Shifting Shares (18 Nov 2019) – Different versions of truth #XSG #PURP

Shifting Shares (18 Nov 2019) – Different versions of truth #XSG #PURP

There was a trading update recently, where the company announced that "the significant losses incurred in the prior period have now been reversed and the Group enjoyed profitable trading in the First Half."

Now, I'm not going to say that whoever wrote that is a liar. I'm just going to say I don't believe them. "Profitable trading" can mean anything. They could be profitable at the gross level, which is just revenue minus cost of sales. Which, of course, is not yours or my version of profit.

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