GBST Holdings (GBT) - growth story intact

Happy to buy today: GBST's underlying net profit of A$14m (excluding one-off tax benefits) was in line with our expectations, with the benefit of prior-year contract wins more than offsetting tough conditions in the Australian capital markets business. FY16 will be a heavy investment year, as we had expected, with a build-up in costs associated with supporting a much larger global client base. New contract wins were far better than expected, locking in major new long-term licence fees. Visit the Morgans Blog for more of our calls to action based on reporting season results from last week: (VIEW LINK)


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Tom Sartor
Senior Analyst
Morgans

Tom Sartor is a qualified Mining Engineer, who spent his early career in underground mine production and civil engineering roles with BHP Billiton and the London Underground. Tom has since specialised as a Mining Analyst for Morgans since 2006.

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