Eleco’s FY25 results show recurring revenue growth of +26% yoy or +18% organically to £31.3m, adjusted EBITDA +13% ahead of our previous forecast, and a confident outlook that leads us to reiterate our FY26E P&L before including the Kivue acquisition, upgrade FY26E EFCF by +40%, and conservatively introduce FY27E organic revenue and adjusted EBITDA growth of +9% and +16%. After upgrading FY25 revenue by +4% at the January trading update, group revenue growth of +20% or +11% organically to £38.8m ....
