What happened to Praemium (PPS) shares today?
PPS +12.82%: the investment administration platform announced in-line FY22 results today, but the share price got a boost from improving underlying performance. The company printed EBITDA of $16.6m, marginally below consensus but sneaking into the bottom end of the guidance range. Profit was boosted by the sale of the international business with the company paying a 5c special dividend at the time and will use the remaining proceeds to buy back up to 10% of shares on issue, starting the buyback tomorrow. While there was no guidance provided, revenue margins were running at 0.34% in June, which compares to 0.31% in December. The positive trend has been driven by the higher cash rate and winning higher margin business which bodes well for FY23.
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