H1 PBT came in ahead of our expectations, with licensing income, product margins and interest income all contributing. Crucially, the board’s expectations for the full year remain unchanged as its international diversity (especially US growth), ongoing licensing momentum, and cost savings offset pressures elsewhere (namely UK sales and manufacturing). High levels of sampling requests from its most recent launches are also encouraging. We stay at Buy.
11 Oct 2023
Reassuring update helped by licensing and margins
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Reassuring update helped by licensing and margins
Sanderson Design Group PLC (SDG:LON) | 108 -1.6 (-1.4%) | Mkt Cap: 77.1m
- Published:
11 Oct 2023 -
Author:
Matthew McEachran -
Pages:
3
H1 PBT came in ahead of our expectations, with licensing income, product margins and interest income all contributing. Crucially, the board’s expectations for the full year remain unchanged as its international diversity (especially US growth), ongoing licensing momentum, and cost savings offset pressures elsewhere (namely UK sales and manufacturing). High levels of sampling requests from its most recent launches are also encouraging. We stay at Buy.