Transcom - comment

[Wolfgang for Tomas] Revenue from e-commerce and tech were disappointing as the company reported Consolidated net revenues some €10m below our forecast, impacted by general macroeconomic uncertainty and low growth, if any. Still, once adjusted for an increasing amount of add-backs and a positive WC swing, OCF was €10m ahead of projections, and that carried through to the net change in cash for the period.  Creditors will, for once, be more concerned with the top-line; however, as management blamed slower client decision-making and general uncertainty driving down consumer demand, but was at pains to point out that AI was not to blame and that positive signs were emerging.