Spotless Group (SPO) - FY15 result exceeds prospectus forecast and management expects FY16 to “materially exceed” FY15
SPO reported $950m per annum worth of contract renewals and $350m pa in new contracts which is approximately 46% of its current annual revenue. Their facility services EBITDA was up 30.1% to $233m and EBITDA margin 9.2%. Laundries EBITDA up 14% to $83.4m and EBITDA margin 30%. As previously known, 50% of management stock is released from escrow (3.7%of issued capital), major shareholder PEP are now free to dispose of their 19.8% stock holding in SPO. Read our summary here: (VIEW LINK). The full report will be available tomorrow exclusively to Bell Potter clients.
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