• Awaiting clearer indicators of recovery – Following on from a strong set of earnings in the previous quarter and an upward revision to FY guidance, Q1-3 FY12/25 results were a negative surprise, with both sales and OP being flat to down YoY. Results were impacted by Licence opportunities not closing as planned, and Consulting and Professional Services experiencing slower activity levels. Atypical for the company, Q3 FY12/25 OPM was negative, partly due to one-time event costs. The company has reiterated FY guidance, implying a significant upturn in activity in Q4 FY12/25, ahead of what is currently observable in reported data.
