BetterValueInvest

Serviceware $SJJ Q3 25 was released on Friday Sales growth up to 17% on q3, driven by license sales (down H1, now up 9%) Strong licenses caused a margin surprise --> black figures! Expecting strong scaling in profitability 2026 Strong order growth, back at over 100meur

There isnt much licenses (5MEUR) or consulting (6 MEUR) left to get rid of These are 80-100% gm in Serviceware accounting, so the lowered GM will start to recover after these are insignificant Outlook was good and also promised growth in FY26

Contract liabilities (orders) grew 21 % yoy, but decreased slightly qoq Book level is great, and we should expect to see new bumps in the upcoming quarters

Serviceware $SJJ H1 2025 out today Solid 10% sales growth, but it hides the >40% SaaS growth in declining service and license sales EBIT is positive, and has accumulated by 1 MEUR to over 34 MEUR When service and license are done with, this should scale like a proper software

Here is the 45 minute interview of Serviceware founders. CEO, Dirk Martin, and CFO, Harald Popp. youtube.com/watch?v=UUdgfrEN…

Who was behind the 8.81% voting against directors' remuneration report? Was there discussion on it?

Seeing is believing, and a lot can happen. The H1 23 ends in 1.5 months, and #MEGP results should be out in June. The tide has clearly turned post COVID, and the company has a good momentum in Wash, Food, and also again in Photo. 6/6

ME Group #MEGP (MCAP 490 M£@130p with c. 15 M£ net cash) ended FY22 well: 2/6

RevolutionLaundry in action. Unit generates >15k£/y, costs c. 20k£ to make&install, >80% gm and >10y lifecycle (first installed in 2012 and still running) $PHTM can install 70-100 of these/month for years on. Would like them to install faster. 20-25m£/y, well spent CAPEX still!

Fair enough. Just one quarter of slowing marketing, also not stopping, but rather gearing one down. 4m change in ebit: topline slightly up, bit more from lower customer acquisition cost. You can always counter with wc change or cogs decrease, but thats a whole another story.