STW doesn’t ad up

This marketing company is changing strategy but argues that dividend cuts and capital raisings are off the table. Jon Mills investigates.

Imagine a company that operates in an industry that’s cyclical at the best of times but that currently faces additional uncertainty from being ‘disrupted’ by new technology. The company has been frantically trying to buy the right businesses to meet this challenge, with the result that debt has shot up and banking covenants have come under threat, forcing management to rein in its plans and take the knife to its sprawling empire.

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