The announcements just keep on coming, and the numbers just keep on getting worse. Shares in Irish banks, already under strain, have shed 50 per cent of their value in less than a month, while the airline industry is warning that it must shed jobs and obtain state support to survive the coronavirus crisis. Willie Walsh has deferred retirement, while Michael O’Leary is not ruling out full grounding of its fleet. Paddy Power owner Flutter believes the lack of sport could impact full-year earnings by stg£110 million. The list goes on. All over the world, investors are spooked and rattled.…
Much of the investor criticism against ABF in recent years was that it was too conservative, had too much cash and too little debt.