ALL -5.02%: Was weaker today following their FY22 results that were inline with expectations. Revenue of $5.57bn was +17% on FY21 and inline with consensus while underlying net profit was up 27% and also inline. The issue stemmed from the outlook with the company saying that they expect earnings to be higher in FY23 than FY22, although they failed to put a number on it (the market was positioned for +13%) while they went on to site some challenges in bookings from Pixel United compared to recent years. We’d expect some downgrades to flow ion the back of this.
MM is now considering selling ALL
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