Tesco (TSCO) and Elementis (ELM) – two very different companies. The first announced their preliminary results this morning, and the second held their AGM today which I attended.
The opening line of the Tesco announcement says it all: « It’s has been a very difficult year for Tesco« . Although it said like-for-like sales volumes were up for the first time in four years, the rest of the commentary was pretty negative and of course there will be no final dividend.
Debts are rising, pension deficit is rising, the size of the provision for previous profit over-statements related to accounting issues is increased, and there are lots of asset write-offs. The new CEO is taking a bath as the saying goes. It’s tough trading conditions in Europe, and in Asia. The only bright spot is that they do seem to be taking some tough decisions to rationalise the business.
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