DWS: Interim result 2015

The best that can be said about this IT consultant's disappointing first-half result is that it was well-flagged in advance. We're taking advantage of the stock's resilience to downgrade to Sell.

Everything was going backwards in DWS’s half-year result earlier this week, and the only saving grace is that this had been flagged first at the AGM in November and again in a December profit warning (see DWS flags first-half writedown on 17 Dec 14 (Buy – $0.97)).

With so much preparation, it’s little surprise that the result came in at the top of the guidance range, but that shouldn’t disguise the weakness of the performance.

Revenue down 2%; environment remains weak

Underlying net profit down 16%

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