Curtis Banks announced that it has selected an IT platform to roll out across the group to capture material operational and cost synergies. In our opinion this should have been received positively but the shares were marked down on low volume with the market focussing on a £2.1m impairment of capitalised costs for an alternative, which we do not consider material. The statement was not a profit warning. The impairment is an exceptional charge. Underlying earnings remain unchanged. We reiterate o ....
19 Dec 2017
N+1 Singer - Curtis Banks Group - IT platform selected, positive development – reiterate our BUY
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N+1 Singer - Curtis Banks Group - IT platform selected, positive development – reiterate our BUY
- Published:
19 Dec 2017 -
Author:
Andrew Watson -
Pages:
3
Curtis Banks announced that it has selected an IT platform to roll out across the group to capture material operational and cost synergies. In our opinion this should have been received positively but the shares were marked down on low volume with the market focussing on a £2.1m impairment of capitalised costs for an alternative, which we do not consider material. The statement was not a profit warning. The impairment is an exceptional charge. Underlying earnings remain unchanged. We reiterate o ....