Cordel’s trading update to June has reported extended sales cycles leading to delayed revenue recognition, driven by economic uncertainty particularly in the US. Consequently, we shift revenue forecasts by a year to FY25E £4.8m (+7% growth YoY, was £6.2mE) and FY26E £6.2m (+29% growth YoY, was £8.0mE). Combined with improved FY26E 74% gross margin (was 70%E), and strong opex management where we lower adj opex by -23% in FY25E and -10% in FY26E, we maintain FY25E adj PBT of £-0.4m, and continue t ....
