Delivered FY25 guidance

The Platform Group’s (TPG’s) headline figures for FY25 are in line with management’s recently updated guidance. The headline figures were accompanied by the announcement of a significant acquisition of a wholesale business-to-business (B2B) platform in the pharmaceutical sector, AEP. Management is not able to provide details on the acquisition price because of confidentiality, but it will be funded by both equity, despite the weak share price performance, and debt. With FY25 revenue of €1bn, the acquisition is significant relative to the current group structure. Management describes the business as healthy with stable demand, recurring B2B orders and a resilient end-market. Its low profitability, with EBITDA margins of 2%, will be diluti...