Hardman & Co Research on Neodecortech (NDT.MI):

Bright 1H’22, cloudy outlook

1H’22 results from Neodecortech (NDT) continued the trend of FY’21. Total revenue was up 20% compared with 1H’21, to a record €103m, demonstrating the continued strength of NDT’s new products and its European markets. The increases in energy prices and the impact of the Ukraine conflict have caused a reduction in the order backlog at the beginning of 2H’22, but the company remains confident of maintaining operating and financial results roughly in line with FY’21.

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