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The Worthington Fraud part 13 – 2014 Interim Results That Deceive (back to Rangers FC)

Tom Winnifrith
Sunday 22 February 2015

The results for the six months to March 31 2014 for the fraud Worthington (WRN) were finally released on 29th August 2014. A child of three should have been able to see through them but on the Bulletin Boards the enthusiasm was almost overwhelming – the investing public fell for it hook, line and sinker.

If one looks at the bullet points then head honcho Aiden Earley (oops, sorry I meant to say Doug Ware) and his team had done a great job.  The company reported a pre-tax profit of £8.7 million versus a loss of £5.3 million and net assets went from minus £3.5 million to plus £5.9 million. Wow! Pat on the back Aiden, oops I meant Doug.

But hang on Henry, how was this achieved given that the operating cash outflow was £129,000. In fact the whole P&L looks crackers from top to bottom.

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About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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