Originally Posted by
Motley Crew
I would not expect there to have been any further guidance after year end - that would pre-empt the release of the annual results due any day now. Also, in their announcement on 10 May, the company implied that there would be no further announcements until August when the Full Year results were released. It concerns me that we are nearing the end of the month and still the results have not been released. A quick look back over recent years to 2016 shows that the results are released on a Wednesday (morning) - usually the second last Wednesday of the month. Today is the last Wednesday of August and still the results have not been released. There was also no indication earlier in the month as to what exact date the results would be announced, as many other companies do. Breaking with tradition gives me cause for uneasiness. This may be unfounded, but in my experience such changes tend to be associated with problems, more than good news. Turning around a company the size of ATM is not like changing direction in an America's Cup yacht on foils. It is more like slowing down a juggernaut on ice, changing direction, and getting back up to speed again. I am not confident that we have seen the last of the troubles for this NZ market behemoth, no matter how the results are dressed up, and laced with cautious optimism. The SP may even spike with this optimism for the future, but the substance will be in the reading between the lines of the commentary that goes with the FY announcement. For me it remains a Wait and See. JMHO