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Friday 12 January 2018

Disappointing end of year for SDL

logoThe latest year end trading update from SDL shows its journey continues to be a rough one as it confirmed the deal slippage (i.e. several deals failed to close before December 31) that led it to a profits warning in December. One positive sign is that discussions with those customers are ongoing. It was also impacted by a faster than expected shift to SaaS which caused a £1m-£2m dent in revenues across the year and had costs of £3.5m, largely related to restructuring activities.

As a result, the provider of content management and language translation software and services is expecting to report Adjusted EBITDA of £22m (after R&D capitalisation of £2.5m) on revenue up 8% yoy to £285m, with net cash of £22m, which compares poorly to H1 performance.

For a company ending year two of a three year transformation plan, where 2017 was designated the year for execution after extensive restructuring and asset divestment that included returning to its roots of language translation and technology, it is disappointing. Looking for glimmers of positivity, we can see that gross margins in the Language Services division improved in the second half of 2017 so there is something to build on. Full results are due for release on March 6 2018. 

Posted by Angela Eager at '09:31' - Tagged: software   tradingupdate  

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