a company's financial results are judged against what the shareholders want out of the business
If there is no desire to sell or raise money for investment or raise money on a stock market and cash flow is good, directors are paid well and shareholders are getting a bit of a dividend then why post a large profit - it just gets taxed
Better to show a small profit so shareholders can still get a divi but reduce tax liabilities
As far as I know Morgan is held in a family trust and if there is no exit strategy within the next few years and sales are maintained with a small growth then all good
