VITEC has published a set of results below expectations, due to the ongoing wait-and-see approach adopted by many software customers globally, along with a normalisation at ENOVA. Only fully recurring subscription revenue came in strong (rising by 18%), in line with what we have observed with other
This morning, VITEC has reported Q1 2025 results in line with consensus expectations for the top-line, but with a miss on profitability expectations due to an unfavorable revenue mix (revenues with lower gross margins increased more while service revenues decreased), along with higher amortisation
We initiate coverage of VITEC Software, a high-quality vertical market software serial acquirer boasting exceptional capital allocation and decentralised management skills and offering investors an opportunity to coat-tail on the group’s ongoing success in both its organic and acquisitive endeavour
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