Claranova: Strong Organic Growth In Q1
Edison | Nov 09, 2018 02:12AM ET
Claranova (PA:AVQ)’s Q1 revenue growth of 61% y-o-y was made up of 33% organic growth and 27% growth from the recent acquisitions in the Avanquest business. All divisions showed organic growth in the quarter, prompting an upgrade to our forecasts. We lift our normalised EPS forecast by 1.9% in FY19 and 1.4% in FY20.
Q1 organic revenue growth of 33%
Claranova reported revenue growth of 61% y-o-y for Q119, with 45% growth in PlanetArt, 101% in Avanquest (3% organic) and 49% in myDevices. Organic revenue growth for the group was 33%, up from 24% for FY18. The acquired businesses in Avanquest added 27% growth to reported revenues and saw organic growth of 24% for Q119.
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