The business now trades on its lowest P/E and EV/Ebitda multiples in history. Market is saying “prepare for more disappointment”.

A previous call said one of the biggest wins of 2024 (which will rep 2nd largest contract in group) will start impacting from Q2.

If no further downgrades announced then shares can trade 40-50p in short term.

SMS recently said this in The Times:

“I think that situation may well have now stabilised and they may spend the same or more in 2025 and beyond”