ADF has released a trading update for the year-end December 2023, with FY23E revenue of £34.8m (£35m forecast) and Adj EBITDA of £7.3m (£7.5m forecast) in-line with expectations. Adj PAT of £1.1m was marginally behind expectations (£1.3m forecast), which we expect is due to a slightly higher than expected depreciation and interest charge given the front-loading of Capex in H1/23A to take advantage of tax credits. Following a bumper first half whereby revenues were a record c.£22m, the second hal ....
