Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Tom commented briefly and bearishly on Harland & Wolff Group (HARL) on Friday, I thought it was about time that I should put some detailed thoughts in writing to explain why Harland was one of my top UK small cap shorts that I highlighted at ShareStock. Personally I think that the numbers are compellingly obvious but let me start with some background to make sure that I don’t assume too much prior knowledge.
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