Fadel Partners: Positive Trends in FY23 Revenue

London-listed software developer, Fadel Partners, announced on Tuesday that their projected revenue for 2023 is expected to meet market expectations of $14.6 million. Additionally, the company revealed that their services revenue is set to decline following the successful completion of several service contracts.

Fadel Partners anticipates a substantial increase in second-half revenue compared to the first half. This growth can be attributed to the timing of annual contract renewals for specific enterprise licenses.

During the first half, recurring revenue saw a slight uptick from $4.2 million to $4.3 million. It is further expected that recurring revenue will represent approximately 80% of Fadel Partners' total revenue for the year, a significant increase compared to the 65% recorded in 2022.

However, service revenue experienced a decrease during this period, dropping from $2.5 million to $1 million.

Chief Executive, Tarek Fadel, expressed satisfaction with the company's performance in FY23, noting that the decline in services revenue indicates two encouraging trends. Firstly, Fadel Partners is successfully onboarding a number of prominent enterprise customers, providing additional capacity for future growth. Secondly, the company's income is becoming increasingly reliant on recurring revenue, which now accounts for approximately 80% of their total revenue.