Aankondiging • Nov 20
Borr Drilling Limited Announces Temporary Suspension of Operation for its Rig Arabia II, Operating in Saudi Arabia Borr Drilling Limited received a notice of temporary suspension of operation for its rig Arabia II, operating in Saudi Arabia. The temporary suspension will be for a period of up to 12 months. The commencement date of the suspension is still to be confirmed by the customer. Aankondiging • Nov 08
Borr Drilling Limited Approves Cash Distribution for the Third Quarter of 2024, Payable on or About 16 December 2024 Borr Drilling Limited announced that the Company's Board of Directors has approved a cash distribution of paid-in capital of USD 0.02 per share for the third quarter of 2024. Dividends payable to shares registered with Euronext VPS will be distributed in NOK with fixing date on 19 December 2024. Date of approval is 6 November 2024. Last day including right OSE is 27 November 2024. Last day including right NYSE is 27 November 2024. Ex-date OSE is 28 November 2024. Ex-date NYSE is 29 November 2024. Record date is 29 November 2024. Payment date is on or about 16 December 2024. Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about December 19 2024. Aankondiging • Nov 02
Borr Drilling Announces Voluntary Delisting from Oslo Stock Exchange as of 31 December 2024 Borr Drilling Limited (the ‘Company’) announced that Euronext Oslo Stock Exchange (‘OSE’) has approved the Company's application for delisting, following an affirmative shareholder vote at the Company's Special General Meeting in October 2024. The Company's shares will be delisted from OSE as of 31 December 2024. The last day of trading will be 30 December 2024, and the Company will subsequently maintain a single listing on the New York Stock Exchange (‘NYSE’). Shareholders holding shares that are traded at the OSE, held through the Norwegian central securities depository held with Euronext Securities Oslo (commonly known as the ‘VPS’) may divest their shares through open market transactions, or work with their bank or broker to migrate their shares to the Depository Trust Company (DTC) in the US for trading on the NYSE. The Company intends to maintain its share registration with the VPS for a period of at least 12 months from the effective date of the delisting, allowing shareholders who want to maintain registration of their shares in Euronext Securities Oslo (VPS) to continue trading their shares via a Norwegian broker (outside of the Oslo Stock Exchange) with other investors with shares registered with Euronext Securities Oslo, or migrate their shares to the DTC within such 12-month period. Aankondiging • Oct 02
Borr Drilling Approves Delisting of Common Shares from the Oslo Stock Exchange Borr Drilling Limited announced that a special general meeting of the company was held on October 1, 2024, the following resolution was passed: To approve the delisting of the Company's common shares from the Oslo Stock Exchange and to authorise the Board of Directors to take steps to implement the delisting including filing an application to the Oslo Stock Exchange on behalf of the Company. Aankondiging • Oct 01
Borr Drilling Limited to Report Q3, 2024 Results on Nov 06, 2024 Borr Drilling Limited announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: US$0.13 (vs US$0.003 in 2Q 2023) Second quarter 2024 results: EPS: US$0.13 (up from US$0.003 in 2Q 2023). Revenue: US$271.9m (up 45% from 2Q 2023). Net income: US$31.7m (up US$30.9m from 2Q 2023). Profit margin: 12% (up from 0.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Aug 15
Borr Drilling Limited Approves Cash Distribution for the Second Quarter of 2024, Payable on or About 6 September 2024 Borr Drilling Limited announced that the company’s board of directors has approved a cash distribution of paid-in capital of USD 0.10 per share for the second quarter of 2024. Ex-date OSE is 21 August 2024. Ex-date NYSE is 22 August 2024. Record date is 22 August 2024. Payment date is on or about 6 September 2024. Aankondiging • Aug 12
Borr Drilling Limited Provides Unaudited Earnings Guidance for the Three Months Ended June 30, 2024 Borr Drilling Limited provided unaudited earnings guidance for the three months ended June 30, 2024. The company expected for the three months ended June 30, 2024: total operating revenues of approximately $272 million, an increase of $38 million or 16% compared to the first quarter of 2024 and operating income of approximately $104 million, an increase of $19 million or 23% compared to the first quarter of 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr61.45, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Energy Services industry in Europe. Total returns to shareholders of 435% over the past three years. Aankondiging • Aug 02
Borr Drilling Limited to Report Q2, 2024 Results on Aug 14, 2024 Borr Drilling Limited announced that they will report Q2, 2024 results at 4:25 PM, Central European Standard Time on Aug 14, 2024 Board Change • Jul 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Jeff Currie was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • May 24
Borr Drilling Limited Approves Cash Dividend for the First Quarter of 2024, Payable on or About 17 June, 2024 Borr Drilling Limited announced that the Company's Board of Directors has approved a cash distribution of paid-in capital of USD 0.10 per share for the first quarter of 2024. Date of approval: 22 May, 2024. Record date OSE/NYSE: 3 June, 2024. Payment date: On or about 17 June, 2024. Ex-date OSE: 31 May, 2024. Ex-date NYSE: 3 June, 2024. Aankondiging • Apr 05
Borr Drilling Limited Receives A Notice of Temporary Suspension of Operation for Its Rig Borr Drilling Limited has received a notice of temporary suspension of operation for its rig “Arabia I”, operating in Saudi Arabia. The temporary suspension will be for a period of up to 12 months, and is expected to commence in the second quarter. The Company intends to seek alternative engagement for the rig while on suspension. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: US$0.09 (vs US$1.64 loss in FY 2022) Full year 2023 results: EPS: US$0.09 (up from US$1.64 loss in FY 2022). Revenue: US$771.6m (up 74% from FY 2022). Net income: US$22.1m (up US$314.9m from FY 2022). Profit margin: 2.9% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 64% per year whereas the company’s share price has increased by 61% per year. Aankondiging • Mar 27
Borr Drilling Limited to Report Fiscal Year 2023 Final Results on Mar 27, 2024 Borr Drilling Limited announced that they will report fiscal year 2023 final results on Mar 27, 2024 Aankondiging • Mar 21
Borr Drilling Limited(OB:BORR) dropped from Oslo OBX Total Return Index Borr Drilling Limited removed ffrom Oslo OBX Total Return Index. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 77% After last week's 77% share price decline to kr14.99, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Energy Services industry in the United Kingdom. Total loss to shareholders of 26% over the past three years. Buy Or Sell Opportunity • Feb 23
Now 70% undervalued after recent price drop Over the last 90 days, the stock has fallen 78% to kr14.99. The fair value is estimated to be kr50.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 55% per annum over the same time period. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: US$0.09 (vs US$1.64 loss in FY 2022) Full year 2023 results: EPS: US$0.09 (up from US$1.64 loss in FY 2022). Revenue: US$771.6m (up 74% from FY 2022). Net income: US$22.1m (up US$314.9m from FY 2022). Profit margin: 2.9% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. New Risk • Feb 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risk Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Aankondiging • Feb 22
Borr Drilling Limited Approves Cash Dividend for the Fourth Quarter of 2023, Payable on or About 18 March, 2024 Borr Drilling Limited announced that the Company's Board of Directors has approved a cash distribution of paid-in capital of USD 0.05 per share for the fourth quarter of 2023. Ex-date is 1 March, 2024. Record date is 4 March, 2024. Payment date is on or about 18 March, 2024. Breakeven Date Change • Feb 16
Forecast breakeven date pushed back to 2024 The 6 analysts covering Borr Drilling previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of US$198.1m in 2024. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Buy Or Sell Opportunity • Feb 02
Now 69% undervalued after recent price drop Over the last 90 days, the stock has fallen 79% to kr14.99. The fair value is estimated to be kr48.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 61%. Buying Opportunity • Jan 12
Now 65% undervalued after recent price drop Over the last 90 days, the stock is down 81%. The fair value is estimated to be kr42.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 61%. Buying Opportunity • Dec 27
Now 60% undervalued after recent price drop Over the last 90 days, the stock is down 81%. The fair value is estimated to be kr37.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 61%. Aankondiging • Dec 22
Borr Drilling Limited Approves Cash Distribution for the Third Quarter of 2023 Borr Drilling Limited has approved a cash distribution of paid-in capital of USD 0.05 per share for the third quarter of 2023. Date of approval: 22 December, 2023, Ex-date: 2 January, 2024, Record date: 3 January, 2024 and Payment date: On or about 22 January, 2024. Breakeven Date Change • Dec 12
Forecast breakeven date moved forward to 2023 The 6 analysts covering Borr Drilling previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of US$1.50m in 2023. Earnings growth of 77% is required to achieve expected profit on schedule. Buying Opportunity • Dec 11
Now 68% undervalued after recent price drop Over the last 90 days, the stock is down 80%. The fair value is estimated to be kr47.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 61%. Aankondiging • Dec 09
Borr Drilling Limited (OB:BORR) announces an Equity Buyback for $100 million worth of its shares. Borr Drilling Limited (OB:BORR) announces a share repurchase program. Under the program, the company will repurchase up to $100 million worth of its own shares. The program does not have a fixed expiration date. Breakeven Date Change • Dec 01
Forecast breakeven date pushed back to 2024 The 6 analysts covering Borr Drilling previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 97% to 2023. The company is expected to make a profit of US$212.6m in 2024. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Buying Opportunity • Nov 24
Now 53% undervalued after recent price drop Over the last 90 days, the stock is down 80%. The fair value is estimated to be kr32.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 61%. Aankondiging • Nov 19
Borr Drilling Limited Proposes Quarterly Dividend Borr Drilling Limited announced that the Board intends to implement a regular quarterly dividend starting at $0.05 per share, which is subject to required approvals in a special general meeting to be held December 22, 2023. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: US$0.001 (vs US$0.30 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.001 (up from US$0.30 loss in 3Q 2022). Revenue: US$191.5m (up 78% from 3Q 2022). Net income: US$300.0k (up US$55.2m from 3Q 2022). Profit margin: 0.2% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 5.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (5.3% average weekly change). Minor Risk Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Buying Opportunity • Nov 03
Now 60% undervalued after recent price drop Over the last 90 days, the stock is down 83%. The fair value is estimated to be kr37.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 58%. Aankondiging • Oct 26
Borr Drilling Limited announced that it has received $49.99979 million in funding On October 24, 2023, Borr Drilling Limited closed the transaction. The company has raised NOK 556,690,000 in gross proceeds in the private placement equivalent to $50,000,000 of 7,522,838 new shares, each at a subscription price of NOK 74, equivalent to $6.6464 per offer share. The private placement was significantly oversubscribed. Buying Opportunity • Oct 19
Now 67% undervalued after recent price drop Over the last 90 days, the stock is down 81%. The fair value is estimated to be kr44.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 58%. Aankondiging • Oct 17
Borr Drilling Limited Announces Board Appointments Borr Drilling Limited announced that Mr. Jeffery Currie and Mr. Patrick Schorn have been appointed as directors of the company by the board with effect from 16 October 2023. Jeffrey Currie recently retired from Goldman Sachs after a decorated 27-year career. For the last 15 years, he was a Partner and the Global Head of Commodities Research where he was responsible for conducting research on commodity market dynamics in the context of corporate risk management programs, short and long-term commodity investment strategies, and asset allocation. He also held roles as the European Co-Head of Economics, Commodities and Strategy Research between 2010 and 2012. Since his retirement, Jeff has joined the board of Abaxx Technologies and The University of Chicago's Energy Policy Institute where he serves as the Chairman of the Advisory Board. Prior to joining Goldman Sachs, Mr. Currie taught undergraduate and graduate level courses in microeconomics and econometrics at The University of Chicago and served as the associate editor of Resource and Energy Economics. Jeff also worked as a consulting economist, specializing in energy and other microeconomic issues, and has advised many government agencies. Jeff earned a PhD in Economics from The University of Chicago in 1996. In addition, the board has appointed the company's CEO Mr. Patrick Schorn as a new Director. Mr. Schorn became CEO of Borr Drilling in September 2020, after serving as a Director of the Board since January 2018. Following these appointments, the board of directors consists of seven members. Buying Opportunity • Oct 02
Now 83% undervalued after recent price drop Over the last 90 days, the stock is down 81%. The fair value is estimated to be kr90.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 58%. Buying Opportunity • Sep 15
Now 80% undervalued after recent price drop Over the last 90 days, the stock is down 80%. The fair value is estimated to be kr74.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 58%. Buying Opportunity • Aug 29
Now 81% undervalued after recent price drop Over the last 90 days, the stock is down 81%. The fair value is estimated to be kr77.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 58%. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: US$0.003 (vs US$1.09 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.003 (up from US$1.09 loss in 2Q 2022). Revenue: US$187.5m (up 78% from 2Q 2022). Net income: US$800.0k (up US$166.1m from 2Q 2022). Profit margin: 0.4% (up from net loss in 2Q 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 23
First quarter 2023 earnings released: US$0.032 loss per share (vs US$0.35 loss in 1Q 2022) First quarter 2023 results: US$0.032 loss per share (improved from US$0.35 loss in 1Q 2022). Revenue: US$172.0m (up 110% from 1Q 2022). Net loss: US$7.40m (loss narrowed 86% from 1Q 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Neil Glass was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2022 earnings released: US$1.64 loss per share (vs US$1.43 loss in FY 2021) Full year 2022 results: US$1.64 loss per share (further deteriorated from US$1.43 loss in FY 2021). Revenue: US$443.8m (up 81% from FY 2021). Net loss: US$292.8m (loss widened 52% from FY 2021). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings released: US$1.64 loss per share (vs US$1.43 loss in FY 2021) Full year 2022 results: US$1.64 loss per share (further deteriorated from US$1.43 loss in FY 2021). Revenue: US$443.8m (up 81% from FY 2021). Net loss: US$292.8m (loss widened 52% from FY 2021). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Aankondiging • Jan 25
Borr Drilling Limited Revises Its Earnings Guidance for the Fourth Quarter and Full Year 2022 Borr Drilling Limited revised its earnings guidance for the full year 2022. For the year, the company expects to record revenues of $435 million to $450 million (previous guidance was revenue between $375 million to $400 million). This implies estimated Quarter 4 2022 Revenues between $140 million to $155 million. Buying Opportunity • Jan 18
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 62%. The fair value is estimated to be kr20.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Earnings per share has grown by 52%. Buying Opportunity • Jan 03
Now 45% undervalued after recent price drop Over the last 90 days, the stock is down 62%. The fair value is estimated to be kr27.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Earnings per share has grown by 52%. Recent Insider Transactions • Dec 07
Founder & Chairman of the Board recently bought kr5.1m worth of stock On the 30th of November, Tor Troim bought around 112k shares on-market at roughly kr45.51 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tor has been a buyer over the last 12 months, purchasing a net total of kr5.4m worth in shares. Reported Earnings • Nov 18
Third quarter 2022 earnings released: US$0.36 loss per share (vs US$0.24 loss in 3Q 2021) Third quarter 2022 results: US$0.36 loss per share (further deteriorated from US$0.24 loss in 3Q 2021). Revenue: US$107.9m (up 48% from 3Q 2021). Net loss: US$54.9m (loss widened 68% from 3Q 2021). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 17
Now 66% undervalued after recent price drop Over the last 90 days, the stock is down 60%. The fair value is estimated to be kr43.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has grown by 50%. Revenue is forecast to grow by 75% in a year. Earnings is forecast to grow by 74% in the next year. Buying Opportunity • Oct 27
Now 72% undervalued after recent price drop Over the last 90 days, the stock is down 57%. The fair value is estimated to be kr53.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has grown by 50%. Revenue is forecast to grow by 75% in a year. Earnings is forecast to grow by 74% in the next year. Recent Insider Transactions • Oct 15
Independent Director recently bought kr667k worth of stock On the 14th of October, Alexandra Blankenship bought around 15k shares on-market at roughly kr43.13 per share. This transaction amounted to 8.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.5m more in shares than they have sold in the last 12 months. Breakeven Date Change • Aug 16
Forecast to breakeven in 2023 The 4 analysts covering Borr Drilling expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$37.4m in 2023. Average annual earnings growth of 84% is required to achieve expected profit on schedule. Reported Earnings • Aug 10
Second quarter 2022 earnings released: US$1.09 loss per share (vs US$0.44 loss in 2Q 2021) Second quarter 2022 results: US$1.09 loss per share (down from US$0.44 loss in 2Q 2021). Revenue: US$105.3m (up 92% from 2Q 2021). Net loss: US$165.3m (loss widened 176% from 2Q 2021). Over the next year, revenue is forecast to grow 48%, compared to a 1.3% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. 
