Good morning!
It's very quiet for results & trading updates today.
ShareSoc seminar - Altrincham
As mentioned in yesterday's report, I think that networking with other investors is absolutely key to becoming a better investor, and also enjoyable. Most events for investors tend to be in London, so it's great to see ShareSoc and others arranging meetings further North.
This type of event simply won't continue to happen if people don't support them, so I strongly urge all readers within travelling distance of Altrincham (near Manchester, as I just found out from Google Maps, lol!) to attend this event - details here.
I would certainly be interested in meeting management of NWF Group, and 1PM, both are interesting companies. I'm not familiar with BKY.
Avingtrans (LON:AVG)
Share price: 123.2p
No. shares: 27.7m
Market cap: £34.1m
Interim results, 6m to 30 Nov 2015 - a reader was saying how marvellous these results were yesterday - I had a quick look, but something didn't look right in the numbers, so I had another look last night, and spotted an arithmetical error in the figures, as explained below.
So basically someone didn't check the arithmetic properly. This figure needs to be corrected:
The profit figure isn't affected, so it's not a material error as such, just a sloppy addition error which should have been spotted and corrected when the figures were being reviewed prior to publication. It's really not good enough, getting a basic thing like this wrong. Investors have to be able to rely on the figures actually adding up correctly.
I spent many years producing & checking figures as a trainee auditor, and then an FD, so if a figure is wrong, it just jumps out of the page at me - your mind is doing calculations without you even being aware of it.
Operating profit - rose strongly (from a low base of £355k in H1 last year) to £1,304k this H1. Note that the operating profit margin is OK, but nothing to get excited about, at 5.0%.
If we double that, to make a full year, then operating profit would be £2.6m. I can't get particularly excited about that, given that the market cap is £34.1m. However, H2 is expected to be much stronger than H1.
Second-half weighting - results…
