MJ Hudson FY EBITDA seen 'modestly ahead' of previous guidance
By Iain Gilbert
Date: Tuesday 12 Jul 2022
(Sharecast News) - Management consulting company MJ Hudson said on Tuesday that it had experienced a "stronger than expected" finish to its recently wrapped up trading year, leading it to 'modestly' raise full-year guidance.
MJ Hudson said it had made "significant progress" in each of its three divisions in the second half, underpinned by recurring client engagements and giving management "increased confidence" for the new financial year and beyond. MJ Hudson now expects to report adjusted underlying earnings "modestly ahead" of its previous guidance of £8.3m.
The AIM-listed group stated it had won two specific ESG and Fund Performance Analytics contracts in the last three months of the year, which together were expected to generate over $1.2m, and also noted that its Irish Super ManCo subsidiary, formed by the acquisition of Bridge Consulting in 2021, continued to perform at "the upper end" of growth expectations set at the time of the deal. MJ also experienced "a strong recovery" in its law firm business since January.
Underlying revenue growth was 50% in the first half but was expected to be "modestly ahead" of this for the full year, given strong growth in the second half.
Chief executive Matthew Hudson said: "We are delighted to give another positive trading update on what is turning out to be a milestone year for the MJ Hudson Group.
"This has been a real team effort and I commend our staff at a time of tightening economic conditions, under the shadow of geopolitical risk. There is much more for us to do, however, and we have no intention of slowing down."
As of 0845 BST, MJ Hudson shares were up 8.84% at 37.55p.
Reporting by Iain Gilbert at Sharecast.com
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