Prelims for March FY26 are in line with expectations (upgraded in February & April 2026), with contract visibility leading to FY27E adj EBITDA guidance of £12m, an 18% improvement on our former forecast (£9.8mE). Total contract value won jumped materially to £122m, after £70m in FY25, showing the accumulated momentum in forward-looking revenue. With a better view on the timing of customer expenditure within the contract frameworks, and assuming 1% annual adj EBITDA margin improvement in line wit ....
