ADF has released a trading update showing that, following a challenging post-strike year, FY24E was in-line with expectations with revenue of £35.2m and Adj EBITDA of £7.2m. Cash generation was slightly stronger than expected leading to net debt of £13.7m (£14.5m expected). The Company highlights that the industry remains relatively subdued going into FY25E, which in turn is leading to shorter lead times (reducing revenue visibility) and greater price competition. On this basis, we have reduced ....