AVAX - Exceeding expectations

AVAX's FY23 results highlight the group's progress domestically as the market improved, more than offsetting the weaker international performance at the top-line and EBITDA level. Group revenue and reported, continuing PBT exceeded our forecasts by 13% and 28% at €453.5m and €16.7m, respectively (FY22 revenue and PBT of €402.7m and €18.5m). This is largely attributable to a much stronger than anticipated performance from the construction segment, achieving revenue of €427.8m (Edison forecast: €371.7m), up 14% y-o-y. Our forecasts are under review following the announcement.

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