RUL +8.02% Recorded its biggest half year revenue number in the company’s history and earnings that were inline with expectations. They also announced the sale of their advisory business, RPM Advisory Services to SLR Consulting Australia for $63m with the proceeds coming back to shareholders in the form of a capital return – probably in Q4:
- 1H25 Revenue of $58.1m was solid
- Underlying Earnings (Ebitda) +$8.2m was inline with expectations.
The transition from perpetual to subscription licensing continues to provide significant operating leverage to the business, albeit at the expense of near term revenue. Specifically, RPM achieved TCV Software Sales of $36.4 million, an increase of 37% over pcp, where the revenue gets recognised over the subscription term.
- A very solid result from RUL today, the price action looks very constructive for an initial re-test of highs ~$3.30.
MM remains long & bullish RUL
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