TNE has been a strong performer within the Australian IT Sector even though its November result initially disappointed the market but the recovery has been very encouraging. The highlights of the result were as follows:
- Revenue grew 4% to $312m, just shy of expectations while its dividend rose to 10.35c although this is definitely not a yield play.
- Profits were solid rising 19% to over $97m while importantly annual recurring revenue grew a whopping 43% in FY21 – that is the important number here.
MM likes TNE for an eventual test of $14
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