Bell Potter

CPU has changed the way they provide guidance for the year ahead, doing it on a constant currency basis (i.e. assuming FY17 will average the same as FY16). With this in mind, the guidance is for a slight increase in FY17 vs FY16 – the problem with this is that the pound has collapsed following Brexit vs USD – so the weighted average of all currencies at spot is around 2-3% worse than FY16 i.e. from this we can expect the company to deliver no growth in FY17 or for it to be slightly down in actual terms, following -7.9% in FY16.


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