Portobello SpA - Focus back on the operations

Portobello's FY23 results demonstrate the primary effects of the out-of-court settlement with respect to VAT and direct taxes (a higher year-end net debt position) and the secondary effects, such as disruption to its trading activities due to management's focus on cash generation and the company's inability to trade as previously expected. Following the period end, two capital raises totalling €12.6m, including €3.8m by three of the executive management team, from a maximum mandated amount of €20m, have improved the company's financial position. The requirement to improve the balance sheet further is likely to necessitate a focus on managing costs and cash generation in FY24. Ahead of the publication of the full financial statements and greater clarity on the company's trading strategy for the year ahead, we withdraw our estimates.

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