$RUL quick out of the blocks with their 1Q FY24 Trading update including an upgrade on guidance.

ASX Announcement

Highlights include:

• Q1 TCV from software sales of $13.2m up $8m (154%) from pcp
• ARR from software licence and maintenance at end of Q1 was $56.0m
• Pre-contract, non-cancellable software licence and maintenance revenue to be recognised across future year at end Q1 was $133.4m
• Signed a framework agreement to facilitate future purchases from a Tier 1 global miner, with significant term volumes within this contracted
• Advisory also starting strongly with a lot of work coming from battery and critical minerals sectors
• FY24 revenue upgraded to $107-112m (from $105-110m; FY23 $98.4m)
• Underlying FY24 EBITDA upgraded to $18.5-20.5m (from $17.5-19.5m; FY23 $15.0m)
• FY24 PBT upgraded to $13.5-15.0m (from $12.5-14.0m; FY23 $9.2m)

My Key Take Away

Off to a strong start to FY24; steadily grinding higher.

Disc: Held in RL and SM