24 January 2018 – trading update
The group has issued a slightly downbeat trading update for the year to 31 December 2017 with losses on the group’s East Anglia One offshore project likely to be greater than previously thought. Revenues for the year are also likely to be at the lower end of expectations. Nevertheless, the news has not come as much of a surprise as can be seen from the resilience of the share price and the group’s strong cash position remains intact with net cash expected to be $255m at the year end. As we stated when we recommended the shares the stock is really a long term investment and we see no reason to change our view at the moment. BUY.