By Robert Sutherland Smith | Monday 24 February 2014
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.
Further to my recent observations on the fall in the Rolls-Royce (RR.), following the announcement of a change in guidance to the market on the company’s defence business, the company now has a bit of bother with the Financial Reporting Council (FRC). According to the accountancy regulator it believes the company’ pre tax profit and net asset value are misstated for 2012 and 2013. Near term, this is not good for the share price, but any dips should be bought into.
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