Recall Holdings (REC) FY15 results in line with our estimates
Recall's regional Results: Americas revenue growth was 9.5% and EBITDA growth 24.1% (Organic revenue +4%; higher growth in SME market.); Asia revenue growth 23.8% and EBITDA growth 16.3% (driven by 11% organic growth and the full-year impact of the Singapore acquisition); Europe revenue decline of 12.5% and EBITDA down 9.1% due to unfavourable economic conditions; Australia/New Zealand experienced a 10.1% revenue decline and 21% EBITDA decline. Net operating cash flow up 12% to US$127.3m. Read the full summary here: (VIEW LINK)
Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.