PBT up 86% on near-flat revenue as leverage falls to 4.7x EBITDA
Profit recovery and lighter capex drove a big free cash flow lift, but operating cash conversion slipped and H2 remains the decisive period.
Published 22 April 2026
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Profit recovery and lighter capex drove a big free cash flow lift, but operating cash conversion slipped and H2 remains the decisive period.
Published 22 April 2026
Read briefingEarnings and leverage both deteriorated sharply, but a working-capital release and lower capex delivered the first positive pre-lease FCF in the...
Published 22 April 2026
Read briefingGroup revenue was only 3.8% softer, but a materially weaker H2 and rising leverage drove a dividend cut and a sharp decline in returns.
Published 22 April 2026
Read briefingTop-line growth and a capex cut lifted free cash flow, but PBT fell 85%, net debt more than doubled, and the final dividend was cut 90%.
Published 22 April 2026
Read briefingOperating EBITDA was flat, but higher interest and a US margin collapse drove NPAT lower while borrowings and working capital absorbed cash.
Published 22 April 2026
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