TPW +29.77%: FY22 results this morning showed mixed numbers for FY22 and FY23. Revenue grew more than 30% to $426m which was slightly behind expectations. EBTIDA was better though with margins coming in at 3.8% for the year, at the high end of guidance. This also included a $1.7m spend on The Home, Temple & Webster’s new home improvement site which has started positively. FY23 has started slowly, though they are cycling on lockdown boosted sales from last year. FY23 sales were down 17% for the period to August 14th, though management said this was as expected and growth to return to double-digit levels “once we finish lapping COVID lockdowns.” EBITDA margin guidance for the year was also upgraded to 3-5%, and that is the key to the result.
MM is bullish TPW
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