Performance and expectations may not coincide. As an intellectual exercise I have just looked out the IPO document prepared by Cenkos when fundraising to measure it against Finance Director Brian Stockbridge's assertion that performance was in line with expectation. Note these forecasts were dated 29 October 2012. I have compared the forecasts in the Cenkos document circulated as part of the fundraising process with the club accounts just issued. For the period to 30th June 2013: Forecast Sales £32.2m v Actual Sales £19.1m Forecast Operating Costs £31.5m v Actual Operating Costs £32.0m Forecast Operating Loss £1.1m v Actual Operating Loss £14.4m Forecast Closing Net Cash £22.7m v Actual Net Cash £11.2m I also examined the profit forecast circulated by Mr Stockbridge on 21 January 2013 with the December Management Accounts. He forecast an Operating Loss of £6.8m compared to the actual loss of £14.4m, so the published results are not remotely in line with previously expressed expectations.