April 2019 - Financials Released

[Spursex]

Eventually, exactly. In the year we're talking about our debt rose by £380m.

Ex is probably nearer the mark with the accounting rules. Still feels like a zero profit and a debt of £240m would have been preferable though.

The instutional lenders would have put in place covenants - which some always find perverse as often they'll state that a fall in profits triggers a rise in the cost of money....and I'd be very surprised if that wasn't the case here, as these types of provisions are only excluded for absolute blue-chip borrowers (of which we aren't one!).