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GTN - Lower-than-expected cash post placement and M&A - Earnings Flash

GTN released its FY16 results with revenues -12% and EPS -87% vs FY15. As we noted previously, regarding FY16, we are more attentive to the company’s restructuring progress in its acquired agri-food businesses instead of reading too much into its P&L. FY17 will provide a much clearer business picture and meaningful P&L, given that Vilico (VLC) will be fully consolidated to catapult strong earnings growth.