Pursuing a clear path to realise value

In our view, the Board has performed outstandingly in swiftly addressing the serious issues faced by the group in recent years and then stabilising it by significantly reducing the level of cash-burn. The Group has been restructured, via disposal of the heaviest loss-makers or those with limited scale, reduced costs and improved efficiency of the remaining activities. However, the balance sheet has shrunk in recent years and was unable to fund the growth ambitions of the two core divisions, Marshall Group Property and Aerospace. Consequently, in early June Cambridge East was sold for gross proceeds of £200m to a partnership comprising The Hill Group and Homes England. Investors have also been informed that a sale of Aerospace is being pu...