Arena announced a trading update for the year ended 31 December 2018, which saw a strong performance in the US and Middle East offset by operational issues in the UK Structures & Scaffolding business. These appear to be the result of ‘overtrading' (revenue beat expectations, but costs incurred materially increased), leading us to lower our FY18E Adj EBITDA estimates. We see this as a one-off issue, which management is taking steps to address (new regional management team). Trading on a FY19E EV/ ....
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Cenkos: Arena Events Group Plc - FY18E Trading Update
- Published:
17 Jan 2019 -
Author:
Cavendish Research -
Pages:
6
Arena announced a trading update for the year ended 31 December 2018, which saw a strong performance in the US and Middle East offset by operational issues in the UK Structures & Scaffolding business. These appear to be the result of ‘overtrading' (revenue beat expectations, but costs incurred materially increased), leading us to lower our FY18E Adj EBITDA estimates. We see this as a one-off issue, which management is taking steps to address (new regional management team). Trading on a FY19E EV/ ....