In light of the pressure the business was under at the H1 2011 results, we were expecting a restructuring, so today’s news is not a surprise, although the timing has come a little earlier than we would have anticipated.
WILL WALLIS | NUMIS
Given that Q411 will be around zero per cent, and most likely exits in negative like-for-like territory, despite a reasonable tailwind from outsourcing contracts signed early in 2011, we see the top end of guidance as very optimistic.
ROGER PHILLIPS | EVOLUTION SECURITIES
Third warning this year, and feels like capitulary one where all the bad news gets packed in. The shares will likely retest the 2008 low of 62p and, while cheap-looking ... investors may no longer choose to back current management