The group’s H1 21 results were pretty much at par with expectations. Revenues and operating profit were largely in line with consensus. However, compared to AV’s expectations, operating profits were lower. FCF was also lower than expected due to higher working capital requirement in comparison to the period before. In terms of guidance for the full year, the group reiterated its qualitative stance given at its investors day. Comparatively, we believe, H2 will be stronger.
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H1 shows recovery is happening
The group’s H1 21 results were pretty much at par with expectations. Revenues and operating profit were largely in line with consensus. However, compared to AV’s expectations, operating profits were lower. FCF was also lower than expected due to higher working capital requirement in comparison to the period before. In terms of guidance for the full year, the group reiterated its qualitative stance given at its investors day. Comparatively, we believe, H2 will be stronger.