25 April 2024
Merit Group
Plc
("Merit", the
"Company" or the "Group")
Full Year Trading
Update
Merit Group Plc (AIM:
MRIT), the AIM-listed data and intelligence business, today issues
an update on trading for the financial year ended 31 March 2024
(FY24).
The Group expects to
report revenues in FY24 of approximately £19.9m (FY23 £18.6m) and
Adjusted EBITDA1 of around £4.0 million (FY23 £2.7m),
approximately 10% ahead of market
expectations2.
Based on the unaudited
management accounts, Profit before Taxation and non-recurring items
for the year ended 31 March 2024 is expected to amount to £1.2m
(FY23: Loss of £0.2m), the first Profit before tax for the year
reported since FY18.
The Group had net debt
of £1.9m as at 31 March 2024 (31 March 2023: £2.6m).
Commenting on the
results, CEO & CFO Phil Machray said: "These results for the
first full year post the 2022 disposals clearly show the potential
of our two operating businesses. MD&T has achieved double
digit revenue growth and an Adjusted EBITDA margin in excess of
20%, whilst Dods Political Intelligence has achieved a 30% Adjusted
EBITDA margin from flat year-on-year revenues. Together,
these businesses have delivered almost £5 million of trading
EBITDA3, which together with a focus on overhead
reduction, have allowed the Group to deliver Adjusted EBITDA up 50%
year-on-year. Our current activities are focussed on
further revenue and
earnings growth in the new financial year."
1 Adjusted EBITDA is
calculated as earnings before tax, depreciation, amortisation of
intangible assets, share based payments and non-recurring items in
respect of continuing operations
2 Based on
the £3.6m Adjusted EBITDA forecast contained in the most recent
brokers research note, published on 8 November 2023
3 Trading EBITDA is
Adjusted EBITDA from Operating business segments prior to Central
PLC costs.
Further information on
the Company can be found at www.meritgroupplc.com.
This announcement
contains inside information for the purposes of article 7 of the
Market Abuse Regulation (EU) 596/2014 as amended by regulation 11
of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
With the publication of this announcement, this information is now
considered to be in the public domain.
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For
further information, please contact:
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Merit Group plc
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Mark Smith - Chairman
Phil Machray - CEO and
CFO
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020 7593 5500
020 7593 5518
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Canaccord Genuity Limited (Nomad and Broker)
Bobbie Hilliam
Harry Pardoe
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020 7523 8150
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