Overview

• Revenue for the year to 31 July 2025 is estimated at about £107m, roughly 24% higher than last year and ahead of prior guidance near £100m.
• Adjusted EBITDA is projected at £30.94m, up about 19% year on year, with net cash expected at £18.5m versus £16.6m market consensus.
• The board now expects FY2026 revenue to surpass previous guidance of £112.4m, citing strong second-half trading and wider distribution.
• Shares rallied with double-digit intraday gains and traded above the 140p IPO price, putting the valuation around £320m to £328m.
• The company highlights a B2B-focused model and international reach across 85+ countries as growth drivers, while brokers also note ongoing structural risks.