Acquisition of 8.2 France

We have updated our model following the acquisition of 8.2 France.

EPS 2021 and 2022 are up on the consolidation of 8.2 France in the accounts. We expect turnover of €2.43m in FY21 and €2.67m in FY22 from 8.2 France, and an EBITDA margin of c. 19%.

The NAV is down as we have added higher working capital (€0.2m) and the dilution of €1.2m of convertible debt into 2.4m shares. This is partly offset by the integration of 8.2 France (at €1m).

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