The servicing company for essential networks across Australia held its AGM yesterday and provided guidance for the year ahead, although it was very non-descriptive. They said that group trading performance over Q1 was in-line with Management’s expectations while they expect continued revenue and profit growth during FY23, on the back of a full-year contribution from Lendlease Services. The stock rallied on the update given there was concern in the market that a downgrade was on the cards given their deferral of guidance in August, although what they said was more rubbery than we had hoped, and does not exude a great deal of confidence.
- Market consensus for FY23 sits at revenue of $1.8bn & net profit after tax (NPAT) of $38m.
MM intends to hold SSM in the Income Portfolio
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