GB Group’s trading has remained robust in H1. Backing out a £3.5m perpetual licence, underlying organic growth was 12%, consistent with our FY estimates and last year. We leave our estimates unchanged, although the perpetual licence will mean that the year will be less significantly H2 weighted than usual. A strong recurring revenue profile (c 70% in FY17), robust organic growth prospects and an accretive acquisition strategy all justify a premium rating.
24 Oct 2017
- Robust H1, short-term boost from licensing
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
- Robust H1, short-term boost from licensing
GB Group PLC (GBG:LON) | 272 0 0.0% | Mkt Cap: 687.0m
- Published:
24 Oct 2017 -
Author:
Dan Ridsdale -
Pages:
3
GB Group’s trading has remained robust in H1. Backing out a £3.5m perpetual licence, underlying organic growth was 12%, consistent with our FY estimates and last year. We leave our estimates unchanged, although the perpetual licence will mean that the year will be less significantly H2 weighted than usual. A strong recurring revenue profile (c 70% in FY17), robust organic growth prospects and an accretive acquisition strategy all justify a premium rating.