UK 19:04 Friday, 23 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I am grateful to a keen Quindellologist hailing from the Grim Northern post-industrial welfare safaris for this detailed re-analysis of the Quindell (QPP) restated 2014 results. It demonstrates the extent of the accounting fraud by Rob Terry and why he is heading to jail. It also shows how much trouble the saps at Slater & Gordon (SGH) are in and why its shares will continue to tank.
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Comments
MrMoto
What was the real profit/loss for 2014 for the existing “bits left over” Quindell PLC?
VINES
‘‘S&G on 30/3/15 stated PSD’s revenue as per Quindell’s internal accounts was £645m. There’s a rider here that the number includes intercompany revenues.Now with the accounts finally published we see PSD 2014 revenue under the old accounting policies was actually £510m. A bit of a ‘hang on Henry’ moment for S&G as it thought revenues were £135m higher, give or take the odd intercompany sales.’‘
nah it means the £135m difference was the intercompany sales
Sweet Karolina
I think the penny will drop completely when the CEO of PSD who they took on from QPP (Rob Fielding) gets arrested by SFO. How can you do so much in depth DD and not realise the bloke you are taking on to be CEO is a crook (especially as most Aussies are descended from UK criminals so they ought to be able to spot one easily).
Talking of CEOs:
https://beta.companieshouse.gov.uk/officers/66H-LUfWZefHh_yb74rk0Sela_E/appointments
I have had a quick look through Indro’s past companies. I did not spot anything obviously bad, but equally I did not spot anything particularly impressive either, Overall he would seem to be well suited to running a fairly unexciting AIM micro cap.
I certainly would not describe the 3 companies he sold as being “market leading” and judging by the market reaction to the announcement it is only BBM’s who are lapping it up as usual.
filthy lucre
Still not really sure why you are now covering Ozzie stocks. Are you sure that this
is not more about something personal, than increasing the universe of Share Prophet’s
coverage?
I appreciate that now you are on sabbatical you cannot do all this ‘investigative journalism’ yourself.
Who is your man in the North that did this ‘analysis’ BMD?
welliever
Nothing positive or negative to say about the new CEO???
Tom Winnifrith
Filthy, you unpleasant little twat,
surely even you know that BMD’s expertise is in banks not insurance companies..
T
Sweet Karolina
Welliever,
I do find the accounts of Flexenable – formerly Plastic Logic a bit strange. It was booking significant losses on R&D but counterbalancing them in the balance sheet with receivables owed by group companies that were not considered current assets as they would not pay in the next 12 months. Indeed the report to 31 Dec 12 says that a deferred tax asset has not been recognised against the losses circa £75M as there is insufficient evidence that they would ever be recovered.
Unfortunately I am not sufficiently experienced in the ways of accounting for R&D to know whether there is something dodgy going on there.
All the rest of his companies seemed to have little cash and not achieve much by way of growth under his tenure.