Ann: Results Presentation - Full Year Results, page-26

I was surprised, so far, that they seemed to make a loss with their services, as their revenue from services (49.7 m$ in FY 24) was much less than their service expenses (73.5 m$ in FY 24).
In fact, I am not sure it is the case, as the company has also a large communication revenue (40 m$ in FY 24) which is probably also related to the services expenses.
If it is correct, SRV made a profit on their services of 13.6 m$ in FY 24 vs a loss of 1.3 m$ in FY 23.

This is due to the fact that their services revenues increased much faster (+ 24 %) than their services costs (+ 2 % in FY 24).
As lease revenue increased by only 2 % in FY 24 (in line with capacity increase), it seems that most of the revenue increase in FY 24 came from the services business which probably benefited both from price increase and a higher level of utilisation.

Only indication from the company about this : +25 % for service conversion in FY 24.
But not sure what it means as the company did not define what they call "service conversion".