Here we go again, Instore anounces yet another xmas profit warning, that's four years running now, only difference this time round is they told us before January's trading update.
What more can be said of this truly dire company, just when you think it can't get any worse it inevitably does (how many times have I said this over the years). I think this latest warning definitely proves a point, which is, it doesn't matter who's in charge, the business model is flawed and ultimately the company will fail.
The biggest shock of today was not the profit warning (they've issued something like 6 or 7 in the space of four years!) but the shock of seeing the shareprice miraculously recover from an initial drop of 5p (13p) to finish level! Todays bounceback will be shortlived in my opinion. I think it's highly likely INST will drop to around 10p (possibly lower) in the coming months. The trend is set, it's now just a case of sitting back and watching the mm's slowly walk it down.
Also worth mentioning was this afternoons RNS stating the Central Bank of Norway had taken a 3% stake in the company! I certainly didn't see that coming. I wonder what attracted them to such a beleagured company as Instore?
Oh well, the Instore saga continues.....to get worse. Where will it end?
PS
Neilr, you've been awfully quiet of late. Please tell me you're not still holding after all that's happened. What are your thoughts on the current situation?
