AD8 +20.59%: the audio-visual tech company posted a very strong set of 1H numbers today, hitting new all-time highs on the beat. Revenue grew 48% to $US30.4m with EBITDA $US10.1m being ~70% ahead of expectations. Growth of 78% in chips, cards & modules (CCM) drove the result, in part thanks to the improved supply of their Ultimo chip helping the company work through some of the demand backlog. Costs were up more than expected however this was more than offset by strong revenues with margins improving ahead of consensus. While the first half was strong, the company left guidance unchanged, looking for growth in line with historical levels (~25% growth) and ~15% growth in headcount. They are looking at M&A opportunities with a strong cash balance of $117m to support those efforts.
MM remains bullish & long AD8 in the Emerging Companies Portfolio
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