RCR rincon resources limited

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Ann: RCR 2016 Half-Year Results - Investor Presentation, page-17

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ormond

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18/02/16

17:53

Post #: 17057150
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Originally posted by Downanout ↑

What the hell happened to continuous disclosure?
Did they only just discover that their first half was this lousy?

Judging by the SP action since last Nov the information was getting out to some market participants from then on.

The quote below is from the address to the AGM on 6 Nov 2015, and as far as I can see, there has not been a peep since then.

"However, with infrastructure spending expected to gain momentum in the second half of this financial year we expect our revenues to remain flat for the first half and earnings to have a bias towards the second half of FY16."

If revenue down 12% on the PCP is "flat", then what would constitute a fall?

With circa 7 cents EPS (underlying) for the first half, they will certainly need the mother of all earnings bias to get anywhere near the analyst's EPS forecast of 27.5 cents for the full year.
Don't they know they are supposed to tell the market WTF is going on, even when it is not favourable.

Notwithstanding the price decline since Nov, the share price drop says that this was still a big surprise.
Did they think it would just pass unnoticed?

Who knows, the next thing might be that the company gets saddled with the distraction and cost of a class action.
@#%$ Brilliant!

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Great point re continuous disclosure. Thought the confession season had been very quite of late and those who disappoint are rightly smashed. No sign of green shoots amongst the contractors but as a few have pointed out corporate activity on ASX will probably speed up with a few cashed up firms seeking cheap assets toward the low point of the cycle.

RCR Price at posting: $1.22 Sentiment: None Disclosure: Not Held
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