TNE -2.93%: eased after delivering a solid 1H result that was slightly below elevated expectations, with revenue and profit missing consensus despite recurring revenue growth remaining strong.
- Total revenue: $322.7m, +11% y/y
- Net income: $66.8m, +6.1% y/y
- Annual recurring revenue: $598m, +17% y/y
- Interim dividend: $0.08 vs $0.066 y/y
Management reiterated guidance for PBT growth of 18–20% and ARR growth of 16–18%, though the softer first-half profit growth raised some questions around the required acceleration into the second half. Notably, result was materially impacted by FX, with both ARR and profit before tax both beating expectations on a constant currency basis.
MM remains cautiously bullish toward TNE
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