Interim results announced
​Lombard Risk interims (22nd October) pave the way to a profitable full year FY16, ongoing sales growth. H1 sales growth was 16.1%. Nonetheless, we are trimming our FY16 sales estimates by £0.3m in order to be conservative. We also note the spending on sales, marketing and a likely rise in expensed technology spend for FY16. FY15 was a difficult year, with profit downgrades and the CEO departing in May. At the time we stated 'medium term undimmed'. These interims confirm this, both financially and operationally, but ongoing investment for expansion means we re-instigate FY16 PBT estimates at conservative levels just below FY15.
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