[Nick Hargrave]

FY results published this morning

https://www.londonstockexchange.com/news-article/AAF/full-year-results/15951654

Our forecast for revenue was spot on, with the company achieving a better margin than expected so EBITDA came in slightly higher than our expectations. While spending on spectrum and licences was a little more front loaded this year than expected, the growth trajectory and cash flow generation of the business is strong. Non-cash items and macroeconomic concerns are likely to continue to dominate sentiment, but the underlying operational performance of this business makes its undervaluation quite stark in my view

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