Tagmaster is showing continued progress in Q1 with good top-line growth, double digit EBITDA margins and a strong cash flow. Gross margins have remained firm, just below 70% and fixed costs are well contained. Customers in the B2G segment are still hesitant and the market outlook rather uncertain. We find it encouraging that Tagmaster has managed to generate healthy profitability while also investing in future products, despite a slow market lately.
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