Ann: FY18 Profit Guidance, page-30

@sabman
Their earnings are still up for the year, and outlook for stronger licence growth. Does that really sound like VOC to you? They never gave guidance, but mentioned the cyclical infrastructure downturn at the half year, and also showed negative/flattish revenue in maintenance and consulting at that time.

There was a red flag that the market was too positive - the chair sold a much bigger bunch of shares than in his prior two selldowns.

The market retained a positive outlook that was unrealistic, and the lumpiness of the non licencing part of the business has impacted, might impact the other direction next year - who knows?

I can understand disappointment, but I really don't think there is any reputational issue here.