Personal Group has provided a mixed update this morning in which adj EBITDA for FY16 is expected to be in-line with our earlier expectations of £9.8m; however, delays in new customer take-on at Let's Connect (following HMR&C's updated guidance) and a later than expected launch of hapi in partnership with Sage, leads us to downgrade our FY17 adj EBITDA from £16.1m to £10.7m. While the delays are disappointing, management are still confident in the medium to long-term outlook.
10 Jan 2017
Delayed success
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Delayed success
Personal Group Holdings Plc (PGH:LON) | 161 0.8 0.3% | Mkt Cap: 50.3m
- Published:
10 Jan 2017 -
Author:
Cavendish Research -
Pages:
6
Personal Group has provided a mixed update this morning in which adj EBITDA for FY16 is expected to be in-line with our earlier expectations of £9.8m; however, delays in new customer take-on at Let's Connect (following HMR&C's updated guidance) and a later than expected launch of hapi in partnership with Sage, leads us to downgrade our FY17 adj EBITDA from £16.1m to £10.7m. While the delays are disappointing, management are still confident in the medium to long-term outlook.