Eleco’s H1 25 trading update shows ARR growth of +19% yoy to a record £30.7m, organic recurring revenue growth of +16% to £13.9m, excellent net cash of £12.2m, and a confident outlook that leads us to reiterate our FY25E and FY26E forecasts. After reporting FY24 net revenue retention of 109%, the update highlights that new customer acquisition and expansion with existing customers is progressing well through FY25, and that there are promising opportunities to drive future revenue growth followin ....
