Cerillion (CER) H2 2025 earnings summary

Executive summary

• Achieved record highs across all key financial metrics for FY2025, including revenue, adjusted EBITDA margin, and net cash, driven by strong trading and significant new orders.

• New orders rose 25% to GBP 48 million, with a 21% increase in the back order book to GBP 56.9 million.

• Secured two major contracts: an $11.4 million, 5-year deal in Armenia and a GBP 25 million+ upsell with an existing European customer.

• Expanded sales and marketing teams in the USA, Europe, and Asia, and invested heavily in R&D, focusing on AI-driven product enhancements.

Financial highlights

• Revenue increased 4% year-over-year to GBP 45.4 million; five-year CAGR at 17%.

• Adjusted PBT grew 10% to GBP 21.8 million; adjusted EBITDA margin reached a record 50.9%.

• Recurring revenue compound annual growth rate reached 21% over five years.

• Cash balance rose to GBP 34.4 million; total dividend up 17% to GBP 15.4 per share.

• Adjusted EPS increased to 56.5p (2024: 52.2p).

Outlook and guidance

• Confident in achieving 2026 consensus, supported by a strong pipeline (GBP 275 million unweighted, GBP 65 million weighted) and record back-order book.

• Dividend increase reflects management's confidence in future growth and is supported by strong cash generation.

• Expect recurring revenue to continue rising, with H2 2026 anticipated to be stronger than H1 due to timing of license revenue.

• Margin guidance for 2026 is 45%, slightly lower due to potential revenue mix changes and ongoing investment in sales and delivery.