FY15 finals are broadly in line with our significantly reduced expectations and as feared, contain an asset impairment exercise (£14.5m – non-cash). Judging by the tenor of the results the new Executive Chairman and new CEO (still to be finalised) have an enormous challenge to revive a flagging UK business. This is evidenced by a clear admission that the UK business is under-invested and with much increased competition. Given a stretched BS, we would not rule out another equity raise to back the ....
