The FY24 results were in line with the group’s full-year update and show a year of two halves: a weaker 1H due to poor weather followed by a recovery in 2H. YoY revenues declined 9.6%, resulting in adj EPS down 32.7%. Cash generation was much improved in 2H with strong year-end working capital balances. No change to our recently introduced FY25 forecasts, with some previously identified market challenges remaining. The shares trade on a FY25E P/E of 10.1x and offer an attractive dividend yield o ....
