ENERGY BROKER UTILITYWISE
(UTW:AIM) releases its full year results on 17 October. The company’s share price has been weak lately which suggests the market is still expecting more bad news.
We note that Panmure Gordon analyst Michael Donnelly in August raised his rating on the stock to ‘buy’ for the first time in more than two years. He had correctly spotted the company’s aggressive accounting techniques which ultimately contributed to a large reduction in the value of the shares.
Donnelly says a potentially valuable business may now emerge ‘as the fog of overstated earnings begins to clear’.