FY21 Result: Praemium (PPS) was out out this morning with results that missed expectations and the stock fell early on. Revenue came in at $65.6m which was a 7% miss, and EBITDA at $14.2m was a 13% miss to consensus. The result is their first since the acquisition of Powerwrap which looks to have weighed on the numbers. Margins were down with revenue and costs rising in tandem. There was little in the way of outlook statements for PPS however the trend remains in their favour with more and more money shifting to independent platforms – we just need to see this flow through to operating leverage. Shares are trading down ~4% at time of writing however they were down substantially more early on.
MM is bullish PPS though admit the result is soft.
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