PPS +12.82%: the investment administration platform announced in-line FY22 results today, but the share price got a boost from improving underlying performance. The company printed EBITDA of $16.6m, marginally below consensus but sneaking into the bottom end of the guidance range. Profit was boosted by the sale of the international business with the company paying a 5c special dividend at the time and will use the remaining proceeds to buy back up to 10% of shares on issue, starting the buyback tomorrow. While there was no guidance provided, revenue margins were running at 0.34% in June, which compares to 0.31% in December. The positive trend has been driven by the higher cash rate and winning higher margin business which bodes well for FY23.
MM is bullish and long PPS in the Emerging Companies Portfolio
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