Actavo in the mid-2010s made the classic business mistake of over-investing. It invested in projects with dubious returns, like broadband in the US or the Azerbaijani oil and gas industry. The investments made Actavo bigger, but less efficient and less profitable.  Since 2017 Actavo, owned by the businessman Denis O’Brien, has been trying to undo those decisions. This year, the company says its reorganisation plan is finished. So its 2020 accounts can be judged by the standards of any other business (that’s facing into a pandemic).  An over-invested company will have big, growing revenues, along with falling margins and falling returns…

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