Published on: April 24, 2018

H1 solid but short-term headwinds building

With headline figures already disclosed (see Doubling and Delivering, Feb ‘18), investors are likely to focus on the additional operational detail provided and the outlook commentary in today’s results. Constant currency performance at Perfect was healthy, synergies are on track and PROACTIS is signing record numbers of new customers. However, strengthening Sterling and customer losses suggest a slower H2 than we were previously anticipating. We reduce our FY18 and FY19 Adjusted EPS forecasts by 18% and 22% respectively.

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