FLT -2.81%: Fell today after reporting good numbers for FY23 but no guidance for FY24, other than to say that momentum remains solid right across their business. FY23 EBITDA of $301.6m was in line with guidance ($295-305m) and ahead of consensus ($296.3m) while underlying pre-tax profit of $106m compared well to expectations for $104.6m. Leisure drove the beat with earnings 18% ahead while corporate was 7% below – better margins in leisure v softer margins in corporate while they also reinstated the dividend which suggests some confidence in the outlook.
- For FY24 to date they said the business is performing in line with expectations with strong TTV & profit growth to date.
MM remains neutral on FLT
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