Main element for me was their cash flow from operation and free cash flow after lease, which are both at the high end of my expectations.
Free cash flow (after lease) was 9.6 m vs my expectation for FY 22 (full year) of 11.4 m to 13.4 m.
We know that there is a strong seasonality for HGA, but they should beat my previous expectation for FY 22.
But, I also agree with some remarks above.
The decrease of HGA gross margin (vs H1 last year) probably requires more explanations. Only due to one offs ? (like shipping costs this year).
2 other major elements in these results :
- the company reminds that it has a significant pricing power with HGA and can increase prices (have they done it during H1 ?),
- these H1 results also show that HGA is not only high growth/high margin, but also requires a limited level of Capex (what the company also expects for H2).
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