Hello M00seUK:
Why is dyson posting financial results, tho cryptic and limited, for 2007 almost one year after the calendar year closed? Generally this info is released within 90 days of the close of the calendar year, if not earlier. This data is 325 days after the business year closed: December 31, 2007. Long after most businesses reported for 2007 and paid out dividends. Most businesses now are reporting interim results for 2008. Why is James behind the curve and reporting so late?
When it came to the UK capital gains tax increase, dyson had an emergency midnight Board of Directors meeting on March 31, 2008 right before the new tax law was to take effect. James got board approval to make a hasty cash withdrawal [and avoid the new higher tax law rates]. What was it? $260 MILLION. He can act quickly when he wants. Not so quickly otherwise.
Dyson dividends cut in half in 2007 over 2006 by over 30 million GBP. James reduced his salary by 60 percent in 2007 over 2006. These are not the actions of a business that did well. In fact, just the opposite. This is not the full disclosure of financial results for dyson for 2007. Just a few numbers tossed out to "paint" a rosie scenario. Along with some other numbers, including extremely late year reporting, that raise alot of questions.
Carmine D.
Carmine, there's nothing here at all to suggest Dyson is being allusive. Dyson is a private limited company which (as you know) unlike a public listed company doesn't have to revel anything beyond the figures contained in the news article, which was taken from the accounts filed at companies house.
Dyson filed the year ending 31 Dec 2007 on 31 Oct 2008 - exactly the same requirement as any other limited company that chooses to use this accounting period.
http://wck2.companieshouse.gov.uk/7c555f817319dcf2dcfc450748155ff3/compdetails
The comparisons you make with performance to dividend payments are largely irrelevant for a company owned 100% by one family.
Whilst the future certainly will be challenging for them, diversifying in to international markets and indeed in to non-floorcare sectors they look better set to weather the storm than most. They sell functional, as apposed to luxury goods, with high added value.
Surely you would also recommend shutting down all development on the newer, smaller, and cheaper Dyson hand dryer (Airblade v.2 ?) that is patent pending.