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Roger Lawson sticks it to Blancco - calls for FRC to look at dodgy accounts

The old goat has turned over a new leaf and today really sticks it to Blancco Technology (BLTG) in which he admits he has a trivial holding. I doff my hat to Lawson for that and his comments on the ShareSoc blog are spot on. Personally this company's revenue recognition policies stink so much that I'd have to rate it as a sell.

EPIC BLTG
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Blancco Technology – following April cash warning & July receivables warning, what now?!

On the back of a “Q3 Trading Update, Cash Flow Review and Funding” announcement in April, I warned on shares in Blancco Technology (BLTG), updating in July – with they slipping below 120p – that I retained a lack of confidence in what is going on here and thus also a stance of bargepole/sell. There’s now a “Updates on revenue and management announcement, seeing the shares slump well below 100p…

EPIC BLTG
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Blancco Technology – 2 months after placing, cash performance below expectations due to non-payment of receivables. Hmmm…

Having in May been “pleased to announce the completion of a placing of 5,800,000 new ordinary shares… at a price of 169 pence per placing share” (I bet it was pleased - as otherwise it was cash crunch within weeks!), Blancco Technology Group (BLTG) has today released a “Trading Statement” which currently sees the shares down by more than 20% at sub 120p. Those who took part in the placing won’t be “pleased” then!...

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