Report
Allfunds Group Plc : Sluggish flows combined with ramp-up in OPEX leading to softer profitability in H1; 5-10% cuts to adj. net profits on higher D&A
>H1 flows and EBITDA margin behind schedule, but activity should rebound in H2 - Flows from existing clients are still not in the positive territory yet. New onboardings in H1 was overall weak at <€ 10bn, however management remains confident ALLFG can meet its FY guidance. Q2 SaaS revenue likely will come in-line with those of Q1, which stacks up to H1 SaaS revenue of € 31.0m, up 16.5% YoY, which is healthy and in-line with guidance. Overall we forecast H1 revenue of ...
Underlying
ALLFUNDS (UK) LTD
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Julian Dobrovolschi
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