CT Automotive – following IPO in just 2021 and recent bailout equity raise, now identifies a “number of years” accounting error!
By Steve Moore | Saturday 13 May 2023
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.
CT Automotive Group (CTA) has announced that it “has identified an error with regards to the calculation of the year end inventory on consolidation”, though also that “the reduction to inventory is a non-cash adjustment. There is no adverse impact to profitability in the current financial year ending 31 December 2023”. So what’s the detail and what of a share price currently slightly further down at 36p?
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