Ann: Business update, page-50

Canaccord analysts said the share price declines come on the back of a large unwinding of its working capital, the unexpected issue of a convertible note to its major shareholder to fund artificial intelligence spending, and elevated churn, primarily in its technology vertical.But they said Friday’s news should go some way to alleviating concerns over its cost base after the restructuring.Analysts said there were no changes in the forecasts and they were awaiting further guidance at its November annual general meeting.“However, we see upside risk given the quantum of cost-out assuming a normalised churn profile.”