This morning’s Q1 update highlights a solid start to FY’16, in line with expectations. The main bright spot was the UK which saw strong growth in volumes after a number of quarters of lower YoY volumes in FY’15. The Middle East benefited from an enlarged fleet which drove acceleration in revenue growth as growth in the UAE, Kuwait, Oman and Qatar more than offset a decline in Saudi. Additional fleet investment in FY’15 has impacted margins, but this is expected to improve over the course of the ....
14 Apr 2016
Solid start to FY’16, but we remain cautious on the Middle East
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Solid start to FY’16, but we remain cautious on the Middle East
This morning’s Q1 update highlights a solid start to FY’16, in line with expectations. The main bright spot was the UK which saw strong growth in volumes after a number of quarters of lower YoY volumes in FY’15. The Middle East benefited from an enlarged fleet which drove acceleration in revenue growth as growth in the UAE, Kuwait, Oman and Qatar more than offset a decline in Saudi. Additional fleet investment in FY’15 has impacted margins, but this is expected to improve over the course of the ....