Financial Statement

As you may have read in a previous post here the company I work for was sold by Glen Group to Maxima at the beginning of the year.

As I had shares in Eclectic, these were transferred into Glen Group shares. Unfortunately, as the purchase was a cash deal, I did not get Maxima shares but am left with Glen shares. As such I still get copies of the annual financial statement. Imagine my surprise to read on the front page.

Eclectic was the biggest company in the group and sat at the heart of the business in terms of turnover and profit. However, Eclectic performed below expectations, particularly in the second half, and when the opportuity arose we elected to dispose of Eclectic and inGroup and completed the sale in early January 2008.

Nothing “too” bad there.

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