SRG -2.11%: Reported 1H25 results that underwhelmed first up this morning, though it seems like they’ve been conservative on guidance.
- 1H25 Revenue of $619.7m, up 21% but below expectations for ~$640m
- Underlying 1H25 earnings (Ebitda) of $59.0m was up 31% but a shade below expectations for ~$61m
- Group EBIT(A) margin of 6.8% versus 5.6% this time last year was good.
- 1H fully franked dividend of 4.6 cps, up 35% and slightly ahead of expectations.
Guidance was slightly ahead of market expectations, and it is an upgrade, but only a very minor one. FY25 EBITDA guidance upgraded to $125m-128m vs prior guidance of $125m, though the market was largely there already.
- Overall, solid result, the market was looking for a touch more, but the thesis on SRG remains in tact.
MM remains bullish & long SRG
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