Praemium (PPS) shares fall with FY21 miss
PPS -3.97%: FY21 result out this morning was a miss to expectations and the stock has tumbled as a result. Revenue came in at $65.6m was a 7% miss, and EBITDA at $14.2m was a 13% miss to consensus. The result is their first since the acquisition of Powerwrap which looks to have weighed on the numbers. Margins were down with revenue and costs rising in tandem. There was little in the way of outlook statements for PPS however the trend remains in their favour with more and more money shifting to independent platforms – we just need to see this flow through to operating leverage.
MM is bullish PPS though admit the result is soft.
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