Underlying H1 sales soar 21% - Game on!
UPGS’ latest trading statement confirms the group’s improved sales momentum. Moreover, with all four growth pillars performing positively, FY2018’s setback can be seen as exceptional, rather than the norm. We remain positive on the outlook for both UPGS’ sales and profitability, which is in our view available to investors at a very attractive share price valuation.UPGS’ financials and valuation tend to support a positive investment view. We take this opportunity to raise our FY2019 EBITDA forecast from £7.9m to £8.7m as we increase our sales forecast from £108.2m to £117.5m. Based on a 58p closing price and our new numbers, UPGS trades on 7.5x EV/EBITDA, an 8.3x P/E ratio and boasts a generous 6.0% dividend yield. Interim results are due 29th April. Game on!
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