Accountant and Financial Blogger, John Jackson, is raising concerns about Wigton Wind Farm’s quarterly report, released last week.
It’s the first report released since Wigton’s Initial Public Offer, IPO, in May.
The report shows an impressive increase in net profit after taxation – reported as $366-million for April to June 2019.
That’s more than double the similar period last year.
According to the report, the increase in profits was largely because the company had less finance expenses as a result of lower foreign exchange losses in the quarter.
However, the report also shows a nearly 3% increase in energy production at the wind farm and a 9% increase in the availability of the wind turbines.
Jackson says the numbers aren’t as good as they seem, as the report also leaves out important information.
He’s concerned that the report doesn’t inform shareholders that Wigton’s energy production is seasonal, so the quarterly report may be skewed.
Mr. Jackson is also concerned about what he sees as a conflict of interest on Wigton’s Board of Directors.
Chairman of the Financial Services Commission, FSC, Jacqueline Stewart Lechler, is listed as a director of Wigton, as well as a shareholder with 8-point-7 million shares in the energy company.
John Jackson, chartered accountant and publisher of the financial blog, I-C Insider dot-com.
He was speaking this morning with Nationwide News.
Meanwhile, General Manager of Wigton Wind Farm, Earl Barrett, is indicating that shareholders have no cause for concern.
He says the company’s quarterly report is good, and in keeping with their historical performance.
Mr. Barrett is admitting that Wigton’s production is seasonal, and is strongest between May and July.
He says it wasn’t the company’s decision to disclose or omit that information.
Mr. Barrett is also defending the inclusion of FSC Chairman, Jacqueline Stewart Lechler, on Wigton’s board.
He says he doesn’t see a conflict of interest.