REG - Cerillion PLC - Interim Results
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RNS Number : 3237G Cerillion PLC 01 June 2026
AIM: CER
Cerillion plc
("Cerillion", the "Company" or the "Group")
Billing, charging and customer relationship management software solutions
provider
Interim results
for the six months ended 31 March 2026
Group remains on track to deliver FY26 financial targets
Results H1 2026 H1 2025 Change
New orders(1) £39.6m £19.6m +102%
Back-order book as at 31 March 2026(2) £82.1m £50.2m +64%
Revenue £18.0m £20.9m -14%
Annualised recurring revenue(3) £19.1m £18.2m +5%
Adjusted EBITDA(4) £6.2m £10.0m -38%
Statutory EBITDA £6.2m £9.9m -38%
Adjusted EBITDA margin 34.5% 47.7% -1320 bps
Adjusted profit before tax(5) £5.5m £9.3m -41%
Statutory profit before tax £5.5m £9.3m -41%
Adjusted basic earnings per share(6) 14.1p 23.9p -41%
Statutory basic earnings per share 13.9p 23.8p -42%
Dividend per share 5.5p 4.8p +15%
Net cash £32.5m £31.2m +4%
Financial
l New orders more than doubled to £39.6m(1) (H1 2025: £19.6m) and included
largest ever contract win, secured in Q2.
l Resultant back-order book increased by 64% to a record £82.1m(2) at the
period-end (31 March 2025: £50.2m).
l The phasing of new orders (from new and existing customers) has shaped H1
results; as anticipated, minimal software licence revenue (which is
high-margin) was recognised in H1
- revenue is down 14% to £18.0m (H1 2025: £20.9m)
- profitability is significantly lower period-on-period
- material software licence revenue is expected to be recognised in H2.
l New customer pipeline(7) up 4% to a new high of £271m (H1 2025: £261m). This
is after the closure of the £42.5m new customer win.
l Balance sheet remains strong, with net cash increased to £32.5m (31 March
2025: £31.2m).
l Interim dividend up 15% to 5.5p (H1 2025: 4.8p).
Operational
l Major new contract, worth c.£42.5m over five-year subscription term, signed
in January 2026 with Omantel, the main national telecoms operator in Oman:
- covers fixed, mobile, broadband and TV services
- the requirements phase has been completed, and configuration and integration
are now under way.
l Implementation for Ucom, the leading provider of telecommunication services in
Armenia continued to progress well:
- initial delivery phases have been completed and cutover is scheduled for the
autumn.
l Latest product release, Cerillion 26.1, included Agent2Agent (A2A)
capabilities, which enable communications services providers to move from
siloed automation towards coordinated, multi-step process execution across
systems.
l The Board believes that the Group is well-positioned to deliver consensus
market expectations for the full year, underpinned by the back-order book,
expected income mix, and anticipated new orders from existing customers.
Louis Hall, CEO of Cerillion plc, commented:
"Winning the £42.5m transformation project contract with Omantel in January
2026 marks a significant milestone in the ongoing development of the business.
Not only does it add a prestigious new customer, but it is a further
proof-point for our product-centric model, a very valuable reference for
similar scale new business and a catalyst for further opportunities in the
Middle East.
"While there is very significant weighting to this year's results, we believe
Cerillion is well-placed to deliver market expectations for the full year.
Delivery is based largely on business already under way and anticipated new
orders from existing customers. Looking further ahead, demand remains strong
and our pipeline of opportunities with both new and existing customer is very
healthy. We therefore continue to view long-term prospects with confidence."
(1) New orders does not include the support and maintenance elements of orders
from new or existing customers, as this is separately itemised in the
Back-order book total (see footnote 2 below).
(2) Back-order book of £82.1m consists of £72.6m of orders contracted but
not yet recognised plus £9.5m of annualised support and maintenance revenue.
It is anticipated that c. 39% of the £72.6m of orders contracted but not yet
recognised as at the end of the reporting period will be recognised within 12
months from 31 March 2026.
(3) Annualised Recurring Revenue includes the annualised value of support and
maintenance, managed service, Skyline and third-party hardware and hosting
revenue, plus annualised term licence revenue, which is calculated as total
term licence revenue divided by the contract length for each customer and
excludes any deduction for financing; note this differs to Cerillion's revenue
recognition policy which is to recognise core term licence revenue in full
upfront when the customer has the ability and right to use the licences,
rather than being spread over the contract term, and includes a deduction for
the financing component.
(4) Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings
excluding finance income, finance costs, taxes, depreciation, amortisation and
share-based payment charges.
(5) Adjusted profit before tax is a non-GAAP, Company-specific measure, which
is earnings excluding taxes and share-based payment charges.
(6) Adjusted earnings per share is a non-GAAP, Company-specific measure, which
is earnings after taxes, excluding share-based payment charges divided by the
average weighted number of shares in the period.
(7) New customer sales pipeline is the total, unweighted value of all
qualified sales prospects.
Investor Presentation
Management will be hosting a live, online presentation of interim results on
Friday, 5 June 2026 at 12.45pm. Any investors who are interested in joining
the virtual event are invited to register via the following link:
https://bit.ly/CER_HY26_webinar (https://bit.ly/CER_HY26_webinar) .
For further information please contact:
Cerillion plc c/o KTZ Communications
Louis Hall, CEO T: 020 3178 6378
Greg Price, CFO
Panmure Liberum (Nomad and Broker) T: 020 3100 2000
Bidhi Bhoma, Edward Mansfield, Freddie Wooding
Singer Capital Markets (Joint Broker) T: 020 7496 3000
James Moat, James Fischer
KTZ Communications T: 020 3178 6378
Katie Tzouliadis, Robert Morton
About Cerillion
Cerillion has a 26-year track record in providing mission-critical software
for billing, charging and customer relationship management ("CRM"), mainly to
the telecommunications sector but also to other markets, including utilities
and financial services. The Company has c. 70 customer installations across c.
45 countries.
Headquartered in London, Cerillion also has operations in India and Bulgaria
as well as a sales presence in Continental Europe, the USA, Asia and
Australia.
The business was originally part of Logica plc before its management buyout,
led by CEO, Louis Hall, in 1999. The Company joined AIM in March 2016.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REPORT
Overview
At the beginning of the second quarter of the financial year, we signed the
Company's largest deal to date with Oman Telecommunications ("Omantel"). Worth
approximately £42.5m over five years, it is another clear demonstration of
the quality of our technology and the attractions of our product-centric
approach, which stands in contrast to the highly-customised solutions that
characterise our marketplace. It is also a significant increase in the scale
of our wins; our previous largest order win was for c.£25m. Implementation is
now well under way and the project is progressing to plan.
This major new win, together with other orders from existing customers, took
total new orders to £39.6m, more than double last year's outcome (31 March
2025: £19.6m). It has also resulted in the back-order book(6) reaching a new
record high of £82.1m at the end of the first half, up 64% (H1 2025:
£50.2m).
At the same time, the phasing of our new orders, and resultant timing of
software licence revenue recognition, means that the year's results are
expected to be strongly weighted to the second half. The vast majority of FY
2026 software licence revenue, made up of both the new contracts signed in H1
2026, and from anticipated extensions and renewals with existing customers, is
expected to be recognised in H2.
Results for the first half reflect this phasing, with first-half revenue down
14% to £18.0m. The impact of minimal high-margin software licence revenue
being recognised is most evident in profitability. Adjusted profit before
tax(3) was 41% down at £5.5m (H1 2025: £9.3m), which also reflected the
decrease in total revenue as well as the very low proportion of software
licence revenue. For the same reasons, the adjusted EBITDA margin was lower at
34.5% (H1 2025: 47.7%).
Annualised recurring revenue(2) continues to increase, and at the half-year
end stood at £19.1m (H1 2025: £18.2m). The Company's balance sheet also
remains strong with net cash at 31 March 2026 at £32.5m (31 March 2025:
£31.2m).
We continued to invest in the business, developing our resources across our
main operating bases in the UK, Bulgaria and India, expanding our sales team
to support our on-going growth strategy and releasing new features in
Cerillion 26.1.
The new customer sales pipeline(7) has increased by 4% to a new high of £271m
(31 March 2025: £261m), which is after our latest major win in January. The
existing customer sales pipeline also remains robust.
Looking ahead, we expect a much stronger performance in the second half and
remain confident of delivering consensus market expectations for the financial
year and beyond. Our view is based on the strong back-order book, continuing
successful execution, and anticipated term renewals and extensions.
Financial Overview
Revenue for the six months ended 31 March 2026 decreased by 14% to £18.0m (H1
2025: £20.9m) for the reasons outlined above. Services revenue of £9.1m made
up 51% of total revenue (H1 2025: £10.3m and 49% of total revenue), with the
decline from the prior period reflecting the timing of contract wins. Software
revenue(1) (principally software licence, support and maintenance, and managed
services revenue) totalled £7.8m, including £1.1m lower software licence
revenue period-on-period, and accounted for 43% of the Company's total revenue
(H1 2025: £9.6m and 46% of total revenue). Other revenue amounted to £1.1m
or 6% of total revenue (H1 2025: £1.0m and 5% of total revenue) and included
the re-selling of third-party hardware and software, hosting fees and
rebillable expenses.
The gross margin was slightly lower than in the prior period at 75.8% (H1
2025: 80.6%). This mainly reflected lower recognition of high-margin
software licence revenue, and a decrease in day rates achieved on key
implementation projects.
Existing customers (those customers acquired at least 12 months before the end
of the reporting period) accounted for a very high proportion of the Group's
revenue and generated 93% of total revenue in the period (H1 2025: 98%).
Operating expenses of £8.8m increased period-on-period (H1 2025: £8.1m),
mainly driven by an increase in the number of heads to drive future growth,
inflation and higher amortisation of capitalised development costs.
Adjusted earnings before interest, tax, depreciation and amortisation
("EBITDA"), which excludes share-based payment charges, decreased by 38% to
£6.2m (H1 2025: £10.0m). Statutory EBITDA was down by the same percentage to
£6.2m (H1 2025: £9.9m).
Adjusted profit before tax(3) decreased by 41% to £5.5m (H1 2025: £9.3m) and
adjusted earnings per share(4) was 41% lower at 14.1p (H1 2025:
23.9p). Statutory profit before tax decreased by 41% to £5.5m (H1 2025:
£9.3m), and statutory earnings per share decreased by 42% to 13.9p (H1 2025:
23.8p).
The balance sheet remains strong. Net assets rose by 18% to £60.6m as at 31
March 2026 (31 March 2025: £51.6m).
Cash Flow and Banking
Net cash as at 31 March 2026 increased slightly to £32.5m (31 March 2025:
£31.2m). Net cash generated from operations in the period decreased to
£1.7m (H1 2025: £7.0m), reflecting the lower profitability in the period.
Development costs of £0.8m were capitalised in the period (H1 2025: £0.9m)
after investment to further enhance the Company's intellectual property.
Free cash generation in the period was £0.5m (H1 2025: £5.9m). Cash
generated in the period was partly utilised to pay the final dividend of
£3.1m (H1 2025: £2.7m) in respect of the financial year ended 30 September
2025.
Dividend
The Board is pleased to declare an increased interim dividend of 5.5p per
share (H1 2025: 4.8p), a 15% rise year-on-year. The interim dividend is
payable on 26 June 2026 to shareholders on the Company's register as at the
close of business on the record date of 12 June 2026. The ex-dividend date is
11 June 2026.
As previously stated, the Board aims to distribute between a third to a half
of the Group's free cash flow as dividends each full year, subject to the
Group's performance and the Board's assessment of the trading environment.
Operational Overview
The Omantel contract signed in January 2026 was awarded after an extensive
tender process, which involved all major BSS/OSS(5) vendors. A key determinant
in Cerillion's selection was its product-centric solution model and
full-service delivery. Our product-centric model eliminates the need for
services-heavy implementations and enables customers to benefit from industry
standard APIs, a seamless upgrade path, operational flexibility, including the
ability to create and launch new products to end-customers very easily, while
also offering lower total cost ownership and faster-time-to-market compared
with more bespoke solutions. Our BSS/OSS suite will support Omantel's 3.5m
mobile, fixed wire and broadband customers.
The implementation of our platform has started well and, despite the current
conflict in the Middle East, our teams continue to be able to travel to
site. If this were no longer possible for a period, work would continue
remotely with minimal impact on productivity.
As discussed, the revenue benefits from this new win are expected to come
through meaningfully in the second half of the current financial year. We also
see scope for this relationship to grow further over time, given Omantel's
expansion ambitions and commercial interests. The Omantel contract also
provides another important, large-scale reference client, and a strong
reference from which to develop further business within the region.
In Armenia, our implementation project, agreed in a contract worth $11.4m in
January 2025 with UCom, the country's telecommunication services leader,
continued to progress well. The main delivery phases are nearing completion,
data migration is well-advanced and cutover is scheduled for the autumn. This
major project should be a strong reference for other business within the
region.
We continue to invest in R&D, releasing new features and functionality
improvements twice a year. In April 2026, we released Cerillion 26.1, the
latest version of our BSS/OSS Suite.
· Building on the introduction of our AI Agents and Model Context
Protocol server in the previous release, Cerillion 26.1 takes this to the next
level by enabling AI agents to communicate, coordinate and execute tasks
collaboratively - both within the Cerillion platform and with external
systems. This marks a significant step towards autonomous, real-time
operations, allowing communication service providers to streamline complex
processes and reduce manual intervention.
· These foundations now enable the introduction of A2A capabilities,
allowing AI agents to operate with a shared understanding of context and to
coordinate actions across multiple systems in real-time - supporting more
advanced, multi-step process orchestration.
While highlighting the continuing advancement of our product, it is also worth
commenting on the topic of AI displacement, since some commentators have
expressed concerns. There are two fundamental points to make. Our view is that
whilst AI is well-suited to building solutions that are good approximations of
relatively simple sets of requirements (probabilistic), AI is unsuitable where
requirements need to be met exactly, at all times, and where there is no
tolerance for disparate outcomes (deterministic). A consequence of this is
that telcos would be very unlikely to view AI as a means to 'in-source'
BSS/OSS(5) platforms.
In addition, building an enterprise software platforms from scratch is highly
complex, even if using AI. A substantial knowledge base of the very specific
business rules that would need to be incorporated into a new platform to
generate the highly detailed prompts that would need to be used to instruct
the AI toolset is required. A prototype platform requires a lengthy,
multi-year process of rigorous, iterative, real-world testing and refining.
Subsequently, it requires a launch customer willing to take on the risks of
introducing such a mission-critical system into the heart of its business.
Thereafter, to become a serious market contender and to build market
credibility, a broad base of customers would need to be established. Existing
vendors, like Cerillion, have proven solutions, in use globally. We continue
to enhance and innovate our platform, using AI tools and incorporating AI
capability, but crucially, we are doing this from an established,
market-tested starting point.
Outlook
The Omantel contract win was a step change in the scale of our agreements and
enhances our position in the market as we continue to grow the business. The
opportunity for further growth is significant and substantial barriers to
entry remain in place.
Looking at the remainder of the financial year, we believe that the Company
continues to be well-positioned to deliver consensus market forecasts for the
current financial year. Delivery is based largely on the continuing execution
of projects already under way, supplemented by anticipated new orders from
existing customers. Our new business pipeline, which stands at a record level
even after our contract win with Omantel, also sets us up well for continuing
progress.
Cerillion has a very strong balance sheet, with significant net cash, and this
provides an excellent platform to support the Company's continued growth and
development. We therefore continue to view long-term prospects positively.
Alan Howarth Louis Hall
Chairman Chief Executive Officer
Notes:
(1) Software revenue is made up of licence, support and maintenance, managed
service and Skyline revenue.
(2) Annualised Recurring Revenue includes the annualised value of support and
maintenance, managed service, Skyline and third-party hardware and hosting
revenue, plus annualised term licence revenue, which is calculated as total
term licence revenue divided by the contract length for each customer and
excludes any deduction for financing; note this differs to Cerillion's revenue
recognition policy which is to recognise core term licence revenue in full
upfront when the customer has the ability and right to use the licences,
rather than being spread over the contract term, and includes a deduction for
the financing component
(3) Adjusted profit before tax is a non-GAAP, Company-specific measure which
is earnings excluding taxes and share-based payment charges.
(4) Adjusted earnings per share is a non-GAAP, Company-specific measure which
is earnings after taxes, excluding share-based payment charges divided by the
average weighted number of shares in the period.
(5) BSS/OSS; in telecommunications, this refers respectively to business
support systems and operating support systems.
(6) Back-order book of £82.1m consists of £72.6m of orders contracted but
not yet recognised plus £9.5m of annualised support and maintenance revenue.
It is anticipated that c. 40% of the £72.6m of orders contracted but not yet
recognised as at the end of the reporting period will be recognised within 12
months from 31 March 2026.
(7) New customer sales pipeline is the total, unweighted value of all
qualified sales prospects.
INTERIM FINANCIAL INFORMATION
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2026
Consolidated Consolidated Consolidated
Unaudited Unaudited Audited
half year to half year to year to
31 Mar 2026 31 Mar 2025 30 Sep 2025
£'000 £'000 £'000
Continuing operations
Revenue 18,012 20,915 45,358
Cost of sales (4,358) (4,060) (8,390)
Gross profit 13,654 16,855 36,968
Operating expenses (8,794) (8,139) (16,655)
Other income - - 324
Impairment losses on financial assets - - (27)
Adjusted EBITDA* 6,207 9,975 23,079
Depreciation and amortisation (1,302) (1,232) (2,410)
Share based payment charge (45) (27) (59)
Operating profit 4,860 8,716 20,610
Finance costs (82) (84) (190)
Finance income 676 642 1,295
Adjusted profit before tax** 5,499 9,301 21,774
Share based payment charge (45) (27) (59)
Profit before tax 5,454 9,274 21,715
Taxation (1,347) (2,235) (5,097)
Adjusted profit for the period*** 4,152 7,066 16,677
Share based payment charge (45) (27) (59)
Profit for the period 4,107 7,039 16,618
Other comprehensive income
Exchange differences on translating foreign operations
(51) 11 (128)
Total comprehensive profit for the period
4,056 7,050 16,490
All transactions are attributable to the owners of the parent.
H1 2026 H1 2025 FY 2025
Basic earnings per share - continuing and total operations 13.9 pence 23.8 pence 56.3 pence
Diluted earnings per share - continuing and total operations 13.9 pence 23.8 pence 56.2 pence
Adjusted basic earnings per share from continuing operations
14.1 pence 23.9 pence 56.5 pence
* Adjusted EBITDA is a non-GAAP, Company-specific measure, which is earnings
excluding finance income, finance costs, taxes, depreciation, amortisation and
share-based payments charge.
** Adjusted profit before tax is a non-GAAP, Company-specific measure which is
earnings excluding taxes and share-based payments charge.
*** Adjusted profit for the period is a non-GAAP, Company-specific measure which
is earnings excluding share-based payments charge.
Unaudited Condensed Consolidated Statement of Changes in Equity
as at 31 March 2026
Share capital Share premium Share option reserve Treasury stock Foreign exchange reserve Retained earnings Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2024 (audited) 147 13,319 394 - (342) 34,990 48,508
Profit for the period - - - - - 7,039 7,039
Exchange difference on translating foreign operations - - - - 11 - 11
Total comprehensive income - - - - 11 7,039 7,050
Issue of new shares 1 - - - - - 1
Share option charge - - 27 - - - 27
Purchase of treasury stock - - - (1,384) - - (1,384)
Exercise of share options - - (155) 620 - (400) 65
Dividends - - - - - (2,715) (2,715)
Balance at 31 March 2025 (unaudited) 148 13,319 266 (331) 38,914 51,552
(764)
Profit for the period - - - - - 9,579 9,579
Exchange difference on translating foreign operations - - - - (139) - (139)
Total comprehensive income - - - - (139) 9,579 9,440
Issue of new shares (1) - - - - - (1)
Share option charge - - 32 - - - 32
Exercise of share options - - (21) 76 - (56) (1)
Dividends - - - - - (1,416) (1,416)
Balance at 30 September 2025 (audited) 147 13,319 277 (688) (470) 47,021 59,606
Profit for the period - - - - - 4,107 4,107
Exchange difference on translating foreign operations - - - - (51) - (51)
Total comprehensive income - - - - (51) 4,107 4,056
Share option charge - - 45 - - - 45
Purchase of treasury stock - - - (234) - - (234)
Exercise of share options - - (208) 829 - (386) 235
Dividends - - - - - (3,128) (3,128)
Balance at 31 March 2026 (unaudited) 147 13,319 114 (521) 47,614 60,580
(93)
Unaudited Condensed Consolidated Balance Sheet
as at 31 March 2026
Consolidated Consolidated Consolidated
Unaudited Unaudited 31 Mar 2026 Unaudited Audited
Note £'000 31 Mar 2025 30 Sep 2025
£'000 £'000
Assets
Non-current assets
Goodwill 2,053 2,053 2,053
Other intangible assets 3,459 2,969 3,320
Property, plant and equipment 692 552 567
Right-of-use assets 2,381 3,192 2,797
Other receivables 5 12,216 9,019 13,282
Deferred tax assets 239 247 250
21,040 18,032 22,269
Current assets
Trade receivables 5,199 4,660 3,370
Other receivables 5 16,991 13,586 15,227
Current tax receivable 215 - -
Cash and cash equivalents 32,467 31,213 34,399
54,872 49,459 52,996
Total assets 75,912 67,491 75,265
Liabilities
Non-current liabilities
Other payables 5 681 661 629
Borrowings 820 - -
Deferred tax liabilities 561 604 561
Lease liabilities 1,907 2,767 2,369
3,969 4,032 3,559
Current liabilities
Trade payables 1,922 733 964
Other payables 5 8,169 10,197 10,194
Borrowings 340 - -
Lease liabilities 932 977 942
11,363 11,907 12,100
Total liabilities 15,332 15,939 15,659
60,580 51,552 59,606
Net assets
Equity attributable to shareholders
Share capital 147 148 147
Share premium account 13,319 13,319 13,319
Treasury stock (93) (764) (688)
Foreign exchange reserve (521) (331) (470)
Share option reserve 114 266 277
Retained earnings 47,614 38,914 47,021
Total Equity 60,580 51,552 59,606
Unaudited Condensed Consolidated Cash Flow Statement
for the six months ended 31 March 2026
Consolidated Consolidated Consolidated
Unaudited half year to 31 Mar 2026 Unaudited Audited
£'000 half year to year to
31 Mar 2025 30 Sep 2025
£'000 £'000
Operating activities
Reconciliation of profit to operating cash flows
Profit for the period 4,107 7,039 16,618
Add back:
Taxation 1,347 2,235 5,097
Depreciation 596 654 1,242
Amortisation 706 578 1,168
Share option charge 45 27 59
Other income - - (324)
Finance costs 82 84 190
Finance income (676) (642) (1,295)
6,207 9,975 22,755
Increase in trade and other receivables (2,303) (1,508) (5,961)
Increase in trade and other payables 207 676 522
Cash from operations 4,111 9,143 17,316
Finance costs (82) (84) (190)
Finance income 452 490 982
Tax paid (2,820) (2,509) (4,880)
Net cash generated from operating activities 1,661 7,040 13,228
Investing activities
Capitalisation of development costs (844) (921) (1,862)
Purchase of property, plant and equipment (299) (239) (417)
Net cash used in investing activities (1,143) (1,160) (2,279)
Financing activities
Proceeds from borrowings 1,494 - -
Repayments of borrowings (341) - -
Purchase of treasury stock (234) (1,384) (1,384)
Receipts from exercise of share options 235 65 64
Principal elements of finance leases (480) (486) (949)
Dividends paid (3,128) (2,715) (4,131)
Net cash used in financing activities (2,454) (4,520) (6,400)
Net (decrease) increase in cash & cash equivalents (1,936) 1,360 4,549
Translation differences 4 3 -
Cash and cash equivalents at beginning of period 34,399 29,850 29,850
Cash and cash equivalents at end of period 32,467 31,213 34,399
Unaudited Notes
1. Basis of Preparation and Accounting Policies
The condensed financial information is unaudited and was approved by the Board
of Directors on 29 May 2026.
The Company is a public limited company, which was incorporated in England and
Wales on 5 March 2015. The address of its registered office is 25 Bedford
Street, London, WC2E 9ES. The interim financial information for the six months
ended 31 March 2026 has been prepared in accordance with UK-adopted
International Accounting Standards. The interim financial information for the
six months ended 31 March 2026 has been prepared under the historical cost
convention.
The interim financial information for the six months ended 31 March 2026 does
not constitute statutory accounts within the meaning of section 434 of the
Companies Act. Statutory accounts for the year ended 30 September 2025 have
been delivered to the Registrar of Companies. These accounts contain an
unqualified audit report and did not contain a statement under the Companies
Act 2006 regarding matters which are required to be noted by exception.
The preparation of the interim financial information for the six months ended
31 March 2026 in conformity with generally accepted accounting principles
requires the use of estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the Statements and the reported
amounts of revenues and expenses during the period. Although these estimates
are based on management's best knowledge of the amount, event or actions,
actual results ultimately may differ from those estimates. The accounting
policies adopted are consistent with those of the previous financial year and
corresponding interim reporting period, except for the adoption of new and
amended standards which have no material impact on the accounting policies,
financial position or performance of the Group.
There is no material difference between the fair value of financial assets and
liabilities and their carrying amount.
The functional and presentational currency is UK Sterling.
2. Going concern
The Directors have assessed the current financial position of the Group, along
with future cash flow requirements, to determine if the Group has the
financial resources to continue as a going concern for the foreseeable future.
The conclusion of this assessment is that it is appropriate that the Group be
considered a going concern. For this reason, the Directors continue to adopt
the going concern basis in preparing the interim financial information for the
six months ended 31 March 2026. The interim financial information does not
include any adjustments that would result in the going concern basis of
preparation being inappropriate.
3. Basis of consolidation
The consolidated financial information incorporates the financial information
of the Company and entities controlled by the Company (its subsidiaries) at 31
March 2026. Control is achieved where the Company has the power to govern the
financial and operating policies of an investee entity so as to obtain benefit
from its activities.
Except as noted below, the financial information of subsidiaries is included
in the consolidated financial statements using the acquisition method of
accounting. On the date of acquisition, the assets and liabilities of the
relevant subsidiaries are measured at their fair values.
All intra-Group transactions, balances, income and expenses are eliminated on
consolidation.
4. Adjusted earnings
EBITDA, profit before tax, profit for the period and earnings per share have
been adjusted to take account of £45,448 (six months to 31 March 2025
£27,362) relating to P&L charges in respect of the Group's share based
payment charges.
5. Other receivables and other payables
Unaudited Unaudited Audited
31 Mar 2026 31 Mar 2025 30 Sep 2025
£'000 £'000 £'000
Other receivables - non-current
Amounts recoverable on contracts 12,050 8,943 13,107
Other receivables 166 76 175
12,216 9,019 13,282
Other receivables - current
Amounts recoverable on contracts 12,943 11,227 11,896
Prepayments 3,349 1,755 1,837
Other receivables 699 604 1,494
16,991 13,586 15,227
Other payables - non-current
Other payables 670 640 629
Deferred income 11 21 -
681 661 629
Other payables - current
Taxation - 1,027 1,257
Other taxation and social security - 476 395
Pension 80 75 70
Accruals and provisions 3,086 3,593 5,130
Deferred income 4,369 4,554 2,995
Other payables 634 472 347
8,169 10,197 10,194
6. Availability of this announcement
This announcement together with the financial statements herein and a
presentation in respect of the interim financial results are available on the
Group's website, www.cerillion.com.
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