No worries - was working on Trent. Seems an undisputed champion in their Westside business but I am getting a bit worried on their capital allocation in other loss making business - Zudio, Landmark, Trent Hypermarket.
We all know the consol ROCEs are poor. But the standalone ROCEs look poor too, even after removing the investment in subs. Basically, all the solid Westside seem to be getting squandered away in other formats. But will stop here and take this up in detail on the Trent thread.
1 Like