Benefits of underlying strengths
UPGS’s interim results included a number of positive outcomes for underlying sales growth, profits and free cash flow in the half. Despite some Covid-19 related setbacks since then, UPGS appears well placed to emerge positively from the current pandemic crisis. In particular, the business benefited from underlying strengths built up over time. Moreover, we welcome the greater importance of UPGS’s online pillar in a post Covid-19 environment.This year will see a sharp reduction in both sales revenue and profits, clearly. However, a significant portion of that expected decrease appears to have been reflected in the company’s share price decline – a 43% drop in the calendar year to date. Company guidance has been suspended for FY2021 and is currently of the order of £93m of sales revenue for FY2020.
On that marked-down basis the FY2020 EV/sales ratio would be only 0.6x.
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