Hardman & Co Research
Hardman & Co Research: FY18: carefully controlled, sustainable growth
The FY18 results saw adjusted pre-tax profits £1m and statutory profits £2.7m ahead of our expectations. MCL has focused resources on optimising the potential from the market leader's self-inflicted woes and so increased its agent franchise by over 20%, adding high-quality customers. This focus meant that, despite the strong lending growth, impairments as a percentage of revenue fell in 2H on 1H. Historical conservative provisioning sees the conversion to IFRS9 having a much smaller impact on receivables than peers. New business streams are being introduced to continue growth. Our range of valuation methodologies is currently 171-197p.
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About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
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