The FY22 EBITDA result was in line with our thinking, and GDA confirmed a step change in earnings in FY23 on the back of the new Venues and Agency segments. This will be applied to higher than previously anticipated sales & marketing spend in FY23, which should lead to long-term gains but to the short-term’s detriment. Costs and margins need watching, although GDA’s performance through a difficult period supports continued optimism.
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