Main elements for me in this update :
- clear revenue acceleration (+ 11 % at the end of April vs + 6 % during H1 24) due both to an improvement of revenue retention (98 % vs 95 % during H1) and more new businesses (8.4 m$ so far in H2 vs 4.5 m$ in H1),
- margin still boosted by cost contained.
The most surprising element may be that most of the new business comes from Collaborate which was showing clear signs of decline. So we probably need some explanations from the company about this.
Based on their FY 24 guidance, the company has an EV/EBITDA of 3.7 x (share price : 0.57 $).
Ann: FY24 Trading Update, page-6
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