MuM says Q1 was strongest in its history
That’s a heck of a headline, no?
Mensch und Maschine Software reported Q1 results this week that add some details to the head:
- Q1 revenue was up 18% year/year to EUR 85.41 million, surpassing the previous high of EUR 78.63 million from Q1/2020. Looks like the industry is back, baby! (Sorry One major concern at the beginning of the pandemic was how long it would take various industries to rebound — looks like less than 2 years in this case
- MuM operates two main businesses: as a reseller of Autodesk products and selling its own software. The software business generated revenue of EUR 24.68 million, up 12%. MuM doesn’t break out revenue for its different brands, but keeping on yesterday’s CAM theme, did say that CAMD accounts for 1/3of revenue but 55% of profit
- The value-added reseller business (VAR) reported revenue of EUR 60.73 million in Q1, up 21%.
What might this mean? Autodesk sells via other partners in Europe (as well as using is direct sales channels) — but this initial info signals that it should have also had a solid January/February/March. Autodesk’s Q1 runs from February to April, so there’s not a direct correlation but a 21% revenue increase at the VAR end of the chain is solid.
On a somber note, MuM CEO Adi Drotleff addressed the elephant in every room right now: “The Ukraine conflict so far did not have a significant negative impact on our business nor cause us to change our short and long-term targets. In the event of a global escalation, however, a stronger negative impact could no longer be ruled out.”