Trading profit was 28% lower and profit before tax and amortisation and impairment of acquired intangibles was down 35%. Group revenue for the eleven months ended 30 June was up 1%.

The group said priorities are to lower the cost base and drive cash flow in order to ensure it remains compliant with its borrowing covenants, which require net debt to be less than 3.5 times annualised EBITDA. Since January net debt has been reduced by £183m to £2,711m and gearing reduced to 77% from 84%.

It has also announced more job cuts on top of the 250 announced in May. In UK and Ireland, headcount will be reduced by 150 and 13 branches will be closed while in France 43 branches will be shut and 400 jobs will go.

"The deterioration in some of our key markets continues and it is likely that conditions will get tougher still. In these unprecedented circumstances, driving cost reduction, enhancing cash flow and closely managing the balance sheet, remain key priorities" it said.