| Market's questions answered
MJ Hudson's Q3 FY22 trading update, issued on Thursday 12 May, revealed that the company's results for the full year are expected to be significantly ahead of our, and the market's, expectations. Adjusted EBITDA for the year is expected to be at least £8.3m, against our estimate of £7.5m and a prior-year figure of £5.6m. We have adjusted our forecasts for both FY22 and FY23 following this statement (see table overleaf), with our FY23 Adjusted EBITDA estimate going from £9.0m to £10.5m. The key drivers to the strong performance are the company's 'three transformative growth areas': ESG & Sustainability, the Irish Super ManCo and Luxembourg fund services.
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