UK 14:37 Monday, 26 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.
Short Slater & Gordon has been a cracking trade ever since it announced the purchase of Quindell Legal Services. For British bears the weakening of the overvalued Aussie Dollar has been a bonus. The maths are shocking ( and of course will get worse as the various Quindell frauds unravel).
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Comments
J P Spaghetti
Tom – I generally don’t read newspapers but came across this response by a restaurant proprietor to criticism on Tripadvisor on-line and thought you’d like it (don’t think it’s entirely off-topic given the nature of some of the abuse you’ve had)
http://www.mirror.co.uk/news/uk-news/tripadvisor-best-ever-response-restaurant-5779353#rlabs=1
Jane
Tom, Quindell RNS just out, the PWC review findings summarised in three paras with no detail and buried after the really important news from Quindell that Michael Howard is to become “Senior Non-Executive Director”! Anyway, they seem to have taken months on their review to find out that the accruals for hearing loss cases were actually overstated!
“Independent Review
On 8 December 2014, the Company announced that PricewaterhouseCoopers LLP (“PwC”) was being engaged to carry out an independent review into, inter alia, certain Group accounting policies and expectations as to cash generation into 2015.
PwC’s review is now complete and as previously detailed on 30 March 2015, it has identified that certain of the accounting policies historically adopted by the Company, in respect of recognising revenue and deferring case acquisition costs in a number of the Group’s disposed of businesses, were largely acceptable but were at the aggressive end of acceptable practice. PwC also identified that some policies were not appropriate, principally the noise induced hearing loss cases revenue and related balances that became significant during 2014.
Having undertaken its own review and considered the findings of PwC, the Company has concluded that it will adopt a more conservative approach to accounting for revenue and profit in respect of the now disposed of Professional Services Division. The Company will provide a definitive view of the historical results on a more conservative approach and the changes will result in a reduction of revenue and profit. The Company is in discussions with its auditors as to the financial effect on its historical results, and the conclusions of such discussions will be included in the audited results for the year ended 31 December 2014 which are expected to be published prior to the end of June 2015.”
Don’t you just love the “certain of the accounting policies historically adopted by the Company, in respect of recognising revenue and deferring case acquisition costs in a number of the Group’s disposed of businesses, were largely acceptable but were at the aggressive end of acceptable practice. “?
“At the aggressive end of acceptable practice”……………..
How do they come up with this kind of stuff?
Bananabob
Tom
Hang on Henry. You’ve spent months and months saying qpp going to 1p, probably causing innocent punters to sell so your fat greedy shorting ring can make even more bundles. Now it’s 54p!!!???
I hope you and your mob get shafted one day, Sepp Blatter style…… it’s only s matter of time in my opinion