Half year results out this morning - RNS is here.


Not easy to disentangle the financial/accounting stuff (not when you are an accounting numpty like me anyway). But looks as if underlying business is doing well albeit with some hiccups around growth, acquisitions and misalignment between sales staff and markets. Long term growth potential is presented as still very viable.


BUT and it's a pretty big BUT - and hence the title of this thread


I did not bother to work very hard at disentangling the numbers because a second RNS  says that the CFO has exited stage left. After only 6 months at the company. That is unlikely to be interpreted as a positive development whatever the underlying story turns out to be.


An interim CFO has been appointed and looks v capable. The website has already been updated and references to the outgoing CFO have been erased (that is an insiders play on words by the way). And indeed the whole board and management team look like the A team.


But until I know what's behind the CFO's untimely and sudden departure I have to adjust my view of the risk/reward balance here.


This was my largest holding at 5% of my portfolio. But acting on the above I have sold my entire holding. I will keep the company on my close watch list with a view to buying back as and when things become clearer. I just do not need to take the risk of something unpleasant emerging.


I would censure the company for being so non-transparent in its lack of any proper explanation. For a CFO to leave after such a short time is not normal. Putting out a minimal statement that he's gone without providing any substantive explanation as to why is just not good enough. Until we know why it has happened we have to be rather concerned.


EDIT - price action since I sold indicates that the market shares my concerns - at time of writing it is down 18%.

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