TYR +14.67%: FY23 results out this morning were solid, with revenue of $435m v $427m expected, driving EBITDA of $42.3m which was a 5% beat to consensus. The kicker however came with FY24 guidance of EBITDA in the range of $52-58m, which was ~15% above market expectations while also factoring in weaker discretionary spend. They’ll provide more colour at their upcoming strategy day on the 18th October 18-Oct-23. One real positive to highlight was strength in less discretionary health spending which is up 24% YoY.
- A solid result, but worth waiting for more colour at their strategy update in October.
MM remains neutral TYR ~$1.30
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