@thunderhead1 &
@bulky
I raised a query with BVS investor relations about this comment from the CEO last year.
"In October 2020, we also flagged that the second wave UK lockdowns and stalling Brexit negotiations have increased uncertainty and are slowing the progress of pipeline opportunities in the UK. As a result, Bravura expects FY21 NPAT to be weighted approximately 80% to the second half of FY21."
Surely they did not mean that the total NPAT is weighted 20%/80% between 1H & 2H, but the person from investor relations seem to indicate that it will be weighted per CEO statement.
My records indicate the following:
Revenue NPBT EPS(basic)
1H18 103m 14.0m 6.6c
2H18 119m 16.7m 6.0c
1H19 127m 19.9m 7.6c
2H19 130m 21.1m 7.4c
1H20 133.4m 21.5m 8.1c
2H20 138.9m 25.5m 8.4c
Yes there have been some purchases along the way, but those were relatively small and the trend is pretty clear. I'm totally baffled how 1H will only report 20%, but not making any sudden decisions at this stage.
They should book ~50m NPBT for FY2021 (I think they will grow, but perhaps growth slowing given their implementation revenues has been down over the last couple of reporting periods), but IMO a steady true SaaS business.
(20min delay)