Margin CompressionMaterial gross-margin erosion over several years signals structural pressure on pricing or cost mix. Lower margins reduce operating leverage and constrain sustainable profitability and cash generation unless the company stabilizes pricing, cost base, or shifts to higher-margin services.
Cash Conversion VolatilityWorking-capital and timing swings have led to inconsistent cash conversion, making FCF less predictable despite positive annual totals. Persistent volatility impairs planning for capex, dividends, or acquisitions and raises short-to-medium-term liquidity management risk.
Uneven Growth MomentumThe business shows sensitivity to transactional volumes and experienced a lull in 2024, highlighting cyclicality in auction activity. Episodic growth weakens near-term visibility and could prolong investment payback if market or participant activity softens.