Marlowe has released a robust set of interim results, with Adj EBITDA up c16% YoY to £11.5m (c250bp margin expansion to 14.8%). FY21E has been a significant year for Marlowe, including completion of two transformational acquisitions, along with multiple bolt-ons. Run-rate revenues now exceed £225m, and underlying organic growth remains on track. We update our forecasts to reflect recent bolt-ons (FY22E Adj EPS up 1% to 29.2p), and reaffirm our Buy rating.
03 Dec 2020
Cenkos: Marlowe Plc -- Interim Results
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Cenkos: Marlowe Plc -- Interim Results
Marlowe Plc (MRL:LON) | 508 20.3 0.8% | Mkt Cap: 491.8m
- Published:
03 Dec 2020 -
Author:
Peter Renton -
Pages:
6
Marlowe has released a robust set of interim results, with Adj EBITDA up c16% YoY to £11.5m (c250bp margin expansion to 14.8%). FY21E has been a significant year for Marlowe, including completion of two transformational acquisitions, along with multiple bolt-ons. Run-rate revenues now exceed £225m, and underlying organic growth remains on track. We update our forecasts to reflect recent bolt-ons (FY22E Adj EPS up 1% to 29.2p), and reaffirm our Buy rating.