to bet that the numbers for the current year ending in 6 days time will be EVEN WORSE than for last year, revealing the much-vaunted "return to profit in 2014" to be the pipedream that it really is.
As revealed by the PIGS survey, breaking it up is the only realistic option, before it goes bust and we are all left with nothing.
SRS Price at posting:
4.9¢ Sentiment: Sell Disclosure: Held
