Forecasts have been downgraded again given caution on trading and negative guidance on gross margins, albeit including one-offs. We identify 2 keys issues behind poor financial performance over the last 3 years, namely under estimating the need for reinvestment, and deploying a damaging strategy to manage older customers. The former is now baked into rebased numbers and the latter is being addressed. With systems savings kicking in from the end of this year, and strong growth expected to continu ....