ETO has issued its Q3 trading update. It is indicating an in-line performance with consensus EBITDA of c£130m for FY16 and EPS of c19p. Net Debt will be higher at c£300m (£180m adjusted basis) vs N1Se £254m, but the company says it will generate some positive free cash flow (we have a £3m positive estimate), The weakening of sterling since the last update (November interims) has provided a tailwind. Group revenues on a constant currency basis are down 4% with the Film unit continuing to contract ....
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Trading Update
ETO has issued its Q3 trading update. It is indicating an in-line performance with consensus EBITDA of c£130m for FY16 and EPS of c19p. Net Debt will be higher at c£300m (£180m adjusted basis) vs N1Se £254m, but the company says it will generate some positive free cash flow (we have a £3m positive estimate), The weakening of sterling since the last update (November interims) has provided a tailwind. Group revenues on a constant currency basis are down 4% with the Film unit continuing to contract ....