Tagmaster Q1’24: Weak UK market and Citilog hits hard - Redeye

Redeye’s first comments follow this morning’s Q1 report from Tagmaster. Tagmaster showed markedly lower organic growth in the quarter, giving a more significant deviation in sales. The nature of the business, with the long lead times and large contracts, creates volatility in sales over quarters. The main culprit in the negative organic growth is Citilog and, to an extent, the business in the UK, where budget constraints in Q1 have harmed Tagmaster. We will likely make some adjustments due to the deviation in sales and results. We believe most lost business will be made up during the year as many parts are still performing well. We expect to revise our Base case negatively in the region of 10-15%.

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