The underlying EBITDA figure is definitely the best part of the...

The underlying EBITDA figure is definitely the best part of the announcement imo.

With revenue flat and Track flat I can only see 2 drivers for the EBITDA growth:

1. Q&A growth which must be contributing more to EBITDA
2. Reducing costs or cost base in either or both sides of the business

There is clearly potential there - Q&A continues to show strong growth, and if they can get Track on track there is clearly scope for revenues and ebitda to increase further.

Its unfortunate imo they chose not to be clearer regarding the gross debt position.

Cheers, Sharks.