Half Year Results 

ADES and the issue of debt servicing

ADES and the issue of debt servicing

In March, we changed tack on our buy call for ADES international (ADES) to a sell, as it emerged that net debt had climbed to 3.3 times annualised second-half cash profits (Ebitda). That ratio remains unchanged if we double interim cash profits, up 138 per cent on the 2018 half-year, as net debt stood at $601m (£481m) at the period-end, an increase from $174m last time around.

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