Kape’s FY’21 finals confirm the strong underlying operational momentum flagged in the January trading update. Revenues grew +89% y/y to $231m (Proforma: +21%), with underlying adj EBITDA increasing +100% y/y to $78m (reported: $86m). Margins expanded 190bps y/y to 33.8% as operational scalability offset the near-term margin dilutive impact of the ExpressVPN acquisition. FCF grew >2x y/y to $34m – we see scope for this to ~4x in FY’22e, boosted by the inclusion of ExpressVPN renewals in that peri ....
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FY'21: Top-line growth; FCF doubles
- Published:
22 Mar 2022 -
Author:
Caspar Erskine -
Pages:
3
Kape’s FY’21 finals confirm the strong underlying operational momentum flagged in the January trading update. Revenues grew +89% y/y to $231m (Proforma: +21%), with underlying adj EBITDA increasing +100% y/y to $78m (reported: $86m). Margins expanded 190bps y/y to 33.8% as operational scalability offset the near-term margin dilutive impact of the ExpressVPN acquisition. FCF grew >2x y/y to $34m – we see scope for this to ~4x in FY’22e, boosted by the inclusion of ExpressVPN renewals in that peri ....