A difficult first half year for the company driven mainly by the Levy Exemption Certificates (LEC) removal, lower volumes sold and further pressure on commodity markets with EBITDA reaching £70m (-41.7% yoy) and adjusted net income falling 59% yoy to £17m, translating into an EPS of 4.2p. As a result, the dividend has been cut by the same amount to 2.1p, in line with the 50% payout ratio. On a reported basis, however, there is some positive news as reported net income per share re
