It has been 18 months since we last looked at shares in this money printer. Back in September 2012, they cost 1,050p each and looked expensive on over 18 times forecast earnings – too punchy for us.
The company was battling against too much capacity in the paper banknote market, which had squeezed its selling prices. Shareholders were to be kept happy with a big cost-cutting plan that was expected to take trading profits from £60m to £100m in just over two years.
A lot has happened since then. The firm will fail to hit its £100m target – [...]
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