Something doesn't make sense about Hastie's financial...

Something doesn't make sense about Hastie's financial condition.

This is a company which, whatever the level of profits, has consistently retained 40% of its net earnings for each of the past 5 years, and on the face of it, if the order book is full, then HST is a BUY at any reasonable PERatio/DivYield.

I assumed that analysts and others would have done the research I simply bought on reputation and relative yield.

If HST does have a full order book then the problem is in Debtors who are not paying on time (or maybe not provided-for in the accounts):

Sales reduction 2009/2010 9.77 to 6.9 = 18%
Debtors increase 2009/2010 367.2 to 406.5 = 11%

That's a very unhealthy sign, and so obvious from the accounts. Maybe it has been said in another post. If so I should have read it and would not have bought.