YTD, TCG has falled a massive 78% to 42.39p, against a decline in the Footsie of 10%.
Saw this interesting post:
Studying the TCG presentation of May this year, TCG during H1-10 carried debt of ?1065m serviced at a 3.9% interest rate. Post the refinance, the status in 1st half 2011 is a total debt of about ?1.3bn, however to an average interst rate of 6.1%. This in my book means interest payments for 2011 are likely to be twice that of 2010.
Just to support Gator, I have somewhere else read that the total TCG liabillities mounts 3bn against what is mostly intangible assets, however I cant at the moment recall from where I got this data.
What's interesting is that last year, TCG make an operating profit of £391m, with interest of £116m, giving it an interest cover of 3.37. Debt has gone up, and if you assume that the interest rate of 6.1% is accurate, then TCG looks extremely vulnerable. Operating profits in half-year stage has worsened against its comparatives, and it looks like we're in for a bumpy economic ride. TCG is of course economically sensitive, heavily indebted, and the debts are mounting. It is vulnerable beyond belief.