RE: Valuation13 Oct 2023 12:16
Yesterdays announcement's were hard to swallow. I agree that the Company needs to reduce debt significantly and cut costs which obvs includes the divi. However the about turn was for me poor management and clearly their general handle on margins was not up to speed. I agree this about turn must be linked to the covenants/lenders and its a shame this wasn’t addressed a year ago. Hopefully management are now fully on the ball and yesterdays release draws a firm line in the sand. The sale of the US School Bus Division should flatten the debt and release some pressure on the business especially given the rather odd world we live in these days. Sentiment and confidence with management/bod is clearly at a low ebb and needs to be re-built.