LUPUS CAPITAL (LON:LUP) – a relic from another age?
The ‘highlights from Lupus Capital’s results for the year ending 31st December 2008 smoothed over the true picture. Given the group's seemingly precarious position the postive nature of the highlights came as a big surprise!
- EBITDA* up to £42.870 million (2007: £36.559 million) - Pre-tax profits* up to £27.685 million (2007: £25.021 million) - EPS* up to 14.83p (2007: 14.82p) - Strong cash generation - Substantial cost reduction achieved - Debt negotiations continuing Note all the items preceded by ‘*’. The note supporting this reveals that items preceded by ‘*’ were ‘before amortisation of acquired intangible assets, deferred tax on amortisation of intangible assets, exceptional items, unwinding of discount on provisions, amortisation of borrowing costs and the associated tax effect.’ That’s a fairly long list of items that management consider doesn’t warrant inclusion in…