Lemonsoft’s growth figures in Q2 were largely in line with expectations, and organic growth (1.4%) turned slightly positive, as we expected, after four negative quarters. The inorganic growth boost provided by Finvoicer was slightly lower than our forecasts for the quarter.
However, adjusted operating profit fell short of our expectations, as other operating expenses were higher than anticipated. The report mentions “the timing of certain development projects” as the reason behind the weakened result, so this presumably explains the difference in expenses.
As expected, the company kept its outlook unchanged, and the outlook for H2 points toward picking up growth and improving profitability. This is also in line with our forecasts. H1 results show 15% growth and a 17.7% adjusted operating profit, so performance must improve to reach the guidance. Q3 is always a strong quarter in terms of profitability, and recent acquisitions also support growth for the rest of the year. Thus, the guidance looks highly achievable.
