Ann: FY24 Trading Update, page-14

Hi @daicosisgod

I agree with what you say about the strength of the balance sheet.

It remains a tough company to understand, looking at a couple of elements :
- differences between statutory numbers (reported today) and pro forma figures (which seems to better reflect the underlying trends),
- large gap also between statutory EBITDA and cash flow from operation (at least according to last reported figures).
It is also not that simple to understand the real trend for Collaborate which seemed to have a regular decline until the beginning of H2 24.

Anyway, this update is really positive as it shows that the recovery (during H1 24) continues during H2 24.
And the trend seems to improve for Collaborate (would be interesting to have an update on its churn).

Good also to look at a company which was that cheap.
In that case, they do not need much to have a major re-rating.