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Panmure published a note this morning on Research tree: Sanderson delivers an in line set of interims. For us the highlight is twofold (i) operating profit is back to the level at which Sanderson sold its EPOS business in 2012A, and (ii) strong cash conversion which fuels an 11% DPS hike. The business model continues to strengthen - 53% of revenue is now recurring. Sanderson’s acquisitions are bedded-in, the new three-year plan is off to a strong start, the new divisional structure (Digital Retail & Enterprise) creates better product integrity and customer engagement.
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