EBITDA and cash are both expected to be in line, while sales have grown +9% y/y to £25.3m (vs. £27.3m). Even more important, ESYS also reference it has materially completed its targeted restructure and so reduced the cost base by c.£7.5m on a pro-forma basis. We don’t believe the market has fully grasped how this should accelerate the company’s path to breakeven and in turn address concerns over capital adequacy, which in share price terms, has resulted in ESYS trading in at over a 60% discount ....
