Results: BOX

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At the end of January we were told that Lord Razzall was to ride off into the sunset in July and was stepping down from the executive part of Executive Chairman of AIM-listed POS Boxhill Technologies (BOX). Well, it seems that he has used the extra time well and learned how to use an Adam Reynolds (who has absolutely nothing to do with this nonsense of a plc) keyboard - you know, the one with no numbers on it!

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I just don’t know where to start! AIM-listed Boxhill Technologies is back trading – at least for now – having released bullshit numbers (as discussed by Tom Winnifrith HERE) for its FY to Jan 31 18 accounts and the following interims. We are told on the calamity that was the disposal of Emex that the board is confident the £2 million loan note is good, but that Lord Razzall, Clive Hyman and Andrew Flitcroft are departing the board by the end of July (so who is left to say the loan note is good?) and that the “sinking fund” which was supposed to make it good hasn’t got off the ground yet. Er…right.

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On 1 November 2018, suspended on the AIM Casino Boxhill Technologies (BOX) provided its last trading update which provided the following comment on the disposed business of Emex:

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Despite Boxhill Technologies (BOX) announcing on 30 July that it still hoped to get its audited accounts out by 31 July, it has still failed to do so and this morning’s announcement of further delay looks pretty terminal to me. Let me gloat, sorry, I mean please allow me to explain...

NEWSFLOW

NEWSFLOW

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Surprise, surprise, as predicted, despite the statements of Boxhill Technologies (BOX) to the contrary the day before that the audited results would be issued on 31 July, they failed to materialise and the stock has been suspended. Not bloody surprising though as the preliminary results are an absolute can of worms particularly the hole in the client accounts to the tune of a few million quid!

NEWSFLOW

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I commented at the start of the month (HERE) that it could be the end of the road for Lord Razzall and the gang at Boxhill Technologies (BOX) after a disappointing trading statement and I understand things are getting worse but before going into that, I need to cover the shoddy deal from earlier in the month in which yet another payment company is jettisoned!

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Today’s short but disappointing trading update from the jokers at Boxhill Technologies (BOX) could indicate that the past is beginning to catch up with these guys, particularly Phil Jackson. The share price has plummeted by 50% as a result. Let’s take a closer look.