Lack of Orion forecasts criticised
Fund managers have expressed concern over Orion Health s unusual decision to not providepatagonia better sweater 1 4 zip womens earnings forecasts ahead of its highly anticipated initial public offer, which will raipatagonia apastron hooded insulated jacket review2se up to $150 million in new growth capital.patagonia outlet store locatorThe Auckland based company, which develops IT systems used in hospitals, yesterday registeredpatagonia piton hybrid vest review its prospectus and declared an indicative price range for its sharemarket listing of $4.30 to $5.70 per share, which would value the firm at between $720 million $915 million.IPO prospectuses usually contain detailed forecasts of future financial performance, but Orion decided not to include such information because of the inconsistent nature of its revenue.Chief operating officer Graeme Wilson said the company s revenue came via large contracts and it was difficult to provide accurate forecasts as to when contracts will lanbuy patagonia hatsd and not land .Fellow Kiwi spatagonia apastron hooded insulated jacket reviewoftware developer Gentrack, which listed in June, was forced to downgrade its profit forecast just five weeks after the float because of delays with major customer contracts.Salt Funds Management managing director Paul Harrison said the lack of prospectus forecasts combined with the $14.8 million loss Orion has reported for the six months to September 30, up from a $4 million loss in the same period of last year was disconcerting . It doesn t give investors much to go on, particularly in a business that you re expected to pay for growth opportunities. However, Harrison reckoned investors would give Orion the benefit of the doubt .Another fund manager, who did not want to be namepatagonia chile luxury lodgesd, said the lack of forecasts required a leap of faith by investorspatagonia discount code holiday. Personally, if I don t gepatagonia discount code llt forecasts I don t invest. Andrew Ferrier, Orion s chairman, said forgoing forecasts was thepatagonia apastron hooded insulated jacket review0 prudent thing to do and a hugepatagonia apastron hooded insulated jacket review1 amount of financial information was included in the prospectus.Orion was previously profitable, with profit rising from $385,000 in the 2010 financial year to $7.8 million in the year to March 2013, according to the prospectus.Ferrier said the recent losses were a result of investments for future growth. We ve had our eyes open that we had to move ahead of the curve [and] that we had to start ramping up that R investment. A big supatagonia apastron hooded insulated jacket review3rpatagonia guide jacket motorge in growth in the United States where the company securedpatagonia guide jacket yankees 15 new customers last year had resulted in higher implementation costs.That might have hit the company s bottom line, but Wilson said the new customers would prove valuable in the long term.Meanwhile, the company said the new capital would help fund the establishment of 40 new research and development teams, with seven to eight staff per team.
