essensys has made solid progress in H1, albeit this is not fully apparent in the numbers (given the spend reduction by a large customer) and for this reason, ‘u/l strategic customer ARR growth’ of +5% and improved EBITDA (from £-0.5m to £0.8m) better reflect broader progress. Looking ahead, while we trim FY25 EBITDA, this is due to a change of timing around anticipated cost saving and in this context, stress that ESYS should still be FCF positive onwards of Q4. Echoing this sentiment FY26 EBITDA ....
