The recent FXL profit downgrade was a disgrace. The $18.4m of systems and goodwill write off is not non cash as it was spent previously. The $15.7m receivables provisioning shows that management were asleep at the wheel and this should not have happened especially when they claim they have a competitive advantage in credit algorithms. The underlying core business excluding the acquired F&P Finance has fallen from approximately $92m cash NPAT to $73.9 cash NPAT a 20% fall in the core business NPAT.
The FXL CFO David Stevens needs to outline why his forecasts are so different from just 7 months ago. The economy has not fallen off a cliff, but I am sure management have performed abysmally.
I would appreciate any other comments as this is my first ever post on Hot Copper
FY2017 Guidance was not so good?, page-46
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Last
72.0¢ |
Change
0.010(1.41%) |
Mkt cap ! $354.0M | |||
| Open | High | Low | Value | Volume |
| 68.0¢ | 72.5¢ | 68.0¢ | $418.1K | 584.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 19996 | 72.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 72.5¢ | 3000 | 1 |
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| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| HUM (ASX) Chart |