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Hardman & Co Research:

Appreciate Group (APP) - FY’22 results: going for growth

The FY’22 results beat market expectations and saw strong digital growth, as well as a return to more normal redemption patterns. Unsurprisingly, the shares have reacted since. We reviewed Appreciate’s (APP) business model in our initiation, Solid core + digital disruption = unique model, published on 1 September 2021, when we emphasised the importance of transforming the group into a growth, digital model. For us, the key to thes e results was not the short-term numbers, but rather the strategic growth. In addition to 20% digital billings growth, and further efficiency gains, APP announced an acquisition, expected to accelerate plans by 18 months.

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