Sometimes a simple reminder of a company's difficulties is enough. The shares are down 4.1% to 146.5p as pre-tax profit for the 12 months to 30 September is down 24% to £32.5 million thanks to the impact of a weak oil price and currency devaluation in core market Russia and the former Soviet republics which make the Commonwealth of Independent States (CIS).
According to Investec, which reiterates its 'buy' recommendation but puts its price target under review, the current dispute over the downing of a fighter jet between Turkey and Russia is 'incrementally unhelpful' given the company's strong footprint in both markets.
It downgrades 2016 pre-tax profits by a modest 3% to reflect the continuing pressure on the group's core business. The 40% of sales not related to Russia or CIS – which make a growing top-line contribution - are faring better and Investec analyst Steve Liechti says: 'We remain Buyers for long term value, but see no rush with oil price/domestic weakness hitting FX, volumes and forward bookings in Russia/CIS.'