Headlam have confirmed a difficult start to FY18 reflecting the softening UK retail environment and a customer specific issue; organic revenues have shrunk 6.3% in the first four months which is, therefore, still tracking meaningfully behind our estimate of a 2.0% decline in organic UK revenues in FY18. Whilst May has improved and self-help measures will benefit gross returns, we are again trimming our estimates to more conservative assumptions. The key period will, as ever, be the seasonally ....