Fudging the numbers!
Results covered here highlight yet more fairy tale reporting – you have been warned! Elsewhere, there was a positive trading update from a fast-growing online retailer (a rare positive from the sector) and a profit warning from a stock broker, whose high dividend payout may still encourage buyers. (Free to read)
On your Marks! Marks Electrical Group (AIM:MKS), the fast-growing online electrical retailer, issued a an encouraging trading update which lifted the shares to year highs – that’s quite an achievement for a retailer in the current environment Revenue in the 4 months to the end of July rose 30.7% to £36.2m with the Group increasing its market share in both Major Domestic Appliances and Consumer Electronics segments. There were stand-out performances in televisions (+84%), washer-dryers (+83%), and cordless vacuum cleaners (+62%), as well as continued growth in next-day integrated, gas, electric and television installation services, with over 4,500 installation orders…