Tell, would be interested in your comments on the numbers.
As far as I can make out, it is a $50m+ EBITDA downgrade for the second half on where we were 2.5 months ago when they confirmed forecast - and the exchange rate hasn't gone any further against them since then. And that's with Morecambe bay going live (although the revenue from it probably still falls into next year when deployment meets criteria).
I cannot see what has happened in the NHS contract since mid-March that would have cost them $50-$65m - the terms of a possible new CSC agreement were largely already known by then anyway. The size of the EBITDA downgrade is actually possibly larger than the revenue downgrade.
This needs more explanation than we got today, so if you have any clues or comments, I'd love to hear them!
ISF Price at posting:
39.0¢ Sentiment: None Disclosure: Held
