FY’21 results from Neodecortech (NDT) confirmed the trend of the first half. Total revenue was up 37% vs. FY’20, but, more tellingly, it was up 33% vs. pre-COVID FY’19, demonstrating the strength of NDT’s new products and its European markets. Growth has continued in the first two months of 2022 but at a lower rate. Our revised forecasts reflect the difficulties of raw material price increases and the unknown impacts of the Ukraine conflict.
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