This remains a tough business, but the management is doing quite well : - growing revenues by 2 % during H1 25 (flat or growth in local currency revenues for 3 of their 4 countries), - almost in line with cost growth (+ 3.2 %). So adjusted EBITDA decrease was limited to 6 %. Overall, the company was able to slightly increase its NPATA : + 6 % to 7.1 m$.
H1 25 free cash flow was negative by 4.8 m$. Only due to a large increase in working capital* (due to delay in cash collection in the UK and Canada). Excluding this working capital impact, free cash flow was 7 m$ which corresponds to an annualised free cash flow of 14 m$, in line with the regular free cash since FY 19.
* unwinding in Feb 25.
GTN Price at posting:
61.0¢ Sentiment: None Disclosure: Not Held
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