ABD needs to offer investors higher earnings growth and returns to justify its premium rating, in our view. Just reported H1 results were solid (Revenue up 39% to £37.8m, adjusted operating profit up 63% to £5.7m) and indicate a healthy recovery in trading. Full year earnings are guided to be slightly higher, and we lift our operating profit estimate by 3.6% to £11.7m. That said, this outturn would still be significantly below the peak of £13.5m reported in 2019a. ABD has a plan to restore highe ....
