The long and the short of IT

Tech's ‘verschlimmbesserung’ moment

There is a tendency in tech to over develop functionality and create verschlimmbesserung. . . just because you can doesn’t mean you should. OpenAI understands this. To guard against improvements which make things worse, OpenAI bought ‘io’, or more correctly, Sir Jony Ive. For this they paid US$6.5bn- OpenAI is valued at US$300bn. Best known as the designer behind Apple’s iconic products, Mr Ive comes with a team (valued at US$100m each). Next up, OpenAI will integrate ‘io’ into its operations. Mr Ive’s creative and design responsibilities will steer design across the firm’s (hardware and software) products. This is a good hire. Think of AI as being at an iPhone moment; there is a lot to get right, very easy to get lots wrong, and lots to get carried away with. There is much commentary on the price paid, very little on the purpose. A ‘making it better worse’ sums up the week of results. Corporate news remained mixed and even safe havens (Defence) had a wobble.

Latest Tech Universe results span IT Professional Services (Bouvet, Kainos); Data & Analytics (Palo Alto, Workday); IoT/Smart (Aurrigo); Gaming (Trufin); UK Software (Cerillion); Finance & Accounting (Intuit, Visma); IT Infrastructure Services (Cancom, CDW, SCC); Recruitment (Staffline); Defence-Tech (Qinetiq). Read on. Data insights (not navel gazing) inform our evolving views on the tech-economy.

The tech drivers and Industry discussion points

1. Has IT Professional Services entered a low growth phase?

A comment from Kainos at their analyst call was that the IT Professional services market is moving to a single digit growth from prior double digit growth (note, implicit in that change would be a share de-rating). Does the evidence support the view? Yes, it does. In addition we note that the traditional IT Services/Software pull ratio has diminished. This ratio measures how many units of IT services are purchased for each unit of software. The trend line tells us that software needs less Services. The data is based on hindsight.

The emerging picture from the KPIs (see below) suggests that the cohort is in fact recovering from a few difficult years when growth was negative. For evidence see the latest Productivity Index.

IT Services diminishing

Source: Company data, Technology Investment Services

2. Is Software NRR recovering?

The fall in software NRR undermines the ‘visibility’ in the software sector, and the attraction of subscription revenue models. In addition, as subscription ‘ages’ NRR should be stronger (inherent stickiness, greater proportion of renewals rather than ‘off-base’ customers in the mix etc) and vendors should be better able to work expansion rates. However, NRR has been on a downward trend. Good news is that the US is now steadily recovering (the nadir was Q4/23). The UK has yet to see any recovery.

Software company NRR (%)

Source: Company data, Technology Investment Services

3. What are the UK Local Authority Sector DX challenges

A new report by Cavell Group and 8x8 tells us that UK Local Authority DX is in a pickle. Based on research across 401 senior decision-makers from UK local authorities (January 2025), the report concludes that Local authorities face a “barrage of demands to increase use of AI, improve remote working options, and toughen security while dealing with challenging budgets and desires for improved stakeholder and citizen experiences”. There are glaring gaps in digital maturity, strategy, and frontline service capabilities across local government, housing, healthcare, and education. The trends are:

• Communication is omnichannel: Email (74%), phone (68%), and face-to-face (66%) remain the top contact channels. Social media (52%) and live chat portals (45%) are gaining traction.

• Platform Sprawl: 31% of all organizations said their biggest internal communication challenge is that staff are using multiple, disconnected platforms. Integrated, all-in-one solutions remain the exception rather than the norm.

• AI and Data Integration Pressures: 47% expect policies to encourage more AI usage within three years. Meanwhile, 74% have been tasked with increasing integration with other government bodies by 2030.

• Security and Compliance Focus: 33% said AI has forced an increased focus on data protection.

• Metric Evolution: Organizations are rethinking success, moving beyond traditional metrics to more outcome-based, real-time analytics by 2030. This is something of a holy grail by the suppliers and a means of breaking the classic T&M pricing – customers usually reluctant to change to it as they appreciate that they will have to pay more under it.

Joe McStravick, Vice President, EMEA Sales at 8x8, Inc. “There’s a clear appetite to improve citizen services as expectations around AI, data, and omnichannel engagement delivery, increase. But for many, delivery of the tools, and training on their use, is not keeping pace – and that’s often down to budgets.”

“While there is no shortage of ambition, the reality is that fragmentation, outdated technology, and security concerns are still widespread,” said Finbarr Begley, Senior Analyst at Cavell. “The issue is budget, which means the path forward will demand strategic focus, better vendor partnerships, and a renewed investment in people and training. With the right platforms and policies, public sector organizations can not only meet rising expectations – they can exceed them, creating smarter, faster, and fairer services.”

Tech Valuation heatmap

N=530. Source Company data, Yahoo Finance, Technology Investment Services

Cohort updates and Latest Results review

Defence-Tech

Qinetiq. Shares had a wobble on the results, but have since recovered. The results reminded us that good sales execution and positioning remains critical even in a strong underlying market. Qinetiq CEO Steve Wadey told investors that his end markets (defence) was tough, “near-term trading conditions impacted performance in UK Intelligence and US Sectors”. Performance was impacted by “geopolitical uncertainty and delays to short cycle work”. Mr Wadey was forced to restructure to capture the “increasing opportunities within our key markets”. The positive was that following a five-year extension to the LTPA, order backlog is c.£5bn. Yet the print was more pedestrian with revenue budging up to £1,931.6m from £1,912.1m a year ago, EBIT down to £185.4m, from £215.2m, EPS, 26.1p, from 29.4p and FY DPS 8.85p up from 8.25p and so following the Order intake of £1,954.8m, up from last year’s £1,740.4m. Net operating cash was £316.2m down from £320.2m with net debt, £133.2m. There was the now overly familiar reminder of a share buyback with a further £200m share buyback over two years, first announced in March.

Note: Positively, EMEA Services order intake grew 21% Y/Y and revenue was up 5% organically (vs 2% at Group level) basis. This was predominantly driven by a €284m ten-year order for the continuation of the threat representation training contract that underpins the German business and good growth in the UK Defence Sector (c.50% of Group revenue).

IT Infrastructure Services

Cohort scenario: We are in the midst of a large ‘cloud’ shift which favours the IaaS cohort. While the hyperscalers seem the obvious ‘winners,’ the IaaS segment includes an array of companies who will gain from vertical market focus, but also in the wider cloud migration, as well as the more ‘classic’ RAS (reliable, available, Secure) corporate requirements. In addition, most modern applications were designed to run on cloud, rather than on-prem systems. While the newsflow tells us that CapEx is on the increase, there is less attention to improving Adj EBITDA margins and recovering FCF margins which feature in the KPI dashboard.

IT Infrastructure Services: KPI Dashboard

Source: Company data, Technology Investment Services

Cancom. Underlining the difficulties in Germany (60% of revenue) Q1 featured: revenue -6.8% Y/Y to €410.5m, EBITDA down 30.6% to €21.1m, of which Germany revenue was -14.4% Y/Y to €250.6m with EBITDA down 51% to €8.9m. Note that the Inventory is down to €49.980 vs €68.049m last year.

Despite Q1 outturn Cancom reiterated FY guidance: Revenue range €1,700m to €1,850m (vs €1737.6m ;last reported) with EBITDA €115m - €130m vs €113m last year.

CDW. Illustrating the importance of size (250,000 customers) and positioning (GTM for 1,000 brands) CDW posted a strong Q1. Of the highlights, revenue was US$5,199m +6.7% Y/Y even after fewer selling days (63 vs 64 last year) and the economic uncertainty. CDW states that “certain end-markets experienced improved customer spending during Q1” but the divisional strength looks well balanced as:

• Corporate sales, US$2,236m +6.3%,

• SME sales, US $405m +7.9% Y/Y,

• Public sector sales, US$1,878m, +10.6% Y/Y. In the mix, Government was -1% Y/Y, with Health and Education being +17.7% and +9.3% respectively,

• UK and Canada sales, US$680m, +9.5% Y/Y.

• There was weakness in gross profit with the margin, 21.6%, down from 21.8% last year. EBIT US$361m vs US$328m last year.

• There was a big rise in inventory to US$720.2m from US$605.3m – note inventory days of 64.5 vs 58 last year. This has the knock on effect: FCF was US$260.3m from US$410.5m last year. Investors in Computacenter be mindful.

• Christine A. Leahy, Chair and CEO reiterated FY guidance “ we continue to target exceeding US IT market growth by 200 to 300 basis points on a constant currency basis”.

SCC. We have changed our SCC lens. Previously we have looked at the UK operation – really to help us understand how UK-centric resellers are progressing. But given our now wider EU view, and that for Computacenter Germany is bigger than the UK, SCC EMEA seems a better peer.

IT Professional Services

Cohort scenario. The cohort has reported on Q1 trading across our 3.6m FTE Professional Services cohort. Contrarily, given the economic backdrop, we see grounds for optimism. The Q1 KPIs suggest that the recovery is slowly on track with revenue, margin and FTE growth - although the early reports are from offshore companies so there might be an underlying share gain story which has yet to properly ‘surface’. Generally, bookings have recovered (this is happening globally) and revenue growth c5% looks achievable as the IT Professional Services cohort slowly emerges from the aftermath of the Covid and immediate post-Covid environment which saw the industry over-hire. Since then, staff attrition dried up impacting profitability. However, more recently attrition has been shuffling upwards, the industry has some pricing power (i.e. inflation clauses) and so revenue growth has been rekindled. In addition, (i) GenAI has given the industry a new secular growth driver and a new twist to Digital Transformation programs, and (ii) the sector will benefit from the increased Defence spend. From the KPI dashboard the industry is slowly starting to rehire and re-train existing staff which in the short-term dents utilisation. Shares in the cohort are cheap reflecting the past two difficult years, rather than the dashboard which is starting to telegraph a recovery.

IT Professional Service cohort: KPI Dashboard

Source: Company data, Technology Investment Services

Bouvet. Q1 was characterised by strong demand in key sectors (oil, gas and renewables account for 39.4% of total revenue with sales +3.6% Y/Y) and Public and Defence is 18.7% (sales grew +20.2% Y/Y)), stronger competition and reduced demand in some segments. Q1 revenue +5.8% Y/Y to NOK1 074.7m – note hourly rate +4.0% Y/Y. There is a lack of new clients - clients who were also customers in Q1 2024 accounted for 97.6% of revenue with the 20 largest customers being 76.3% of total from 74.8% Y/Y. Note: Bouvet has long-term engagement with NATO and the Norwegian Armed Forces.

The 2,347 FTEs was down 13 sequentially, however there is a shift in employment to technical expertise in high-demand segments and more experienced candidates. Operating costs rose 4.4% with Personnel costs +6.3% (pay inflation is 4.5%) and are 80.5% of operating costs. There was a (rare) cash outflow NOK -34.6m vs an inflow of NOK63.8m a year ago.

The outlook commentary reminded of the ”unpredictable global situation” meaning that organisations have to deal with unpredictable and shifting framework conditions, particularly with respect to financial budgets and security risks. Shares down 5% on results day.

Kainos. Kainos is the fifth-largest AI supplier to the UK public sector by contract value since 2018. FY results were in line with revised (i.e lowered) expectations. The outlook was more guarded than expected and so the share price was -7.6% on the day. Operationally there was weakness in Workday and Digital Services , balanced by strong growth in Workday Products (revenue +24% Y/Y) - none of this was ‘new’ news. From the numbers: revenue -4% Y/Y to £367.2m,Adj PBT -15% Y/Y £65.6m and bookings -10% to £382.4m but the year-end contracted backlog was +3% Y/Y to £368.2m. Cash £133.7m, £126.0m last year. Amongst the new news was a further £30m share buyback over the next six months. Headcount was down by190 FTEs as part of a restructuring programme to create capacity for investment in product development, AI, data, new partnerships, skills development, targeted recruitment and carefully managed international expansion. This resulted in a £8.4m cost for c. £19m cost savings. Operationally:

• Workday-related products account for 19% of Group revenue (2024: 15%) with growth underpinned by the strategic partnership with Workday (July 2024). The Workday global sales teams now introduce and co-sell current and future Kainos-developed Workday products. The aim (create £100m ARR by 2026 and £200m by 2030) seems within reach. Kainos has a fifth product scheduled to debut in late 2025. This is to help organisations understand and address pay equality issues, with particular focus on the EU Pay Directive that will be adopted by EU member states in 2026.

• Digital Services revenue -7% Y/Y to £197.2m with Public sector revenue -9% Y/Y to £125.5m, Healthcare revenue was +14% Y/Y to £50.6m, Commercial sector revenue was -32% Y/Y at £21.0m.

• International markets generated 41% of Group revenue with Workday Products and Workday Services jointly being 81% of their revenues from these customers.

• Customer numbers increased to 1,094, +930 last year.

• Revenues for AI and related projects increased 61% Y/Y to £41.1m being 21% of Digital Services revenues. Kainos has delivered 250+ AI & Data projects across the public, healthcare, and commercial sectors, including 88 in the period and has 250+ AI FTEs. These are small (c£250k) projects.

Guidance: It is prudent to maintain a cautious stance given continued volatility in the global macroeconomic environment. Continued momentum in Workday Products, Recovery in Digital Services, led by public sector and healthcare segments, with the June UK Government Comprehensive Spending Review expected to influence the timing and pace of future demand. Workday Services market-related pressures are easing, with signs of recovery and stronger international activity in Australia and New Zealand.

CEO Brendan Mooney said that the “market-related pressures are beginning to moderate” and he was cautiously encouraged by early signs of recovery and increasing activity across our international customer base but added that the IT Professional Services market was now a mid-high teens growth market and not a teens market of a few years ago. (See our discussion point).

Note: Kainos admitted doing early 70s FTE utilisation and likes to do late 70s. So there is plenty of revenue upside to tap before the company needs to hire.

Kainos: The effect of flexing FTE utilisation

Source: Company data, Technology Investment Services

The numbers we track: Bouvet, Kainos

Source: Company data, Technology Investment Services

Data & Analytics

Data & Analytics Cohort: KPI Dashboard

Source: Company data, Technology Investment Services

Palo Alto. Revenue +15% Y/Y to US$2.3bn, with Next-Generation Security ARR +34% Y/Y to US$5.1bn. The cyber market developed by customers buying ‘point products’ which they overlapped to create a blanket effect. Hence we been skeptical of the more recent ‘platformisation’ (i.e. one-stop-shop) approach. However, the Palo Alto print illustrated (again) the successful progress on its platformisation strategy. For us is best illustrated by the US$5bn in Next-Gen Security ARR. CFO Dipak Golechha commented that “we continue to see our business scale well across the P&L”.

Workday. Shares were down sharply after hours as guidance disappointed. Q1 revenue, US$2.240bn, +12.6% Y/Y. 12-month subscription revenue backlog was US$7.63bn, +15.6% Y/Y. Operating income, US$39m was down from US$64m last year following US$166m restructuring expenses. FCF surged to US$421m vs US$291m last year. Revenue was in line with consensus, earnings were ahead. CFO Zane Rowe commented on the “uncertain environment” as he reiterated FY2026 subscription revenue guidance, US$8.8bn, and increased non-GAAP operating margin guidance to c.28.5%. Of note: More than 30% of net new wins were for a full suite of products. This was a positive given that c.70% of revenue comes from human capital management.

The numbers we track: Palo Alto, Workday

Source: Company data, Technology Investment Services

UK Software

Cohort scenario: These companies are typically smaller than their US counterparts, but all sell and compete globally. In addition to being smaller they typically have poorer KPIs (notably cash-based, ARR, NRR) but have better profitability. The comparative KPI mix may on its own account for the lower valuation and support the view that ‘venue’ has little to do with the valuation. The group is cheaper and pays a dividend/income in addition to share buybacks.

UK Software cohort: KPI Dashboard

Source: Company data, Technology Investment Services

Cerrillion. A disappointing print from an otherwise regular performer. H1 Revenue decreased by 7% to £20.9m as licence renewals/extensions shifted to H2 2025. Back-order book up 7% to £50.2m, but new orders -3% Y/Y at £19.6m and Net cash +17% Y/Y to £31. Stock likely to trade side-ways until there is better clarity on the ‘shunt to the right’, often a precursor of contracts being cancelled.

• New business win: " Just after the period-end, we signed the first part of what we expect to be one of our largest deals to date, once the licencing element is concluded. This project is to facilitate the migration of an existing European customer's newly acquired customer base to Cerillion's SaaS-based platform instead of remaining with the incumbent tier-1 provider.”

• Reiterates FY guidance "Based on new orders achieved to date and current trading, we believe Cerillion is well-placed to deliver market expectations for the full year and beyond."

The numbers we track: Cerillion

Source: Company data, Technology Investment Services

Financial & Accounting

Financial & Accounting Cohort: KPI dashboard

Source: Company data, Technology Investment Services

Intuit. A beat and raise ripping quarter as revenue was +15% Y/Y to US$7.8bn, with the Global Business Solutions Group revenue +19% Y/Y to US$2.8bn, Online Ecosystem revenue +20% Y/Y to US$2.1bn. EBIT +20% Y/Y to US$3.7bn. The company has “exceptional momentum” said CEO Sasan Goodarzi (agreed), pinning the strength on “becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses”. Intuit also raised guidance to FY revenue range US$18.723bn - US$18.760bn i.e +15% Y/Y – prior guidance was 12 – 13%. EBIT US$4.898bn - $4.918bn i.e. +35% from prior 28 – 30%. Note:

• The development focus is on automating tasks, end-to-end workflows, and entire processes, connecting customers to AI-enabled human experts for that last mile of decisions or to complete the work for them. This is Intuits ‘done-for-you experiences’ with “nearly a quarter” of invoicing customers now having used AI-generated invoice reminders since the November launch giving >10% higher payment conversion rate on overdue invoices when customers use AI-generated invoice reminders versus when they don’t. The product roadmap looks compelling with the expected debut of end-to-end AI agents, including customer, payments, finance, project management, and accounting agents for more ‘done-for-you’ services. The design goal is to solve challenges before they arise and connect customers to AI-enabled human experts when needed.

• In Q3, Online Ecosystem revenue was +20% Y/Y. This included c. 40% growth in Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serves mid-market. Online Ecosystem revenue for small businesses and the rest of the base grew 17%. Guidance is for Online Ecosystem revenue growth to accelerate to c.21% Q4, and 20% in FY25.

Visma. CEO Merete Hverven saw the customer base surpass 2.1m in Q1 as ARR grew by 11.5% Y/Y (BTW: Intuit has 100m customers - admittedly the Tax products draw in consumers.) This followed four acquisitions, a minority purchase, and the IPO of Penneo (digital signing solutions for Nordics). Post the balance sheet date, Visma acquired Finmatics in Austria and Accountable in Belgium, two SaaS accounting solutions. Q1 revenue, €771m, was +14.4% Y/Y of which organic growth was10.7% organically. Looking at the operating segments there was a “particularly strong contribution from the Private segments” where Visma guides for increased SME demand for software that allows them to digitize their processes. Note: For Sage investors, Visma is also a desktop vendor who moved to SaaS & Cloud which now represents 90% of Group revenue – the compare at Sage is 34% of revenue.

The numbers we track: Intuit, Visma

Source: Company data, Technology Investment Services

IoT/Smart

Cohort scenario. The Internet of Things (IoT) industry is substantial and growing rapidly across a number of industries, as use cases expand. The IoT market is projected to grow from US$945.6bn in 2024 to US$1,377.8bn by 2029 as the installed base of IoT connections reaches 20bn this year and 31.5bn by 2030. Central to the development are technologies such as Wi-Fi, Bluetooth, 5G, and Low Power Wide Area (LPWA) networks, and end markets in healthcare, automotive, smart homes, security, and industrial applications. However, the (investor) attention caravan has moved to GenAI and so ignores the many opportunities in this cohort. The companies are at the development stage (so R&D/Revenue is a monitored KPI) as we try to understand the Life Cycle positioning (a typical S-curve for a product based business). While this sacrifices profitability to establish product and customer moats, pleasingly, FCF margins have recovered from the H1/24 decline (see below). The challenge now is to recognise the eventual leaders from the mere market participants. There is lots of shareholder value, and value traps, in the cohort.

IoT/Smart cohort: KPI Dashboard

Source: Company data, Technology Investment Services

Aurrigo. FY revenue +34% Y/Y to £8.9m, a 433% Y/Y increase in Autonomous division revenues to £2.9m with Gross profit +146% Y/Y to £3.6m and a 41% margin. The Adj EBITDA loss, £1.6m, was down from £3.2m a year ago. The company has net cash of £3.1m vs £3.5m a year ago and since bolstered by a funding round, January 2025. Of the operational highlights we noted:

• Increased uptake of airside solutions with 6 direct airport engagements in place (FY 23: 4 customers).

• Seven contracts for the proprietary Auto-Sim product, one cargo handler agreement and three strategic partnerships, which together provide access to a network of over 460 airports.

• Aurrigo has ten vehicles that are operating around the world, and at the end of FY24 8 vehicles had completed or had ongoing tests in Singapore, Amsterdam, Stuttgart, Cincinnati and the UK.

• Launched Auto-Cargo, largest autonomous aviation vehicle to date, developed with UPS which begins testing at UPS's hub at East Midlands Airport, the UK's second largest cargo terminal.

• Guidance is that the FY outturn is “somewhat dependent” on the timings and outcomes of the tender processes; results for the full year are currently expected to be in line with the Board's expectations.

CEO David Keene commented that “the number of tenders in play with prospective Autonomous customers is substantially higher than all of last year, and we are working toward closing a number of these in the second half”.

The numbers we track: Aurrigo

Source: Company data, Technology Investment Services

Gaming

UK Gaming cohort: KPI dashboard

Source: Company data, Technology Investment Services

Trufin. Trufin is comprised of three operational divisions and the trading update this week was particularly positive on the Gaming division. Let’s delve in.

The company experienced:

• Continued strong performance of Balatro. This is a console and mobile game and from our review on Steam (22 May) it has seriously good numbers: 89,397 followers, #71 in top sellers, 147,631 positive reviews (98.03% positive).

• Positive performances from Abiotic Factor and recently launched DarkWater.

As a consequence, TruFin expects FY performance (31/12) to be “materially ahead” of current market expectations with Group revenue not less than £51m, Adj EBITDA not less than £8m and Adj PBT to be not less than £3m. In addition:

• TruFin has capital in excess of its liquidity requirements,

• all high-return internal investments are fully funded and no immediate acquisition opportunities are available, and

• shares trade at a discount to an internally calculated intrinsic value.

Consequently, the Board intends to shortly initiate a share buyback programme of up to £4m.

For us there is some disappointment in this. CEO James Van den Bergh is a very astute guardian of shareholder value and has been a huge success at Trufin in molding the developing business units. It is a shame that he does not see the opportunity to extend the business. Mr Van den Bergh appreciates that there are many cheap assets in the UK – after all Trufin is one of them. Fortunately, “the Board will continue to explore reinvestment opportunities, acquisitions, and the continual returning of excess funds in a disciplined and value-enhancing manner”. Mr Van den Bergh concluded that "We're off to a strong start in 2025”.

Recruitment

Cohort Scenario: The KPIs have yet to record any improvement. Recruitment (i.e. Staff, i.e People), as much as technology, is the front-end of the tech economy. From our latest results rollcall the strategic messages from the Recruitment cohort remain downbeat and recovery talk is deferred - but this is not a universal truth - there are pockets of growth and service innovation. In addition, the companies spent 2023 and 2024 downsizing and re-shaping their offer. Now they are better able to meet expectations (given their reduced cost bases and doing more contractor sales). As a positive, all agree that there is a digital skills gap which is a barrier to economic growth. Companies also flag the shortage in tech talent, but slow hiring and slow willingness to move employer has created a bottleneck. While a volatile market, the industry is telegraphing that C-suite turnover is consistent with historical levels. We remind that the impact of AI is contributing to the malaise (i.e. more acceptance of blended environments – so for IT development “organizations won’t just have more developers, they’ll have more production ready code generated by AI and more applications built and deployed by agents”). Our message to investors: Look East, and this week specifically to HRnetGroup. Recruitment remains one of the cheapest cohorts. It usually is at this point of the economic cycle. The lesson from the past is that the pricing here can ‘turn on a penny’ following any economic/MSI data.

Recruitment cohort: KPI Dashboard

Source: Company data, Technology Investment Services

Staffline. AGM Trading Update was positive with a message of “strong momentum”. Of the data points:

• 6.2% increase in gross profit for the first four months of 2025,

• temporary worker hours in Recruitment GB, up 6.6% over the same period, reflecting the sustained demand for both temporary and agency recruitment solutions.

This followed the news (16 May) of a substantial new contract with a logistics company which materially enhanced the Board's expectations over the next three years. Trading is on track to deliver results in line with recently revised management expectations, as the Group's scale and reputation for service excellence continues to deliver further market share gains.

The numbers we track: Staffline

Source: Company data, Technology Investment Services

End notes & Disclaimer: Please read

All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. This is not investment advice. Opinions contained in this report represent those of the author at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. The author is not liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained herein. The information should not be construed in any manner whatsoever as, personalized advice nor construed by any subscriber or prospective subscriber as a solicitation to effect, or attempt to effect, any transaction in a security. Any logo used in this report is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Technology Investment Services Ltd. Email addresses and any other personally identifiable information collected in the provision of the newsletter are only used to provide and improve the newsletter.

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My name is George O’Connor. I am a tech investment and IT industry analyst. I explore shareholder value, its drivers, the best exponents, the duffers. The target readers are investors, companies, advisors, stakeholders and YOU. If you like this please subscribe and pass it on to colleagues and friends. That said, if you hate it - do the same. Thanks for dropping by dear investor.