DAVY VIEW

The disappointing performance in 2019 was well flagged in December and January guidance and updates. However, as 2019 events and the recent oil price decline are already heavily discounted in the share price, we think the focus should now be on the year to come. To this end, provided the targets set out in the recent group review are achieved, the statement provides encouragement that the group can manage its way out of the current difficult situation and, by inference, recover shareholder value.