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Equity Bottom-Up

<p>EMIS confirmed that H120 trading was in line with expectations. As previously flagged, new business has been more difficult to sign, but the company is seeing some signs of recovery and as long as new business gradually improves through H2, EMIS anticipates meeting FY20 expectations. With a strong net cash position and access to debt funding, EMIS is well funded to manage through the current disruption. We maintain our forecasts.</p>

EMIS confirmed that H120 trading was in line with expectations. As previously flagged, new business has been more difficult to sign, but the company is seeing some signs of recovery and as long as new business gradually improves through H2, EMIS anticipates meeting FY20 expectations. With a strong net cash position and access to debt funding, EMIS is well funded to manage through the current disruption. We maintain our forecasts.

EMIS Group PLC

EMIS Group - FY20 outlook maintained