WOOD Flash – ANY PLC: 1Q18 results review – strong revenue performance mitigated by lower profitability
ANY reported its 1Q18 results on Friday (11 May), with strong revenue growth for the quarter, up 37.8% yoy, driven mostly by a good performance from the security products and card production business lines. However, we see the increase in volumes as driven by lower profitability products, with material expenses representing 72.3% of sales in 1Q18, vs. 67.2% in 1Q17. This has translated into a deterioration of the EBITDA margin to 9.7% for the quarter, vs. 12.3% in 1Q17 and our estimate of 11.1% for FY18E. Overall, we see the results dynamics as neutral, with the positive gain in revenue mitigated by profitability erosion.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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