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Update: Expect another year of strong growth
FY16A was a year of significant growth for Veltyco Group (‘Veltyco’), both from existing brands and from new marketing agreements struck in FY16. The 2H16 was particularly strong, which resulted in the business significantly outperforming our expectations for FY16. Revenue was €6.1m (€4.9m FY16E) and EBITDA was €2.1m (€1.4m FY16E).
25 May 17
FY17 Trading Update. Target Price Raised to 360p.
In its April 4 Trading Update for the year to 31 March 2017, AdEPT reported that FY17 EBITDA (underlying) rose 26%YoY, indicative of £7.8m, which is 6% above our outlook of £7.3m. Revenue for the year is reported up 16%, indicative of c£34.0m. We note the dilutive effect on projected FY18 EPS of the exercise of warrants by Barclays Bank plc on March 16, resulting in the issue of 1,204,707 shares and a cash inflow of £129,000.
24 May 17
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