Overall, SDL delivered a robust interim performance with an adjusted PBT of £9.3m, c. 42% of our FY forecast. However, the performance was mixed, with Language Services delivering a strong performance (21.6% PBT margin) while Technology had disappointing bookings (-6%). The group expects to see Technology growth for the year as a whole given a strong pipeline (significantly up vs. 6 months ago) and further bedding in of the sales team. We make no changes to estimates and continue to believe the ....
