UGL disappoints on earnings but points to the future

UGL has confirmed its plans to split the company. But the planned demerger is some way off.

It’s always advisable to put your best foot forward when delivering a shocker of an earnings result as UGL’s Richard Leupen did this morning.

Put aside the minor technicality of a 73% drop in reportable earnings, on an underlying basis it wasn’t too bad at all with only a 45% drop. And that, as Leupen pointed out, was in line with guidance. 

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