FYMar26 revenue is expected to be c.£37m (flat y/y) and adj PBT £2.1m (FY25: £5.2m), reflecting H2 ad-spend normalisation and planned investment. SYS1 retained all major customers and increased penetration of the top 100 advertisers to 48 (FY25: 44), with new-customer revenue offsetting constrained budgets from existing customers. Results are in line with guidance and +5% ahead of our conservative adj PBT forecasts. We leave FY27 forecasts unchanged but upgrade our TP to 415p, rolling our 1x EV/sales target multiple to FY27. Despite a 32% YTD shareprice gain, the stock trades on just c.8x FY27 EV/NOPAT, offering compelling upside given strong operating leverage and a material growth opportunity.
