20 July 2012 – interim management statement

The group has issued an interim management statement confirming that trading continues to be in line with expectations.  There have been mixed performances across the group’s areas of operation with tough conditions in the Caribbean and Panama, whilst Macau continues to trade strongly.  However, termination rates in Jamaica have fallen and a change in the regulatory environment there should help the group.  Group net debt remains high at over $1.4bn and the group is looking to reduce this.  We had hoped for slightly more than this and reduce our recommendation to HOLD.