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16:32
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Originally posted by neke86:
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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.
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Your numbers from adding up all the figures in the anns are correct, I did the same. They've never operated as anything greater than the sum of parts (acquisitions) when it comes to revenue/EBITDA, in fact its always been less than the sum of parts. I don't understand why they keep announcing that they have "organic growth" when they clearly don't.
