While management improved cost control and reduced net debt before leases by £123 million, these efforts were offset by a £139 million hit from impairment charges and restructuring actions. These included underperforming branches and the Staircraft division. Adjusted earnings per share fell sharply to 36.6 pence from 54.4 pence in 2023, and the company swung to a net loss of £77 million after tax.