Fonix’s FY25 trading update shows +4% gross profit growth to £18.6m, +7% adjusted EBITDA growth to £14.6m, and a confident outlook that leads us to reiterate our FY26E gross profit, adjusted EBITDA, EPS, and EFCF. FY25E gross profit growth reflects resilient customer demand across the UK and Rest of Europe, with several broadcasters strategically focusing on higher-value entries to optimise margin. Including £0.2m of exceptional legal and consultancy costs to accelerate international expansion, ....
