The account of what went wrong is the usual catalogue of errors, accidents, misunderstandings and failures in communication. It is the sort of thing you read in official reports on ferry and aircraft accidents. But just because there appear to be reasonable excuses does not mean nobody is culpable. So far we have only had the company's account; it may not be the whole story.
City investors might have been in more forgiving frame of mind had this been an isolated incident. However, Aerostructures is one of eight companies floated in the past year to have issued a profits warning. Many other new issues have bombed too. Aerostructures and MDIS are special, singled out not just by their top-drawer City advisers but also by their celebrity non-executive chairmen - Lord King in the first instance and Ian Hay Davison in the second. It appears that big names are no guarantee against mismanagement. So much for Cadbury.Reuse content