In their annual directors report RUL disclosed ARR Subscribtion balance of $7.1m as at 23 Aug increase due to $6.1m of new Saas type contracts in first 7 weeks of FY20 (versus 10.3 in whole FY19). Does show that their subscription software business is getting traction however it is only a small part of their overall revenue.

RUL seems in a good position at present with good cash balance, generating small profits (ratio to sales) and growing software business. The negative for me is when the software business generates good returns we get another mining downturn and the consulting business tanks.

Disclosure: Have  had a small holding for two years, but never sufficient confidence to add more.