bullish
WRKR Ltd - Readying for new client onboarding
SUMMARY
- RaaS has published an update on superannuation and payroll compliance solutions business Wrkr (ASX:WRK) following its Q2 FY25 results in which it delivered a result in line with our expectations.
- Flat Q2 FY25 cash receipts and higher costs are in line with RaaS thinking and mask the progress being made in readiness for new client onboarding forecast (by RaaS) late in FY25.
- Our assumptions on key client onboarding remain unchanged, with REST (~1.4m members) forecast to begin H1 FY26, representing the first in a number of RaaS forecast step-change revenue events over coming years.
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