speculating JAN / FEB results, page-7

Also, just to add to what I said.

Mr. Grech mentioned that NIHL settlements are "delayed". This affects cashflow and EBITDAW, but cannot actually make EBITDAW negative. Since delayed doesn't mean the cases are lost.

Slater UK is both delayed and having other integration problems for the first half of the financial year, and this was mentioned long ago, due to Medco and other issues. This is a more likely candidate to be negative EBITDAW.

However, considering they predicted UK to be already terrible in the original EBITDAW estimation of 205mil, it shouldn't actually be that much worse. Mr. Grech mentioned that they knew it was going to be bad first half of the year, but it's just that now they realised it's actually a bit worse.