29 November 2018 – final results
The company has issued very disappointing results for the year to 30 September although this had been well-flagged in the recent trading statement. Although revenues rose 6% to £9.6bn, adjusted EBIT emerged at £250m down £58m on the previous year on a like for like basis. Net debt has also risen significantly causing some analysts to say that the shares are uninvestable. Until further clarity emerges over the long term viability of the company we maintain our HOLD recommendation.