TagMaster (Q2 Initial take): Resilient margins amid lower sales - Redeye

Tagmaster’s second quarter was a bit lower than we expected in terms of top-line, with organic growth of minus 6%. Gross margins were however strong and the cost base is well contained. As a result, EBITDA margins improved to just over 16%, which is reassuring. Overall, market conditions are unchanged, with a hesitant government market and more activity in the corporate sector. We expect to make only minor changes to our estimates.

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