Execute, Execute, Execute

研报英文原文证据摘录

Execute, Execute, Execute

ts Call commentary reiterated strong

commissions are calculated as a advertising model, and intends for go- pipeline visibility and the medium-

proportion of ARR added and include to-market via the existing sales team. term AI opportunity, underpinning

accelerators for deals closed earlier in confidence in achieving the top end • Guide seen as a cost saving from

the year. of FY26 ARR guidance. customers' POV. Management cited

• Costs grew 13% YoY, primarily driven Local Government call centre costs• '30 days to ERP ' target.

by a 186% increase in marketing costs, are currently ~£2.80 per call, with only Implementation timelines have

which included ~A$9m of customer 85% answered and ~60% eventually improved to 105 days, down from

showcase spend. Excluding this, resolved, vs Guide which can handle 126 days at the FY25 result.

underlying costs grew ~8%. these interactions at a fraction of the

• Underlying PBT margin expansion. cost. Ex A$9m in customer showcase • Rule of 40 slightly lower. 1H26 Rule

of 40 of 55% (-1ppt YoY), as a 2ppt • Managed services. AMS revenues costs, PBT margin was 30%, up 2pp

improvement in FCF margin was offset are expected to grow over time, on the pcp.

by slower headline ARR growth (17% with traditional consulting revenues

• Limited SaaS+ margin headwinds vs 20% in 1H25). declining towards zero. Management

to date. TNE indicated that ongoing indicated margin profiles between

efficiencies, including internal AI consulting and AMS are similar.

adoption, are offsetting SaaS+ margin

pressure. Moreover, AI is driving • Consulting profit down 85%

YoY. Likely driven by SaaS+ increased developer productivity,

implementations, which should likely reducing the level of hiring