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Performance for the first half of 2013 has remained below management expectations, and as a result, the Board has lowered its outlook for the current financial year. Profit before Tax and Amortisation ("profit") is now expected to be within the range £15-20 million in 2013 (2012: £35.5 million).
Commenting on the trading update, said: "We have achieved our ambitious Sales and marketing recruitment milestones. This has resulted in us building a stronger pipeline, which is expected to produce returns in the second half. Whilst we did not plan for investments to deliver revenue in the first half, we expected greater momentum from last year to carry into the first half of 2013. The necessary investments are being made to deliver our technology products and services into the Customer Experience Management market. As a consequence the business has incurred an increased short term impact to profits. These investments are important to deliver long term growth and profitability. We remain confident in our strategy and in the outlook for the business in the long term."
Highlights in the first half include: 1. We have achieved our aggressive hiring objectives, including the appointment of a Chief Marketing Officer, and the recruitment of 65 additional sales and marketing resources across Europe and North America. With the resources now in place, we expect to see the impacts of these investments in the second half of 2013, as per our plan. 2. Several product launches have strengthened SDL's leadership position in the Customer Experience Management market, with further releases planned for later in 2013: ̵ SDL's Customer Commitment Dashboard, the first social data-enabled analytics framework that predicts customer behaviour. ̵ www.freetranslation.com - an integrated machine translation and human translation platform ̵ Release of SDL Marketing Intelligence Suite 3. We have recently hosted our annual Innovate conference in San Francisco, where many of our key customers and prospects attend. We received overwhelming positive feedback from customers, partners and analysts, providing some confirmation that our vision and product stack can deliver against the growing market demand for Customer Experience Management solutions. 4. Most importantly we are seeing pipeline improvement on both the technology and services side with licence bookings expected to increase significantly in the second half. Although the performance in our technology and services businesses has been below budget for the first five months of 2013, the build in pipeline for both services and technology with just 1-2 months of our sales and marketing investments in place gives the Board confidence that sales will improve. However, the Board is taking a more cautious view of the speed of services volume recovery and licence sales growth. We are seeing very positive market feedback on our technology stack and are encouraged with pipeline increases in our technology as a result of our marketing and sales investments.
Language Services revenue in the first half of 2013 is expected to be below management expectations, primarily due to the poor macroeconomic climate, resulting in our repeat customers reducing their volumes, and to a less extent, increased pricing pressure. First half profit for the Services division is expected to be significantly below management expectations due to the above revenue shortfall. It should be noted there was also an increased investment in infrastructure of automated translation, workflow and process management to improve efficiency as previously highlighted.
Across the Technology segments, first half licence revenues are below management expectations, primarily due to previously highlighted lack of sales and marketing investment over the last two years. Although we did not expect the recent sales and marketing investments to have any positive effect on revenues in the first half of 2013, we did expect to have continued sales momentum from 2012. Bookings have also been weaker than expected in the first half and this has resulted in a reduction in our forecast for the second half of 2013. As the weakness has been in licence sales there will be a significant impact on short term profitability of the Technology segments.
18 June 2013  SDL plc 18 June 2013 - Maidenhead, UK - SDL plc ("SDL": LSE: SDL), a leader in Customer Experience Management solutions, today provides an update on trading for 2013. Performance for the first half of 2013 has remained below management expectations, and as a result, the Board has lowered its outlook for the current financial year. Profit before Tax and Amortisation ("profit") is now expected to be within the range £15-20 million in 2013 (2012: £35.5 million).
not cheap...but I have faith in recovery (but I had that yesterday lol) ...could half to 5-7*PBTA...then would be Jolly cheap ...aaoo (clearly!)/dyor/gl
FTSE 250-listed translation and communications software firm SDL lowered its outlook for the current financial year after its first half performance remained below management expectations. Profit before tax and amortisation is now expected to be within the range £15-20m in 2013 compared to £35.5m in 2012. In its Technology division, first half licence revenues were below management expectations, mostly due to a lack of sales and marketing investment over the last two years, it explained. The poor macroeconomic climate hurt sales at its Language Services in the first half of 2013. Interim revenue is expected to be below management expectations, as customers reduce their volumes and following pricing pressure, it said. "Although the performance in our technology and services businesses has been below budget for the first five months of 2013, the build in pipeline for both services and technology with just 1-2 months of our sales and marketing investments in place gives the Board confidence that sales will improve," the group said in a company statement. "However, the Board is taking a more cautious view of the speed of services volume recovery and licence sales growth. We are seeing very positive market feedback on our technology stack and are encouraged with pipeline increases in our technology as a result of our marketing and sales investments." Chief Executive Officer, Mark Lancaster, said: "The necessary investments are being made to deliver our technology products and services into the Customer Experience Management market." "As a consequence the business has incurred an increased short term impact to profits. These investments are important to deliver long term growth and profitability. We remain confident in our strategy and in the outlook for the business in the long term," he said.
Keeps trying to break through 390 but just can't do it, once this is broken, ( soon I hope ), it should hopefully progress
all the more reason for this share to rise for the next re-shuffle! Alternatively, there may be a truly massive buying opportunity over the next couple of days as the 250 trackers retreat from here.
...
Are we finally breaking out of this malaise and getting back on track - about time the share price started to reflect what the BOD are doing and the success that we're seeing!
Not sure, Fredhopper? =D? http://www.sdl.com/aboutus/news/pressreleases/2013/sdl-puts-ecommerce-marketers-in-control-of-delivering-a-personalized-online-shopping-experience.html
Anyone know what's happening here today - 8% changed hands already, or is it just one of the funds adding this in as good value?
no surprise there - nothing has changed since this was sitting pretty at 550, I'm buying all that I can at this price, straight into my long-term portfolio - only pension I'm going to get!
big trade...
Shame in a profit, I'm waiting for slightly more though......least a quid
some return
It just went ex-divi!
..
Looks like SDL will get kicked out of Ftse250, will recover from after then.. Deja vu for me as this happened to SGP last year ....
yep...unfortunately that sounds about right,,,so drift (sideways/downwards for a while until news)
Although great company, market valuation is very much earnings based.. We just all have to wait and see how the investment by them will materilise signicifant growth and sales. I can't see a turn around in share price until results show progress or if some unlikely takeover!
a few monster sells filled... ...perhaps just wishful thinking lol
SDL continues to lead in Web Content Management technology, and more importantly has emerged the leader in Customer Experience Management, according to the recent Forrester Wave TM.