Revenue of £144.0m (AER) is ahead of Zeus’ £140.0m estimate and profitability is in line with the guidance provided in November and confirmed in January. Net debt of £63.7m (excl. leases and accrued interest) equates to 1.87x EBITDA, in line with the stated aim of being below 2.0x by year end and is c. £3.1m better than our estimate. Trading in the final few weeks appears to have been marginally better than Zeus had expected across all three divisions, but Billi remains the standout performer ac ....
