<< Back to Research archive

Published on: November 22, 2023

Resilience plus, as expected

Today’s trading update for the year ended 31 October confirms another year of robust performance, with key figures in line with expectations. Order intake and revenue are both up c.11%, at £82m and c.£73m, respectively. Adjusted EBITDA of c.£24.5m is an improvement of 9% on last year. Perhaps most encouraging is net debt at £14.7m, somewhat better than our expectation of £15.9m after the recent acquisition of Emapsite. Management has new, larger financing facilities in place, on better terms than before, and FY24 has begun well, with expectations for revenue and profit growth unchanged.

Related Content