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Panmure Gordon reiterated its “sell” rating on the Imperial Leather parent company. The broker said the main issue is “a valuation which does not reflect the risks to earnings”, and in particular the uncertain economic conditions in Nigeria, which it estimates contributes around 40 per cent of sales.
Numis reiterated its “add” recommendation on the media group ahead of its final results, due out next week. The broker said it was particularly encouraged by the third quarter update, which “demonstrated a robust operational performance and financial results ahead of our forecasts in each region”.