Cerillion

CER · AIM · Technology · mcap £204m · 682.0p

Cerillion sells billing, customer management and operations software (BSS/OSS) to telecom operators, mostly on multi-year contracts. It earns licence, subscription, maintenance and services revenue from customers worldwide.

Target	Promise	Said	Status
2023
30 Nov 2023	Introduce AI-based functionality in product release by November 2023.	20 Nov 2023	✓ Kept
	“AI-based functionality introduced in latest product release, issued in November 2023” Result Cerillion 23.2 with generative AI launched on 7 November 2023.
2025
FY2025	Caucasus contract revenue to come through meaningfully in H2 FY25.	20 Jan 2025	◐ Partly kept
	“the revenue benefits will start to come through meaningfully in the second half of the current financial year” Status so far FY25 revenue grew only 4% to £45.4m, though orders were a record. “Both wins represent important new references for us and the full financial benefits will come through in the new financial year and beyond.”24 Nov 2025 · Final Results “We expect about 33% of the £47.4m contracted-but-not-yet-recognised sales will be recognised within 12 months.”24 Nov 2025 · Final Results
31 Oct 2025	Launch Cerillion 25.2 with AI Agents by October 2025.	24 Nov 2025	✓ Kept
	“The latest version of our software suite, Cerillion 25.2, launched in October 2025” Result Version 25.2 with MCP Server and AI Agents launched on 29 October 2025.
30 Nov 2025	Recognise about 45% of £37.7m contracted sales within 12 months.	18 Nov 2024	… In progress
	“it is anticipated that c. 45% of the £37.7m will be recognised within 12 months” Result Not yet due.
2026
16 Jun 2026	CEO will not sell further shares for 365 days after the placing.	11 Jun 2025	✓ Kept
	“undertaken not to dispose of any further Ordinary Shares in Cerillion for a period of 365 days following completion of the Placing” Also stated 12 Jun 2025 Result No further CEO sales appear; he received 3.3m shares by transfer from Affinity Trust in October 2025. “The Selling Shareholder has undertaken not to dispose of any further Ordinary Shares in Cerillion for a period of 365 days following completion of the Placing, subject to certain exceptions and waiver by Panmure Liberum”12 Jun 2025 · Result of Secondary Share Sale
FY2026	Meet market expectations for the current financial year and beyond.	22 Apr 2024	✗ Missed · target changed
	“The Board believes that the Group is well-positioned to deliver consensus market expectations for the full year, underpinned by the back-order book, expected income mix, and anticipated new orders from existing customers.” Also stated 13 May 2024 · 14 Apr 2025 · 19 May 2025 · 1 Jun 2026 Result Reaffirmed June 2026, but a September 2026 warning cut FY26 revenue guidance to £46m-£48m, below £52.8m consensus. “The Board believes that the Group is well-positioned to deliver consensus market expectations for the full year, underpinned by the back-order book, expected income mix, and anticipated new orders from existing customers.”1 Jun 2026 · Half-year Results
30 Sep 2026	Omantel contract to contribute significantly, with material licence revenue, in H2 FY26.	22 Apr 2026	… In progress
	“material software licence revenue is expected to be recognised in H2.” Also stated 1 Jun 2026 Result Not yet due.
Today · 10 Oct 2026
30 Nov 2026	Recognise about 33% of £47.4m contracted sales within 12 months.	24 Nov 2025	… In progress
	“It is anticipated that c. 33% of the £47.4m will be recognised within 12 months” Status so far Not yet due.
30 Nov 2026	Ucom cutover in autumn 2026.	1 Jun 2026	… In progress
	“cutover is scheduled for the autumn.” Status so far Not yet due.
31 Dec 2026	Complete Virgin Media Ireland fixed-wire migration phase in 2026.	24 Nov 2025	… In progress
	“We are now working on an additional phase to migrate Virgin Media Ireland's fixed-wire customer base, which we expect to complete in 2026” Status so far Not yet due.