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Results for FY25 were mediocre IMHO but FY26 YTD seems to be pretty good. And yes good to get a vague timeframe on the DIS deal ie before mid-August, ie we've got up to two more months to wait... I wonder if bidders want to see a) audited FY25 accounts, and b) better view of FY26 YTD trading before confirming any bid? And given it's been decent YTD I guess mgmt would want to wait a bit to get a better price that takes this fully into account.

That is of course the glass half full bit. Half empty view is that we still have nothing specific on the bid process. And new non specific info about this court case, no names no range of values no timeframe. I think the market has just stopped believing anything they say tbh. I hope they are proven wrong as the price of these is crazy if you believe what they are saying about a bid, current trading and also potential further material upside from this court case which ideal world could be settled early rather than dragging on.

Got a small chunk here but I've got to say their comms / the way they've run this process does make me nervous. There must be interested parties and they must have had indications of price. They would not be able to communicate that via RNS if not. But there has been nothing specific, no named bidders, no confirmed bids, no confirmed price. Despite the long period of time... And I'm not sure what the point of telling the market all this non specific information is? What are they trying to achieve by that?

Josey - the tender will be pro-rata across shareholders. They will not be allowed to treat institutions differently. It's not like a placing where they often get away with doing so. So every individual and institution that tenders for shares will be successful to the same %age amount of the amount they tendered.

So if you want to tender as much as possible, then tender all your shares, and you'll probably get scaled back to 50-60%. I agree it will likely be done at a premium, but I suspect more like a 10% premium to the SP at the time it is announced. so maybe 145-150p?

@cadburyhill you may be right. Some on the other board have gripes about exceptionals etc, which is fair enough. But let's remind ourselves how we got here. Everyone was terrified AI was going to destroy this company when they profit warned 18m ago. Shares got hammered. They're down 50% plus since 2025, and 85% since 2021.

Today - we've got new CEO, mid single digit organic growth with some parts of the business growing MUCH faster, profits growing also, cash generation / dividends, strategic bolt on M&A etc etc.

I could understand a weak reaction to these results if we were priced for perfection, but at current SP we're trading at about 4.6x EV/EBIT!! Balance sheet healthy. Growing top line, positive commentary on H2. Next year Obviously turns to a net positive for profits rather than a drag. And this stock will be a big beneficiary if UK and GBP is weak on the back of Starmer-gedden / Will-pocolypse / Burn'em-all circus show.

To be clear I am NOT expecting final divi to be cut vs FY25 levels. And would go as far as to say this would be VERY strange from here given profits are increasing year on year. At full year results they said they are moving to a progressive dividend policy 'from this rebased level'. Which means dividend moves in line with profits (usually adj EPS).

Given consensus adj EPS expectations for FY26 is currently 14% ahead of last years figure (may be slight trim to this post results) I would actually expect the end of year divi to perhaps increase modestly, maybe to more than 5p even which would be a 10% increase. So we may end up with a full year dividend for the year of somewhere around 6.7-7.0p. Consensus forecasts for the divi for the year was actually 7.5p before this set of results, so could even be higher (although also possible analysts just had this wrong).

I remember having this chat with someone on here at the time, and to me it was always clear - cut to final divi as announced, and a proportional cut to interim divi (heavily implied by saying they were rebasing the dividend). Would have been weird to cut one and not the other, more usual to keep the same balance between them. I'd even go as far as saying it's better than I expected as final divi was more than halved (4.6p from 10p) and this is only down c.30% (1.75p from 2.45p).

In any case, surely this can't be the driver of the SP today. I mean the dividend for the year is still going to be c.6.35p (1.75p plus at least 4.6p). It's only modestly less than 4.6p + 2.45p = 7.05p figure that it seems some were expecting.

Will be interesting to see what the shorts do from here. Close out on the news? I mean they must have been expecting no deal, and a SP crash after... Or hold on the basis that the u/l business is still at a fairly stretched valuation and only performing modestly? One of the most shorted stocks on the market... Saw some comments saying tender could drive a short squeeze possibly, but not sure i agree (unless those tendering buy back in post tender). If the tender is at c.160p (big if) and is roughly half the shares, then the share price post tender will be around 120p ceteris paribus no?

I'm absolutely amazed at the SP reaction today. Any thoughts on what has driven it?

My thinking coming into these results was that market may be worried about hitting FY numbers, given implied H1 v H2 weighting vs consensus. By my read they are ahead of consensus on revenue, and in line on profit. Although potentially a £2m FX and £1m Obviously hit to profit (a little unclear, but not unexpected) this is max a 5% downgrade and is not a reflection on the actual business performance. They said H1 / H2 split similar to previous year which was 18m / 42m adj PBT to get £60m FY. For 2026 it is £24m in H1, so should be at least £42m in H2 to get them to £66m at least (consensus is £68m).

I'm really struggling to see what the market has taken so negatively. Yes the divi cut, but I for one was expecting this given what they had previously said. What other negatives were there? Did anyone listen to the analyst call? The recording is not up yet. Has anyone seen any analyst comments / notes or changes to forecasts?

Honestly scratching my head here. What have I missed?

I should say as well they have given themselves a fair amount of leeway with their targets. Mid teens EBITDA margin could mean 13% and they could also start capitalising more R&D etc so actual operating profit aka EBIT (or 'cash EBITDA) could be more like 10-11% margin. AND they say 'by the end of FY28) which means run rate profitability by Sept 2028, ie you might not actually see it in their numbers until H1 FY29 (ie half ending March 2029, which will be announced around June in 2029, ie 3 years hence).

Amazed this share is holding 140p to be honest. I was thinking someone would snap this up for a c.30-40% premium. I guess the market had assumed that no deal for Cyber was in the offing for a while?

Results look OK only, modest u/l growth, margins still very low. I read it as to expect quite a lot of exceptional cash costs over coming 6-12m to right size the business (hence only returning £170m tender +£15m buy back out of the £230m they have on their balance sheet).

Targets are pretty modest, only mid single digit growth (no acceleration from current levels), and mid teens EBITDA margins which i think means about £160m rev in FY28 and c.£40m EBITDA (assuming 'mid teens' means 15%+ and not 13%). The increase in EBITDA is almost all coming from cost cuts of £25m and maybe £5-7m only from growth, which is why I think there will be a lot of cash leakage to execute this (it costs money to fire people) of maybe £15m over the next couple of years.

If they get there, then there might be 50-100% upside over 3 years. BUT it's very much a jam tomorrow story (still) and a lot of execution risk still - need to take out a massive chunk of their cost base to hit those targets. Whilst still winning customers and growing at the same time.

If the tender is at a decent premium I would expect most shareholders to take it, so imagine most will be scaled back to c.50%. Also bear in mind that after the tender this will be out of the FTSE 250 so there will be some forced selling from trackers (and possibly some funds) at this point also.

I'm going to keep watching from the sidelines, I like the business at the right price but at this point in time the risk / reward profile is all wrong IMHO.

I wouldn't be surprised to see the PUSU extended for the Oakley/Giacom consort also to align with Epiris / Providence. Make it fair for all bidders.

As to who tables a bid first, or whether they do at all, is anyone's guess. Having 4 credible names at the table is a pretty good indication of the quality and attractiveness of the company though.

Yes I noticed that. A bit more than half the previous rate. Not sure why. Volumes traded were lowish last week but not that low. They still have £14m left to do, ie almost 5% of the company in theory.

Also strange there's still been no rns re the big trade a couple of weeks ago....

Welcome @RunS4. Hope your timing is better than mine!

Agree, you need a lot to go wrong to not make money on something on a 30% fcf yield, doing a buy back. Given the illiquidity I hope that, like SFOR this year, just a little positive news could lead to a rapid rerating...

I'm still in SFOR also but have trimmed a bit above 40p. For what it is worth it think FUTR is both a better company and a more compelling investment, especially at the current respective prices..

Over hang cleared perhaps?

Tough reaction to OK trading and tough backdrop. Especially given how far this has fallen already. A little frustrating they have not been a bit clearer on expectations for the current year, my base case is profitability of similar level to FY26 ie £21-22m EBIT, but with cash generation paying down debt now that acquisition is done. So at 80m mcap we're trading at about 5x EV/EBIT which is too cheap for this business imho. Medium term there is growth, margin expansion and probably more accretive consolidation to come.

Taken a few more sub 300. Ridiculous valuation. The business ex GoCo is basically being valued at zero at these prices. Certainly at less than £100m which is crazy given its forecast to generate a least £60-70m EBIT this year.

Business is currently being valued at almost 40% FCF yield.

Think share price being forced down by shorts drip feeding into market, and complete lack of institutional support. And / or a seller that is completely lacking price discipline / patience.

GLA.

Think we've missed out by a few £m. If we'd have been flat today I think we would have made it. Will get confirmation tomorrow. Oh well, I think it's likely to be a dead cert next time round given the companies getting taken out higher in the index.

You have to ride the volatility with out of favour stocks like this imho. Not sure there is any rationale behind moves like this.

It had come a long way on the strong order book progression. Now translating into revenue growth. But needs it to translate into profit and cash to justify the rating I think. Probably one to keep the faith on, but can see why it's weak today. Expensive on current profit multiples, so needs upgrades really I think. Don't hold, but watching.

Good to see an initiation note out from Panmure yesterday. Target price 700p. Think the main argument is a) quality company, b) cheap rating, c) strong balance sheet / cash generation, d) trough earnings with recovery potential.