Following uncertainty due to the UK Budget and US election, ADF has experienced a number of projects moving from the FY24E pipeline into FY25E, and others being cancelled. We have conservatively reduced our FY24E Adj EBITDA from £12.6m to £7.3m, the bottom of management’s guidance, and our FY24E Adj PAT comes out as breakeven. Out of prudence, we are rebasing our FY25E forecasts in case the return to peak levels of activity continues to ramp-up slower than previously expected. Overall, our FY25E ....
