Old news about credit cover4 Jul 2022 14:03
Retail expert Andrew Wade, at Jefferies, said he believed the company has already taken action to shore up its finances in light of the reported credit cover cut – which he said happened in May – in particular by closing the German arm.
He added that recent performance outlook comments would also have been made in knowledge of the change.
He said: "AO is certainly tight on liquidity, but we understand that there have not been any negative new developments, and that the company continues to expect its position to improve in the coming months - particularly with the cash drain of Germany now resolved."