(By Anthony Miller – Tuesday 24th Feb. ’09 9:30am). You could argue that SDL truly epitomises ‘software as a service’ – not because it delivers its products ‘in the Cloud’ but because it gets 85% of its £159m revenues from services, most of which is recurring. SDL had already signalled a pretty good year in January’s trading update (see SDL translates globalisation into growth). Now that the numbers are in (see here) they are indeed good. Revenues grew 35% (22% constant currency) of which 24% was organic. Margins rose 150bps to 12.5%. However, management report some delays converting deals as you would expect. But we think SDL really are in the right place at the right time. I hope to bring you more later.
Tuesday, 24 February 2009
SDL translates service into profit
(By Anthony Miller – Tuesday 24th Feb. ’09 9:30am). You could argue that SDL truly epitomises ‘software as a service’ – not because it delivers its products ‘in the Cloud’ but because it gets 85% of its £159m revenues from services, most of which is recurring. SDL had already signalled a pretty good year in January’s trading update (see SDL translates globalisation into growth). Now that the numbers are in (see here) they are indeed good. Revenues grew 35% (22% constant currency) of which 24% was organic. Margins rose 150bps to 12.5%. However, management report some delays converting deals as you would expect. But we think SDL really are in the right place at the right time. I hope to bring you more later.
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