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mic’s “remarkable change of course” looks to be proceeding well with greatly improved financials and a sharpened focus on three business areas with good potential. Newly reported unqualified accounts for 2017 show a return to profit which, however minimal (€0.1m at the net level), is welcome after the previous year’s substantial loss (c €30m), marked by significant write-downs. Restructuring is apparently largely completed, with management confident that its portfolio focus is “very much on track”. Ahead of the annual report with likely management commentary/ guidance, immediate financial prospects are necessarily hard to assess.

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