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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Appreciate Group’s (APP’s) FY21 results remained positive despite a significantly negative impact from the pandemic and business transformation, with the usual strong seasonal rebound to profitability in H2. The robust H221 sales performance has been followed by a little more customer hesitancy year to date but management expects a pick-up. Significant strategic progress leaves APP well placed to respond to market recovery and to achieve further growth.</p>

Appreciate Group’s (APP’s) FY21 results remained positive despite a significantly negative impact from the pandemic and business transformation, with the usual strong seasonal rebound to profitability in H2. The robust H221 sales performance has been followed by a little more customer hesitancy year to date but management expects a pick-up. Significant strategic progress leaves APP well placed to respond to market recovery and to achieve further growth.

Appreciate Group - Return to profitability in H2 as expected