Clean up the mess
The Rolfes trading update and restatement of previous results is a total mess that caught the market off-guard. It raises the question if more details should not have been made available when the chief financial officer resigned with immediate effect back in May. The company may not have known the full extent of the problems related to accounting errors and understatements of impairments relating to previous periods at the time, but complete transparency is surely the better option. The current board is certainly well-respected and it seems like the core results will be decent, so this really is about communication more than core performance.