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Published on: December 13, 2021

Strong trading, all key metrics ahead of FY20A

Aferian’s trading update for the year ending November 2021 signals the business has performed extremely strongly against a backdrop of COVID-19 driven challenges. At approximately $92m, revenue is c.11% higher than FY20A and ahead of our forecast. The period also saw an improvement in earnings quality and visibility. The group’s financial position remains robust, and, in our view, the new (increased) $100m debt facility demonstrates confidence in the outlook. We leave underlying estimates unchanged following the announcement and believe the group remains well placed to capture growth from the ongoing structural shifts in TV consumption.

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