There were no surprises in this morning’s full year results following the positive trading update on 4 February. Revenues of $93.2m/£66.0m and adjusted EBITDA of $15.2m/£10.8m were, as the update indicated, comfortably ahead of consensus and should result in upgrades. Significant investment in the product portfolio and improved sales execution has clearly reaped dividends, with 92 new accounts secured during the year across over 200 venues. Given the strength of the company’s positioning and offering, multiple near-term growth opportunities in an as yet largely untapped market, and little obvious downside risk we expect positive share price momentum to be sustained.
