Fadel Partners Inc on Tuesday said it expects its full-year revenue to match market expectations after reporting strong trading in the first half of the year.

The New York-based media rights and royalty management software developer said for the six months that ended June 30, revenue growth has been in line with its expectations and expects full-year revenue to match the market consensus of $14.6 million.

Recurring revenue grew during the period by 3.0% to $4.3 million from $4.2 million a year prior, and is expected to grow to around 80% of total revenue for 2023. This is due to an increase in licence and support renewals, as well as net new sales, Fadel explained.

Meanwhile, service revenue fell to $1.0 million from $2.5 million the year before.

Chief Executive Officer Tarek Fadel said: ‘I am pleased to report that trading for financial 2023 continues to be in line with expectations and the services revenue decline shows two clear and positive trends: we are concluding a phase of bringing a number of world-scale enterprise customers onboard, which provides capacity for the next phases of growth, and we are increasing a recurring revenue bias to our income with some 80% of revenue now being recurring.’

Shares in Fadel Partners were trading flat at 147.00 pence each in London on Tuesday midday.

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