Esker - Favouring growth over short-term margin boost
Esker reported 19% y-o-y revenue growth for FY21, with 21% growth in operating profit and 20% growth in normalised diluted EPS. Profitability was below our expectations due to factors including higher sales commissions than expected, related to strong order intake, wage inflation and share-based payment-related taxes. The company continues to favour investment in sustained revenue growth over margin expansion and we have revised our forecasts to reflect a higher level of investment in FY22 and FY23, albeit within the company’s target margin range of 12–15%.ESKER and its subsidiaries are engaged in the design and production of software applications. Co. operates corporate resource access software such as applications and databases for workstations. Co. has three major product groups: Host Access, DeliveryWare and Fax Server. Host Access products allows users to access applications and databases stored on different servers from their own workstations. DeliveryWare responds to the need of companies for automatic management document delivery. Fax Server allows the user to send a fax directly from their workstation.
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