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 new management’s strategic review, which we understand is likely to be unveiled at the AGM stage on 5th May. Current trading would suggest a degree of LFL stability rather than a good recovery. We are unlikely to make any material forecast changes post today’s finals and maintain a Buy in the belief that the new team can unlock shareholder value.