I reckon the contract win isn't the important part of the rns...the confession (hardly surprising, I accept) that the markets for gtc remain challenging shd send shivers down investors' spines (if they have those lol)
wait for EV/EBIT closer to 5-6?...so EV c £110-150m I reckon ....which is 5-10% lower than here depending on how much cash you consider surplus (pls check...dyor)..
...trading low to high 50p (52-58p say) for 10% flip is my game now here
..I was once enthusuastic about vtu, but margin pressure is a challenge and I am skeptical about the quality of their franchises rel to competition (the argument made by others that margins shd expand towards INCH)
"Working capital absorbed a further £47,784 in outflows"...eh?! look at the cashflow and decide for yrself
...still if the clients pay up, this is cheap imv