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Published on: August 31, 2023

H1 23: Improved visibility and earnings quality

Aferian’s H1 23 results (to 31 May) demonstrate significant improvements in both revenue visibility and earnings quality. The group continues to deliver impressive growth in software revenues, which now contribute 60% of sales. Annual Recurring Revenue (ARR) once again reached record levels, driving improved revenue quality and visibility. The release signals management’s confidence in the full-year outlook, with net debt forecast to have peaked and improved performance from the devices business expected in H2. We leave our (recently reintroduced) forecasts unchanged.

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