Better results expected.13 Aug 2025 11:46
The global macroeconomic environment has become even more challenging in 2025. Assessing the impact of US imposed tariffs
has been added to the three principal risks around US/China relations, Russia/Ukraine and Iran/Middle-East. Clients, therefore,
are likely to remain cautious. However, once the levels of tariffs are negotiated and impacts assessed, we believe clients will
become more selective about the geographies in which they operate in order to find growth and focused on implementing
technologies, such as, but not only AI, to drive efficiency in a slower growth, higher inflation and higher interest rate environment.
This may be the time when AI-adoption accelerates at scale. With that said, we expect an improved performance in the second
half of the year, aided by the phasing of revenue from new business. We will continue to focus on our cost base and will take
further action to support profitability and expect net revenue and operational EBITDA to be broadly similar to 2024, on a constant
currency basis, with a further reduction in net debt by year end to the range of £100-140 million