FYJun 21 revenues have come in 4% ahead of our forecasts at £58.1m and we adjust FYJun21 adj. PBT 6% upwards to £13.5m. We hike FY22 revs and adj. PBT by 2%. FY21 revenue growth of 23% (organic) is the strongest since 2016 and a marked hike from last year’s CV19 impacted 12%. The consistently remarkable figure is monthly ARPC, which has risen 16% yoy to £1,251. As DOTD continues to add functionality we believe that figure will head towards £2,000 over the coming years – that’s an awful lot of upside and goes a long way to explaining the value the market places on the stock. Bigger picture, marketing automation is one of the highest ROI ways of playing digital transformation. This is the heart of e-commerce-enabling tools and DOTD surely has at least 5-10 years mid-teens growth ahead of it.
