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Avingtrans Preliminary Results Call 2020

Yesterday, 1st October, I participated in Avingtrans' results call. The call was based on the results presentation, here: https://www.avingtrans.plc.uk/wp-content/uploads/2020/09/AVG-Results-Presentation-FY20.pdf. A research note from finnCap, containing forecasts is freely available here: https://researchlibrary.finncap.com/File/View?file=80864f18-44e7-4d07-8c04-138f93ac28e0 (subject to registration). I have held Avingtrans shares since 2006, so know the management team and story very well (which has evolved over time). I consider them to be competent and honest. In the call they described the company as a "mini-Melrose", i.e. operating a buy and build strategy in the ...

Regulating Consumer Investments and Company Register Reform

The Financial Conduct Authority (FCA) have launched a consultation on the Consumer Investment Market. They consider it a priority to reduce the harm that many consumers suffer from fraud in this sector. The FCA has this to say: “We have made significant improvements to this market to protect consumers. But there are over 5,000 financial adviser firms and more than 27,000 individual advisers acting as intermediaries between the consumer and their investment. Dominated by small firms, these complex chains of interdependent products ...

Record Fine on Deloitte, But It’s Not Enough       

The Financial Report Council (FRC) has fined accounting firm Deloitte £20.6 million (including costs) for its defective auditing of Autonomy. Deloitte is the largest of the big four audit firms and this is what the head of the firm said when talking about their 2019 results: “Our FY 2019 results are a validation of Deloitte’s strategy to deliver high-quality, globally consistent service to our clients while continuing to serve the public interest and working to restore trust in capital markets”. Revenue of ...

Delistings: Take the Money and Run

by Paul de Gruchy, Director, ShareSoc One of the aspects of investing that is rarely discussed, and yet often provokes ShareSoc members to approach us for help and advice, is what happens when a company is delisted. The LSE is a public company, and so is keen to increase revenues by listing as many companies as possible. But all too frequently companies list, raise money, and then for whatever reason, delist from the market. Shareholders are left with shares in a private company ...

The Advantages of Investment Trusts

The AIC has issued a video which spells out some of the advantages of investment trusts over open-ended funds. They spell out that with most investment products you don’t have a say, but with investment trusts you do because you can vote on important decisions about how your company is run and what it invests in. You can also attend the Annual General Meeting (AGM) to meet, and question, the board directors and the investment manager. Investment companies also have independent ...