FLT +3.72% had a solid session, coming off a low base after underlying profit before tax (PBT) came inline with expectations, though most of it was pre-guided.
- FY24 PBT of $320m was inline with consensus and company guidance of $316-324m.
- They see a clear path to a 2% underlying profit margin but notes achieving it during FY25 remains a ‘stretch target’ and it will not pursue this to the business’ longer-term detriment. Margins current sitting at 1.35%
- Final dividend of $0.30 fully franked
Solid result, margin guidance was a positive, they seem to be existing FY24 with some momentum.
MM is neutral FLT
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