IM last wrote about Metrofile in November 2019 when the share price was 220c. That was after a difficult results year, but the price had perked up given the cautionary released in early September 2019 after the results.

FY2019 results were dire. Headline earnings declined 29% to 20.5c a share and the dividend was halved to 10c as Metrofile preserved cash to focus on de-leveraging the balance sheet, lumbered with R588m of debt. Much of this debt had been taken on from the acquisition in 2017 of the G4S document management business in Kenya...

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