RE: Aston Martin confirms its intention to go public

[Unsorted]

Snippet from Telegraph article tonight re Aston.

'The company also took a £19m provision against consultancy work. This is understood to relate to the sale of designs and tooling for the discontinued Vanquish model to a start up, with payment yet to be received.'

Behind paywall, but link here. https://www.telegraph.co.uk/business/2019/07/24/as...

What is the above about? Credit terms offered or payment late?

[JxJ Jr.]

Unsorted said:

What is the above about? Credit terms offered or payment late?

The latter.

From the FT: "...would book a £19m charge for income it expected to receive from consultancy work with a US start-up, but that failed to materialise." and "Chief executive Andy Palmer...“...a consulting contract that’s gone bad,” he said."

Sell off your old stuff to someone that can't pay for it. Great.