Eleco’s H1 25 results show recurring revenue growth of +23% or +16% yoy organically to £14.8m, adjusted EBITDA growth of +30% yoy to £4.3m with EFCF of +£2.9m, and a confident outlook that leads us to reiterate our FY25E & FY26E recurring revenue and adjusted EBITDA, revise group revenue due to lower one-off services and licence revenue, and upgrade EFCF, DPS, and net cash, as we explain in more depth below. Through H1, recurring revenue has delivered strong growth to 81% of group revenue and AR ....
