K3 Business Technology Group (LON:KBT) reported H116 results in line with management expectations. Revenue 22 March 2016 growth was limited by currency and the shift to consumption-based licensing, but adjusted operating profit increased 25% y-o-y with margin expansion to 12.2%. Good progress has been made with the strategy to increase own-IP software sales, build out the reseller channel and grow the hosting business, although the impact of the shift to consumption-based licensing leads us to reduce our revenue and EPS estimates.
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