The main drivers were British Pound sales -10%, US sales up 14% and Australian dollar sales up 13%. Also a number of cost initiatives assisted earnings along with government assistance, in both
The result was driven by very strong sales growth in Emerging Technologies up 62% and original equipment manufacturer (OEM) up 60%.
No formal guidance was provided, but management said the outlook for the remainder of FY21 looks positive, with the key unknown of covid-19.
A dividend of 5.9cps was declared, which was lower than the 7.7cps forecast by the broker.
Morgans remain confident in the medium-term growth outlook, despite a tough 2H20.
The Add rating is maintained. The target price is increased to
Sector: Automobiles & Components.
Target price is
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