Hi Kununurra, you're correct that there was no mention in the report (assuming Dec24 quarterly report). Was abit surprised myself as i had read the quarterly report first then listen to the video.
Not sure if you listened to the Q/A so i'll put it into context. Someone asked a question regarding % reduction in RUL and Steve answered that the full year result was "pretty weak" and that the software side of the business had not grown as "rapidly" as they would like. Mentioned that the software revenue can be "lumpy" and may get better over time but the % growth was becoming more linear rather than exponential. Given those reasons + the price growth already had, they've decided to reduce the % holdings.
I can't recall if it was Forager Funds or another fund manager that emphasize the subscription revenue growth as they reason why they were excited about the business. I've gone through the % growth for license subscriptions and results are below.
Not sure if FY2024 result is a one off. Half year results is next month so we will see if it's just a blip.
RUL Price at posting:
$2.61 Sentiment: Sell Disclosure: Not Held
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(20min delay)