Well I put some comments in - keen to hear what others think. Trying not to be biased, but good luck with that as a human being!
A. Well there was another $3m in forex losses not counted in npat,
B. No reduction in intangibles.
C. 165 deals closed in the first half v 195 in pcp. 3 deferred deals out of 21 closed in Jan. How many deals do they normally get in Jan? How many deals are usually deferred past the end of Dec?
D. "The evolution of the business continued at pace;
new SaaS products, cashflow solid; well
positioned for move to subscription" - revenue from SAAS fees 0.1m! 'doh
E. "Structural market changes in remote working and
cashless payments; IR remains well positioned for
long-term growth" - Why are these two sentences grouped together I wonder? I'm trying to grok whether this has any deeper meaning - lol. Well positioned is good news.
F. In slide 18 there is good and bad news, with the length of contracts declining, but with new "logos" expected to be 50% higher in H2, and 40 expected for FY v 38 in pcp.
G. "IR does not provide forward guidance. The Board remains confident in the future for the Company." But IRI has provided an outlook "Plans have been developed to turnaround the poor first half performance, however revenue and profit for the current financial year will be below the preceding financial year. The Company plans to gain traction from new cloud solutions that were recently released to provide the platform for growth in future years." So how are sales of new cloud solutions going? No mention???
H. Net cash 1.7m - haven't seen it that low in a long while. Facility of $20m from memory.
I was hoping for a spike on the post hoc pro forma, as that pro forma doesn't demonstrate the future revenue problems which the statutory rev does by discounting new longer term contracts. the pro-forma is really another version of cashflow as far as I can see. Trouble is that they need to keep shovelling new deals into the furnace to maintain the output of the steam-engine, and get up the next hill. IMO
IRI Price at posting:
$2.41 Sentiment: Sell Disclosure: Held
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