18 Jul 2018
Risks abating with positive signals in the FY18 results
FY18 was a challenging year for the Group, with adj. PBT decreasing 24%, the third year of declining profits. Reassuringly though, there were some positive signs in the results and, since our Sell note on 16th March, a number of uncertainties surrounding the investment case have improved. There is still work to do in order to deliver an improvement in LFL returns across the Group (expected to decline in FY19), but we believe there is now more visibility over a LFL earnings improvement in FY20 an ....
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Risks abating with positive signals in the FY18 results
Redde Northgate PLC (REDD:LON) | 381 13.3 0.9% | Mkt Cap: 861.6m
- Published:
18 Jul 2018 -
Author:
Greg Poulton -
Pages:
3
FY18 was a challenging year for the Group, with adj. PBT decreasing 24%, the third year of declining profits. Reassuringly though, there were some positive signs in the results and, since our Sell note on 16th March, a number of uncertainties surrounding the investment case have improved. There is still work to do in order to deliver an improvement in LFL returns across the Group (expected to decline in FY19), but we believe there is now more visibility over a LFL earnings improvement in FY20 an ....