Following the analyst presentation and discussion with management, we have reduced our forecasts, primarily for the impact of foreign exchange. The H1:H2 split in FY15 is now 48:52 which should be achievable assuming ongoing solid performance from Distribution and relative improvement from Heathrow and Gatwick offsetting currency and less buoyant cargo. We await to hear more detail on the potential impact of the living wage rules on Distribution and remain of the view that Aviation needs a susta ....
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Amended forecasts
- Published:
19 Aug 2015 -
Author:
Jon Lienard -
Pages:
3
Following the analyst presentation and discussion with management, we have reduced our forecasts, primarily for the impact of foreign exchange. The H1:H2 split in FY15 is now 48:52 which should be achievable assuming ongoing solid performance from Distribution and relative improvement from Heathrow and Gatwick offsetting currency and less buoyant cargo. We await to hear more detail on the potential impact of the living wage rules on Distribution and remain of the view that Aviation needs a susta ....