Contents
Investment summary 3
The macro view… 5
Business investment: key for tech 6
Challenges are different this time 10
Software is an inherently appealing sector to investors 12
Software & Services sector performance 13
Recurring revenue strength 17
High operating returns 18
Cash aplenty 19
Bright spots in the IT services market 20
KBC Peel Hunt coverage universe 26
Companies
Amino Technologies 31
Anite 35
Craneware 40
Endace 42
FFastFill 45
Fidessa 49
IP Group 53
Kewill 57
Logica 59
Micro Focus 63
NCC 67
Pace 71
Phoenix IT 75
Sage 77
SQS 81
The Innovation group 85
KBC Peel Hunt forecasts 89