Cerillion’s interims confirm the detail of the April trading update, with an unusual 33%/67% 1H/2H split due to timings of work undertaken, licences, and revenue recognition for the £42.5m OmanTel contract. Forecasts are unchanged, save some increased caution on FCF due to the scale of 2H revenue. Perceived uncertainty is offset by visibility and confidence delivered from record new orders (£39.6m), the £82.1m back order book, and development of the record £271m (unweighted) pipeline. 1H26 reven ....
