ADF has released interim results in line with expectations, showing a quieter start to the year, but momentum has continued to build. Revenues were up 14% YoY to £17.4m, driven by the Autotrak contribution, while the existing segments declined 8% YoY. 2Q25A revenues of £10.1m significantly outperformed 1Q25A’s £7.2m, and 3Q25E has started strongly, leading management to reiterate that FY25E revenues remain in line with our forecasts. Adj EBITDA declined 12% YoY to £2.2m due to the competitive pr ....
