FY22 results are comfortably in line with October’s update, as CER delivered +26% y/y sales growth to £32.7m (PY: +25%) whilst maintaining its class-leading PBT margins at 35%, such that u/l PBT grew +28% to £11.6m. This translated to £9.9m FCF, after 100% cash conversion. Somewhat bizarrely the most interesting data point in all these stellar numbers is that CER materially beat consensus notwithstanding an unusual £1.8m bad-debt provision (i.e. without, CER would have beaten estimates by even m ....
