I have both owned and written about this company in the past. It was then a good company with a bad balance sheet; it is now a good company with a good balance sheet.
The apparent cause of the recent decline in share price is the margin deterioration highlighted above. Management has explained the margin decline as attributable to 15 (now 16) new sites in the UK that take time to ramp up -- there are start up costs and vehicles are introduced slowly but steadily as each site matures. This is not an after-the-fact excuse; I owned the stock and was paying attention in 2012/3 when Bob Contreras explained that this was in the offing.
From the section labeled "network" in the latest interim filing we can surmise the following, more or less:
And this before a proper recovery in Spain, its other market.
In any case, a 12,5x multiple on 2017 earnings would not surprise and it seems to me that, along with dividends collected along the way, these shares offer a 100% return.
Disclosure: No position (yet)