HRL delivered a positive 3Q21 trading update underpinned by solid performances across its core Analytica and HAZMAT businesses. The recovery in environmental testing activity was a highlight and should support an ongoing improvement in margins as volumes continue to grow over FY22/23F. With underlying activity levels increasing, HRL confirmed it was comfortable with consensus FY21 underlying EBITDA of ~A$7.3m. We sit largely in line with consensus and leave our forecasts unchanged for now. With a solid medium-term growth outlook and M&A potential, ADD maintained.
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