UK small-cap RNS · 15 Apr 2026

The Strategic Review is said to 'continue to progress' with no outcome yet, and the waiver extension is tied to it. This is the fourth waiver extension since December, so the update adds timing but no resolution.

Board says full-year 2026 performance remains in line with its previous expectations. This only confirms the February position, with no raise, and flags macro and geopolitical uncertainty.

This is the first quantified FY2026 guidance (at least €7.8m revenue), not an upgrade. FY2025 revenue of €6.4m also landed below the €6.5m-€6.8m range given in December.

Q1 matches Board expectations and the 2026 net fee guidance is unchanged. After three years of decline, fees are only down 2% and March was up 5%, so the recovery looks to be continuing.

£19m three-year GDS contract helps rebuild the Contracted Backlog after weak H1 bookings, adds FY27+ revenue visibility and deepens a long-standing central government client relationship.

The $145-$155m EBITDA guidance is only retained, not raised, so the rule's 'upgrade' reading is wrong. Q1 is in line with expectations, with earnings weighted to H2 on a 40:60 split.