We reiterate our recommendation on PMP's 6.43% notes due 2019.
PMP (Company, Group) reported 1H18 results which were in-line with the market update provided in February 2018. At that time, the Group announced its second profit downgrade since November 2017.
While the integration of IPMG appears to now be on track, the second quarter results were impacted by a large reduction in print volume for local community newspapers.
Please see the full update available here
to all investors.