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Did some more sums whilst waiting for the wife.....

Taking out the effects of the factoring/not factoring I get the following for the interim results

Sales £4.4
COS 1.6
GP 2.8 (63%)
Admin 2.8
Op Profit = 0 (before interest etc etc)

In 2004 (pre the accounting change) the annual operating profit was £1mm.

DO WE HAVE A PROBLEM ??????????? (i.e sales up over 2 years by 20% or so, overheads up by 62%).

Maybe CYH not doing as well as I had thought.

Anyone with a brain out there who can add to my analysis without the usual glib and trite comments.

S