Q1 EBITDA (excluding funding valuation adjustments (FVA) and one-offs of GBP7.5m) missed our estimate and consensus by 28–29%, largely explained by Health, as customers cancelled orders due to biological challenges. The company is looking to transition to a new Health business model, and as a result, has now decommissioned a CleanTreat system. Management announced a strategic review on 22 January that will include exploring a full or partial sale of the company. However, we reiterate our BUY and...
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