Investors seem to instinctively mark the Novus Holdings share price down when they see it has issued a Sens statement. As Novus’s statements go, the one issued on Monday was almost upbeat. It’s all relative of course. The latest news is that the decline in basic earnings per share for the year ended March 31 will only be between 70.1% and 75.1%. At the end of April Novus issued a trading statement warning shareholders basic earnings per share would be down at least 75%. The slight improvement is due to marginally improved cash flows included in the impairment testing models applied by the group. Without the massive impairments forced on the company by the loss of a big chunk of the Media24 printing contract, Novus’s financial 2018 results would have been reasonable. But it wasn’t just Media24-related impairments that knocked the results. The tissue division, which was expected to be a useful contributor to earnings, has proved to be a disappointment. This is certainly a knock to the...

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