RowenaRUL keeps on coming up in a number of places that I look...

Rowena
RUL keeps on coming up in a number of places that I look for new names, but for the life of me, I can't understand the numbers (or at least where they will show up.

For example if I look at the software division revenues per the annual and 1H investor presentation

FY2018 FY2019 1H2020
Subscription 0.8 2.4 3.9
Perpetual lic 13.6 12.1 2.6
Maintenance 19.6 21.8 10.9
Consulting 10.7 12.5 6.4
Total 44.7 48.8 23.8

I think the fact that ARR is growing (1H was 10.7m) seems to indicate that the loss in perpetual licence revenues will come back via the subscription line, but I'm not seeing a significant growth over and above what they have had in the past (the 2July notes ARR is 12.7m or 13.4 if we account or the FX impact when compared to 1H).

I agree subscription is better (less sales involved), but if the software is as vital as they say, then selling a perpetual licence should not have been any more challenging.

Is the upside in the maintenance & consulting associated with the subscription model (and again, 1H20 is not significantly changed from FY19)?