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Published on: April 18, 2023

Strong KPIs point to portfolio growth

In today’s short trading update, Tern’s KPIs point to further significant growth in FY22, supporting our view that the portfolio is gaining commercial traction and turning configuration work into repeat revenue. Uncertainty in the technology sector caused by the rising cost of capital is likely to lead to valuation headwinds, but Tern sees its portfolio as well placed to show resilience in any ‘flight to quality’. We take comfort from the performance across the portfolio, with revenues growing, headcount increasing and new customers wins. Management has also signalled that it does not intend to pursue an OTC listing in the US given advice relating to its investment status. We look forward to further updates at the investor presentation on 27 April, prior to full-year results expected in late May.

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