ADF has released a record set of results for the period ending 31 December 2022. The Group continued to grow organically through its capital investment plan which also generated significant tax deductions that effectively reduced its tax charge to zero. This contributed to FY22A PAT of £4.6m which represents a 33% beat to our forecast. To reflect the likely future tax treatment, we have also updated our FY23E forecasts which sees a 20% upgrade in net profit. Our newly released FY24E estimates sh ....
