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IC Weekender: Profit warnings, cheap booze & what your investment manager won’t tell you

Better make it a double for drinks retailer Conviviality. In the space of a week the Bargain Booze owner has announced two profit warnings. The initial warning revealed margin pressure would continue for the foreseeable future. This was followed less than a week later by news that the group has unearthed a whopping £30m tax bill it had not previously accounted for. Worse still, the taxman expects to be paid by 29 March. Will there be any equity value left? Click here to read Harriet Russell's latest update

The team also discuss the stream of profit warnings that have come through in the past few weeks on the Companies & Markets Show. Click here to listen to the latest podcast.

While on the subject of cheap booze, Wetherspoon's has gone and hiked its prices. Julia Faurschou reckons the shares look expensive compared with other listed pub group peers. Click here to read the results and find out what was in chairman Tim Martin's latest monologue

Elsewhere, Robert Merrifield explains why it pays to understand the ‘Agent’s dilemma’ at the heart of the fund management industry.

Tom Dines has an update from Mitie Group where costs and debt are to rise. The outsourcer also acknowledged investor scepticism on the sector. We still think the business model of low-margin outsourcers such as Mitie is broken. Click here to read the tip update. There were also updates yesterday from Berkeley EnergiaBurford CapitalPhoenix and Just Group.

As always you can find all of the stories from this week's magazine here.

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