Dillistone Group

DSG · AIM · Technology · mcap £7.3m · 17.8p 1 open situation →

Dillistone sells subscription software to recruitment firms, including the Talentis executive search product and the Ikiru People business. It is now changing into an acquirer of profitable, cash-generative businesses, mainly in the UK.

Promised more than once

Deliver full year 2025 results in line with market expectations (adjusted PTP, EBITDA) 3× · 3 kept 2024 · 2024 · 2025

Target	Promise	Said	Status
2024
31 Dec 2024	Deliver satisfactory 2024 performance in line with management expectations	12 Jun 2024	✓ Kept
	“the Group expects therefore to see revenue fall, it remains confident in its ability to deliver satisfactory performance for the full year in line with management expectations.” How it developed 12 Jun 2024 Said “the Group expects therefore to see revenue fall, it remains confident in its ability to deliver satisfactory performance for the full year in line with...” 8 Apr 2025 ✓ Kept “Profit before tax of £0.013m (2023: loss £0.104m), first profit before tax since 2016.” Result FY2024 results were reported in line with expectations, with a small profit before tax of £0.013m. “Profit before tax of £0.013m (2023: loss £0.104m), first profit before tax since 2016.”8 Apr 2025 · Final Results & Investor Presentation “In a tough market, the Group has delivered profit performance in line with expectations while improving operational cash margins, continuing to pay down the CBILS loan and releasing innovative new products.”8 Apr 2025 · Final Results & Investor Presentation
31 Dec 2024	Deliver full year 2024 results in line with adjusted PTP market expectations	17 Sep 2024	✓ Kept
	“Board expects to deliver full year results in line with adjusted PTP market expectations.” How it developed 17 Sep 2024 Said “Board expects to deliver full year results in line with adjusted PTP market expectations.” 8 Apr 2025 ✓ Kept “In a tough market, the Group has delivered profit performance in line with expectations while improving operational cash margins, continuing to pay down the...” Result FY2024 results in April 2025 were reported in line with expectations. “In a tough market, the Group has delivered profit performance in line with expectations while improving operational cash margins, continuing to pay down the CBILS loan and releasing innovative new products.”8 Apr 2025 · Final Results & Investor Presentation “Profit before tax of £0.013m (2023: loss £0.104m), first profit before tax since 2016.”8 Apr 2025 · Final Results & Investor Presentation
2025
9 May 2025	Release FY2024 final results by early May 2025	5 Feb 2025	✓ Kept
	“The Board expects to release final results for the 12 months to 31 December 2024 by early May.” How it developed 5 Feb 2025 Said “The Board expects to release final results for the 12 months to 31 December 2024 by early May.” 8 Apr 2025 ✓ Kept “Dillistone Group Plc, the AIM quoted supplier of software for the international recruitment industry, is pleased to announce its audited final results for...” Result FY2024 results were released on 8 April 2025. “Dillistone Group Plc, the AIM quoted supplier of software for the international recruitment industry, is pleased to announce its audited final results for the 12 months ended 31 December 2024 ("FY2024").”8 Apr 2025 · Final Results & Investor Presentation
31 Dec 2025	Deliver full year 2025 results in line with market expectations (adjusted PTP, EBITDA)	4 Jun 2025	✓ Kept
	“Board expects to deliver full year results in line with adjusted PTP market expectations.” Also stated 30 Sep 2025 How it developed 4 Jun 2025 Said “The Group remains confident in its ability to deliver performance for the full year in line with market expectations.” 30 Sep 2025 On track “Board expects to deliver full year results in line with adjusted PTP market expectations.” 30 Sep 2025 ✓ Kept “Board expects to deliver full year results in line with adjusted PTP market expectations.” 30 Sep 2025 Said “Board expects to deliver full year results in line with adjusted PTP market expectations.” 7 May 2026 ✓ Kept “Loss before tax of (£0.343m) (2024: profit £0.013m) driven by exceptional items of £0.300m, of which £0.257m is related to the write down of a software asset.” Result No profit warning appeared; H1 was in line with expectations. FY2025 results showed a loss before tax of £0.343m with no expectations warning. “Board expects to deliver full year results in line with adjusted PTP market expectations.”30 Sep 2025 · Interim Results & Investor Presentation “Loss before tax of (£0.343m) (2024: profit £0.013m) driven by exceptional items of £0.300m, of which £0.257m is related to the write down of a software asset.”7 May 2026 · Final Results & Investor Presentation
2026
30 Sep 2026	Announce new CEO over the summer 2026	24 Jun 2026	✓ Kept
	“we hope to be in a position to make an announcement over the summer” How it developed 24 Jun 2026 Said “we hope to be in a position to make an announcement over the summer” 25 Sep 2026 ✓ Kept “The Company is delighted to announce the appointment of Gareth Hawkins as Group CEO who joins on 28 September.” Result New CEO appointment announced on 25 September 2026. “The Company is delighted to announce the appointment of Gareth Hawkins as Group CEO who joins on 28 September.”25 Sep 2026 · Changes to Board & Strategy and Notice of Results
27 Oct 2026	Convert £794,750 of loans into shares at 14p, removing the debt and saving about £73,000 interest a year	25 Sep 2026	⏱ Overdue – no update
	“The Conversion will remove £794,750 of debt from the Group's balance sheet and save approximately £73,000 a year in interest.” Also stated 30 Sep 2026 · 1 Oct 2026 How it developed 25 Sep 2026 Said “The holders of the loans have indicated their intention to ask the Company to convert the loans to shares at a price of 14p.” 30 Sep 2026 Said “conversion of approximately £0.795m of loan notes into ordinary shares” 1 Oct 2026 Said “The Conversion will remove £794,750 of debt from the Group's balance sheet and save approximately £73,000 a year in interest.” Result Was marked kept on this sentence – reopened: an expectation, not a result. We check again with the report for the period. “The Conversion will result in the issue of 5,676,780 new Ordinary Shares (the "Conversion Shares"). The price of 14 pence is the conversion price of the 2024 loan notes, now applied to all of the Loans. The Conversion will remove £794,750 of debt from the Group's balance sheet and save approximately £73,000 a year in interest.”1 Oct 2026 · Conditional Loan Conversion Agreement The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
31 Oct 2026	Broaden strategy to acquire companies outside software in a decentralised model	25 Sep 2026	✓ Kept
	“the Board is proposing to broaden the Group's strategy to enable it to acquire companies outside the software sector” How it developed 25 Sep 2026 Said “the Board is proposing to broaden the Group's strategy to enable it to acquire companies outside the software sector” 26 Oct 2026 ✓ Kept “To approve the change to the Company's primary business strategy (the New Strategy) \| Ordinary \| 24,468,265 \| 100%” Result General Meeting approved the strategy change on 26 October 2026 with 99%+ support. “To approve the change to the Company's primary business strategy (the New Strategy) \| Ordinary \| 24,468,265 \| 100%”26 Oct 2026 · Result of General Meeting
Today · 2 Nov 2026
31 Dec 2026	2026 to be first year of revenue growth since 2022, driven by Talentis	30 Sep 2025	… In progress
	“we now expect 2026 to be our first year of revenue growth since 2022 and only our second since 2016” Status so far Not yet due.
31 Dec 2026	Ikiru People business to be cash generative from H2 2026	7 May 2026	… In progress
	“we believe, will be cash generative from H2 2026 onwards.” Status so far Not yet due.
31 Dec 2026	Deliver organic growth in Ikiru People business in 2026	7 May 2026	… In progress
	“we expect our Ikiru People business to deliver organic growth in 2026” Status so far Not yet due.
31 Dec 2026	Talentis to become cash generative in H2 2026	24 Jun 2026	… In progress
	“This revenue growth is likely to make Talentis cash generative in H2” Status so far Not yet due.
2027
1 Jan 2027	Significant six figure annualised cost savings from the new year	30 Sep 2026	… In progress
	“will lead to significant six figure annualised savings from the new year” Status so far Not yet due.
31 Jan 2027	Migrate FileFinder to Talentis and fully withdraw FileFinder Anywhere by January 2027	30 Sep 2026	… In progress
	“anticipated to be largely complete in January 2027” Status so far Not yet due.
31 Dec 2027	Achieve minimum operating margin of 25%	30 Sep 2026	… In progress
	“The initial objective is to achieve a minimum operating margin of 25%” Status so far Not yet due.