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Redeye’s first comments follow this morning’s Q2 report from Tagmaster, which again showed lower organic growth in the quarter than we expected. The nature of the business, with the long lead times and large contracts, creates volatility in sales over quarters. This time, the gross margin returned from the low number in Q1 to somewhat mitigate the slow organic growth. The total deviation on the EBITDA level was not considerable due to the stronger gross margin. On a more positive note, we see the strong cash flow as positive and a sign of active management bringing down inventories, among other things. We will likely make minor negative adjustments due to the deviation in sales and results. We expect to revise our Base case negatively in the region of 5%.
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