FY21 Result: A reasonable FY21 result for EML out yesterday after market. Profit of $32.4m was a strong beat, 19% above consensus while revenue came in marginally ahead at $194m. The profit beat came down to lower costs however 1H 22 will likely offset much of that as they work through remediation relating to the CBI business in Ireland. Gifts & Incentives and General Purpose Reloadable cards were the main winners in the period. The CBI update was overall a positive one and while there is still more to work through, we think there is a good chance it should be behind them by the end of the calendar year, a far better outcome than the market initially priced in. Shares trading +2.26% higher.
MM remains bullish EML
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