Matalan - comment

The first results after restructuring are rarely good for any company, but it’s hard not to feel a little disappointed with zero EBITDA. Apparently, the e-commerce migration to the THG platform has been a mess, inventory is high and liquidity at the end of May was alright. The company has to trade through two seasons of merchandise, ordered at the wrong price point, to regain its profitability. The call is at 10.30 BST today.