Selecta - comment

Yesterday’s Q4 call ended on a frustrating note as we were not admitted to ask questions. We’ve been assured it wasn’t personal. Much of the long call came down to deserved chest banging, but looking forward, we see the company continuing to shrink to health, which is great, but not sufficient to support its balance sheet. Results were largely on target, with EBITDA €3m better, OCF €5m worse, Investments another €5m worse and therefore NCF €8m worse, before taking the opportunity to pay down the RCF by €25m.