Cerillion expects £45.3m FY25 revs, +4% y/y (-5% vs. SCM and -7% vs. cons.) and ~£20.7m adj. PBT, +5% y/y (+7% vs. SCM and slightly a/h of cons.) reflecting slower contract conversion, but excellent (and improving) margins, notwithstanding. While we expect some head scratching this morning, we think CER is well placed to achieve superior growth in FY26 and beyond, given record orders of £47.6m (+25% y/y) will translate into c.29% back-order-book growth to c.£60m (at y/e) providing good forward revenue visibility. CER also references a very strong pipeline, including “some substantial opportunities”. Given this, we leave FY26 forecasts unchanged, while also, flag upside potential to FY26/27 consensus, if the pipeline converts.
