The (very late) release of the FY22 numbers as well as the Q1 23 top-line number are rather disappointing, but this is not the main issue. The outlook points to another tough year and nothing seems to have changed from a commercial standpoint. Far worse, auditors have raised concerns about the refinancing of the group (in September 2023 and FY25). Given the lack of transparency and progress in the turn-around of the group, we stop coverage of the stock.
