In our opinion, 2Q’2023/24 results are neutral. Although revenue was lower than our and market’s expectations, we see an improvement in margins both in terms of y/y and q/q. In 2Q’2023/24, EBITDA margin amounted to 14.3% (+0.8 p.p. y/y and q/q) vs. our expectations of 11.8%. SG&A costs are under the Company’s control. The Company recorded an one-off interest income of PLN 5.1mn stemming from a favorable court sentence pertaining to tax for FY 2012/13.
The Company also received a refund of overpaid tax of ca. PLN 1.5mn associated with the abovementioned court sentence. When adjusted by that one-off items, net profit would amount to PLN 11.6mn (+15% y/y, -1% q/q), and net profit margin would amount to 7.8%, which is a profitability comparable to the preceding quarter
