Yeah it will be bad for them if it continues to drag, but a lot of negativity is already priced in given the profitability and potential long-term. The move to recurring revenue is moving rapidly and this will prevent them being overly reliant on project work revenue streams which tend to be lumpy and discretionary capex that enhance current systems.
Over the next few years I'd like to see strong growth in SG and other parts of Asia for their utility mgmt software on recurring revenue contracts. This will help diversify away political risk as currently 40% from GB is their problem.
Yeah it will be bad for them if it continues to drag, but a lot...
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