Tagmaster’s Q3 report is characterized by a flat topline but strong margins and cash flow. Despite rising input costs, gross margins increased to 72% and EBITDA margins improved to 17.6%, driven by progress in the US operations. Tagmaster’s overall market outlook remains fairly unchanged, with a hesitant government market and more activity in the B2B area. Redeye will probably make rather small changes to our financial forecasts following the report.
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