IAN WHITTAKER | LIBERUM
Management now realise they will be under intense pressure to deliver and they have taken the concrete step of impairing the assets and formulating a new timetable. Thus, for investors looking for the longer term, we would recommend buying at these levels.
STEVE LIECHTI | INVESTEC
The outlook was reconfirmed with trading as expected. We like the portfolio refocus story/value creation, but RMS(one) delays/issues – the launch is still not going to plan – hold back this year’s numbers to the bottom of the range and look a “running sore” on sentiment.
GARETH DAVIES | NUMIS
All in all no major surprise in reported divisional performance for 2014… Disappointingly RMS(one) faces further delays. This has a material impact on our 2015 estimates given reduced capitalisation of future development costs and committed increases in data centre costs.