High LeverageElevated leverage constrains financial flexibility, raising sensitivity to interest rate moves and cyclical volume shocks. Persistently high debt hampers capacity to fund growth without additional borrowing or equity, and prolongs the time needed to convert operational gains into durable shareholder returns.
Ongoing UnprofitabilityDespite EBITDA gains, the group remains loss-making at the net income level, exposing earnings to finance, tax and non‑cash charges. This structural gap means operating improvements must be sustained and sizeable to reach net profitability, leaving sensitivity to cost inflation and one-off charges.
Volume Shortfall, Capex And Start-up DragRepair volumes below targets limit fixed-cost absorption and slow margin progression; simultaneously higher capex and site start-up costs compress near-term returns. Rising lease finance expenses increase fixed financial burden, making margin recovery reliant on sustained volume improvement and disciplined investment.