Rurelec – FY17 numbers, sale of assets, Auditor resigns. Squeaky bum time!
By Nigel Somerville, the Deputy Sheriff of AIM | Friday 1 June 2018
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.
AIM-listed Rurelec (RUR) has released its audited FY17 numbers this morning. Once again we see losses (£5.8 million vs £9.3 million FY16) and the cash was down to just £163,000. We are told liquidity was a major issue for the Group in 2017 – you bet! We also see the auditor resigned – more on that below – and a previously unreported asset sale which leaves me rather puzzled. Finally, we are told there was no qualification of 2017 accounts which sounds great, but that was not quite all it seemed at first sight.
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