Shares digital

A shock admission that average net debt came in much higher than expected in the second half of last year drove shares in virtual network operator Vanco (VAN) down to a new all-time low of 91.5p this week, despite assurances from the £58 million cap it remains in compliance with its banking covenants. The news was a blow to new chief financial officer Peter Johnston, who joined on 1 September last year, with a brief to improve Vanco’s overall contract profitability and cash generation.

Shares says: Profoundly disappointing. RM