They've been flagging this for some time in their rhetoric (Stuart was quoted in the press months ago suggesting would focus on FCF optimisation) so this shouldn't be a big surprise.
Still sounds like have left themselves some upside though given haven't upgraded CY25 margin target while have cut 6-8% of the workforce...
I'd also like the transformation to look at whether all parts of the portfolio are core. Personally don't see why they still own Flicks for instance, nor Powster. These should be sold to organisation best able to monetise them. I.e a media and creative design agency respectively. Rest of the businesses are either genuine software businesses or in the case of Numero is a network effects business that genuinely gets benefit from being aligned with the leading provider of software to circuits and distributors.
They've been flagging this for some time in their rhetoric...
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