GTK +29.47%: The one that got away! GTK, the New Zealand-based billing business that powers utilities (water, Gas, Electricity) etc rallied hard on a very strong 1H23 result. Revenue at $84.3m (+48% YoY) was well ahead of forecasts ($73.3m), driven by the Utilities division. Margins were good and expected to be stable while FY24 targets have also been upgraded – GTK now expect revenue of $160m vs ($150m prior). FY24 EBITDA margins are still targeted between 12-17%.
MM continues to like GTK, although we think we’ve missed it for now
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