re: Ann: McPherson's Ltd - First Half Res... I have held MCP for...

re: Ann: McPherson's Ltd - First Half Res... I have held MCP for several years but must admit I am becoming less and less comfortable with this stock.

For the past couple of years (including this latest result) all of their financial performance benchmarks have been going backwards at an alarming rate.

The MCP spin-doctors have had a field day trying to gloss over the shortcomings in the half year results. My first reading is that the numbers vs. the management commentary just don't add up.

They have a track record for this type of spin-doctoring. Recently they indicated this half year results would be lower partly because of the lower recent weakness of the AUD. I commented at the time this statement was strange given they claim to cover their FX needs 6 months in advance. Meaning there should be no FX impact on the latest results.

In the days I will try and get around to posting some detailed financials analysis to support my concerns.

In the meantime, given I am fast losing faith in managements credibility and their ability to cope with the rapidly changing retail market dynamics I will be reducing my holding by 50%



Thi