Eleco’s FY25 trading update highlights ARR growth of +29% yoy to £34.3m or +5% ahead of our previous forecast, group revenue growth of +20% to £38.8m or +4% ahead, net cash of £16.3m or +23% ahead, and a confident outlook that leads us to conservatively reiterate our FY26E forecasts at this point. An excellent H2 25E has driven record hoh organic ARR growth of +£3.6m from £30.7m at H1 25, and led FY25E recurring revenue growth of +26% to £31.3m or +3% ahead, with recurring revenue now 81% of gro ....
