FY16 pre close update from NWF shows a solid performance, with earnings in-line with board expectations (PG EBIT £8.7m). We believe this is an impressive performance given the headwinds facing each of the three divisions. Moreover, despite spending £9.5m on acquisitions (FY16E), net debt ended the year “significantly lower than anticipated”. This highlights the cash generative nature of the group: post maintenance FCF has averaged £6.7m (FY12-FY16E) and provides
