Randall & Quilter - FY Results Update
Regardless of the share price action on their release, this was a strong set of results, with a record number of Legacy Insurance transactions and Program Management turning profitable for the first time. Group operating profit, which is a close representation of cashflow, more than doubled to £16m, and operating EPS was up 38% to 5.9p/share. The company is in growth mode and as such plans to retain more capital to fund this, but promises a growing dividend over time as Program Management generates more and more cash. We believe PM could make $50-$60m in 2023, which is a sea change when compared to the £16m the whole group made in 2020.
You can read our note here.