Ann: Half Year Report and Accounts - 31 December 2017, page-45

There is no point estimating a company valuation based on Dec 17 accounts - it's already Jul 18, plus it is not trading at present. This will be a more relevant calculation once it starts trading again, using numbers that are relevant at that time. But judging the situation qualitatively, I think it more likely that the company be in a better situation than it is at present once the time comes, than that it be in a worse situation. I think that right now it is near enough to rock bottom that, assuming it resumes trading, the only realistic way is up.