The analyst believes that the focus is on sales recovery following an internal support program. EBITDA is not up to scratch, but inventory management has made good progress'.

Following the publication of the figures for the first half of the 2024 financial year, UBS reiterates its neutral recommendation on the share, but lowers its target price to 360 pence (from 380 pence).

' The group is performing well in its home shopping business, but this comes with greater pressure on EBITDA. All eyes are on the sales recovery from now on' says UBS.

' Adjusted EBITDA in the first half was -£16 million, missing forecasts by +£5 million. Good progress was made on the inventory position (£593 million) and creation. Forecasts for the 2024 financial year remain unchanged.

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