Hi Rosylet me help you on the results - not looking at the...

Hi Rosy

let me help you on the results - not looking at the management spin but the actual accounts:

Sales down (to be expected)
Dividend Cancelled - management talking about conserving cash
Trade and receivables up - even though sales are down so they are not collecting their cash
Payables up - so they are slower in paying their bills - this may be good or bad

Total debt down - good but note the other cash issues above

Management gobbledygook on the profit - reporting 4.5m but trying to call it a higher number

Interest is steady but remember they had a massive cap raising and interest rates are set to rise not fall

Spin is king. look at some of the other recruitment stock announcements like TWO and CMG. IMO there is more to this result than their optimistic presentation suggests