Results for the year ended March were in line with market expectations that were reduced 3% at the time of the pre-close. Although exceptionals are higher than expected, the additional charges are mostly non-cash and don’t adversely impact our forecasts for net debt to reduce by another c£60m over the next 3 years. A good start to the year in EGL means EBITDA forecasts have edged up c4%. This and unchanged PBT/EPS forecasts should be well received given the low P/E of 6.3x falling to 4.6x and th ....
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In line results and positive momentum in EGL
- Published:
14 Jun 2016 -
Author:
Matthew McEachran -
Pages:
9
Results for the year ended March were in line with market expectations that were reduced 3% at the time of the pre-close. Although exceptionals are higher than expected, the additional charges are mostly non-cash and don’t adversely impact our forecasts for net debt to reduce by another c£60m over the next 3 years. A good start to the year in EGL means EBITDA forecasts have edged up c4%. This and unchanged PBT/EPS forecasts should be well received given the low P/E of 6.3x falling to 4.6x and th ....