DAVY VIEW

H1 revenue was in line with last year, with both booking volumes and values broadly flat. aEBITDA was down year-on-year (yoy). Despite an underwhelming start to the year, management notes that trading is in line and that it is encouraged by June trends. It also reiterates that aEBITDA for FY25 will be in line with market expectations (€19.9m / Davyf €20.1m). We spoke to management, which noted that marketing costs normalised in the latter part of the period having seen some inflation in the early part of the year. Management also highlighted the benefit of improving trends in Europe more recently and better commission rates from its Elevate programme.