FY’17 results were worse than expected, with underlying PBT of £75.0m vs. £80.1m forecast. Results were primarily impacted by a weaker H2 in the UK. We believe that we are unlikely to see a turnaround in the current year and therefore reduce our forecasts, with PBT in FY’18 falling to £72.9m vs. our previous forecast of £81.8m. In FY’19, we expect the new management team’s initiatives to start to benefit and forecast PBT of £77.2m vs. £84.2m previously. The near term outlook is mixed (with Spain ....
30 Jun 2017
N+1 Singer - Northgate - Mixed outlook, but shares now undervalued
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N+1 Singer - Northgate - Mixed outlook, but shares now undervalued
Redde Northgate PLC (REDD:LON) | 373 -5.6 (-0.4%) | Mkt Cap: 840.9m
- Published:
30 Jun 2017 -
Author:
Greg Poulton -
Pages:
9
FY’17 results were worse than expected, with underlying PBT of £75.0m vs. £80.1m forecast. Results were primarily impacted by a weaker H2 in the UK. We believe that we are unlikely to see a turnaround in the current year and therefore reduce our forecasts, with PBT in FY’18 falling to £72.9m vs. our previous forecast of £81.8m. In FY’19, we expect the new management team’s initiatives to start to benefit and forecast PBT of £77.2m vs. £84.2m previously. The near term outlook is mixed (with Spain ....