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Cerillion plc

Cerillion supplies billing, charging and customer-management software that telecoms operators use to sell services and manage customer accounts.

1VW · Gettex · EUR

Overview

Summary

Cerillion began in 1999 through a management buyout from Logica and joined AIM in 2016. Its software handles the commercial work behind a telecoms service: setting up a package, taking an order, recording usage and sending the customer a bill.

The London company sells a connected range of software products, together with implementation, support and maintenance. Customers can use it for services such as mobile connections, broadband and television rather than managing each through a separate collection of tools.

Latest results

Oct 2025–Mar 2026 · Reported in GBP

Revenue

GBP 18.0 million-13.9%

Operating profit

GBP 4.9 million-44.2%

Margin 27%

Cash held

GBP 32.5 million+4%

At Mar 31, 2026

Financial debt

GBP 4.0 million+6.8%

At Mar 31, 2026

Latest financial publication

Jun 1, 2026 · Issuer publication

Half-year results to 31 March 2026

Investment Thesis

Telecom billing software grows through larger contracts and customer upgrades

European Tech Equities analysis · Oct 30, 2026

The investment case

Cerillion’s case rests on selling the same core software to more telecoms customers and supporting it over many years. Reusing products can help profit grow faster than development costs. However, a few large licence decisions can also make sales uneven from one half-year to the next.

Sources[1][2]

Evidence of adoption

The five-year, £42.5 million Omantel agreement shows Cerillion’s ability to win larger projects. Telesur’s completed September upgrade provides a different example: an existing customer using a newer version to manage promotions and customer information. A signed contract and a completed deployment are separate stages of that progress.

Sources[2][3][4]

Demand drivers

Operators need to launch new packages, charge accurately and keep track of customers across mobile and fixed services. Cerillion connects those tasks in one software range. Replacement projects can nevertheless take time because the operator must move customer records and billing without interrupting its business.

Sources[5][3][1]

Profit and cash generation

H1 FY2026 revenue fell to £18.01 million and net profit to £4.11 million. In September, delayed licence expansion and upgrade decisions led the company to reduce its full-year outlook to £46–48 million of revenue and an adjusted EBITDA margin of 43–45%. Those were forecasts, with full results expected in late November.

Sources[2][6]

Valuation assumptions

The £214.02 million equity value recorded on 30 October was about 13 times FY2025 net profit. That historical comparison does not incorporate the eventual FY2026 results. Customer upgrades and larger contracts could support future growth, but September’s lower outlook shows why the timing of licences matters to valuation.

Sources[7][1][6]

What would weaken the case

Licence expansions and upgrades can be postponed, moving revenue and profit between periods. Annualised recurring revenue also includes term licences whose revenue can be recognised upfront.
Large installations require successful data migration, integration and customer acceptance. A contract’s full value is not immediate sales or cash.
Established telecoms software vendors compete for the same operators, while customer concentration and project receivables can affect profitability and cash conversion.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodGBP million	H1 FY2025Mar 31, 2025	H1 FY2026Mar 31, 2026
Revenue	20.92	18.01
Gross profit	16.86	13.65
Gross margin	80.6%	75.8%
Operating profit (EBIT)	8.72	4.86
Operating margin	41.7%	27.0%
Net income	7.04	4.11
Earnings per share (GBP)	0.238	0.139

Cash flow

For the periodGBP million	H1 FY2025Mar 31, 2025	H1 FY2026Mar 31, 2026
Operating cash flow	7.04	1.66
Capital expenditure	1.16	1.14
Free cash flow	5.88	0.52

Balance sheet

At period endGBP million	FY 2025Sep 30, 2025	H1 FY2026Mar 31, 2026
Cash & cash equivalents	34.40	32.47
Total debt	3.31	4.00
Net debt / (net cash)	-31.09	-28.47
Total assets	75.27	75.91
Total liabilities	15.66	15.33
Total equity	59.61	60.58

Sources and details

The latest full statements cover the six months ended March 2026. September’s full-year trading update contains forecasts; annual results are expected in late November.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 FY2025 · RNS3237G dated1June2026, complete consolidated half-year income, financial-position and cash-flow statements. GBP millions, EPS pence divided by100. Debt sums current/noncurrent borrowings and leases. Capex sums cash purchases of intangible assets and PPE.

H1 FY2026 · RNS3237G dated1June2026, complete consolidated half-year income, financial-position and cash-flow statements. GBP millions, EPS pence divided by100. Debt sums current/noncurrent borrowings and leases. Capex sums cash purchases of intangible assets and PPE.

FY 2025 · Annual Report2025 consolidated statements printed pp.36,37,40. GBP millions; basic EPS pence divided by100. Debt is current and noncurrent leases; no bank borrowing shown for annual dates. Capex sums cash intangibles and PPE. Adjusted EBITDA not substituted for statutory operating profit.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Consolidated figures in GBP millions; basic earnings per share in GBP. Debt includes borrowings and leases. Capital expenditure includes cash purchases of equipment and intangible assets. The financial year ends in September.

Annual

RevenueOperating profitNet profit

Revenue

FY 202443.8

FY 202545.4

Operating profit

FY 202418.4

FY 202520.6

Net profit

FY 202415.3

FY 202516.6

Income statement

For the periodGBP million	FY 2024Sep 30, 2024	FY 2025Sep 30, 2025
Revenue	43.75	45.36
Gross profit	35.20	36.97
Gross margin	80.5%	81.5%
Operating profit (EBIT)	18.41	20.61
Operating margin	42.1%	45.4%
Net income	15.26	16.62
Earnings per share (GBP)	0.517	0.563

Cash flow

For the periodGBP million	FY 2024Sep 30, 2024	FY 2025Sep 30, 2025
Operating cash flow	11.21	13.23
Capital expenditure	1.51	2.28
Free cash flow	9.70	10.95

Balance sheet

At period endGBP million	FY 2024Sep 30, 2024	FY 2025Sep 30, 2025
Cash & cash equivalents	29.85	34.40
Total debt	2.80	3.31
Net debt / (net cash)	-27.05	-31.09
Total assets	63.10	75.27
Total liabilities	14.59	15.66
Total equity	48.51	59.61

Sources and details

The latest full statements cover the six months ended March 2026. September’s full-year trading update contains forecasts; annual results are expected in late November.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · Annual Report2025 consolidated statements printed pp.36,37,40. GBP millions; basic EPS pence divided by100. Debt is current and noncurrent leases; no bank borrowing shown for annual dates. Capex sums cash intangibles and PPE. Adjusted EBITDA not substituted for statutory operating profit.

Half-year

RevenueOperating profitNet profit

Revenue

H1 FY202520.9

H1 FY202618

Operating profit

H1 FY20258.7

H1 FY20264.9

Net profit

H1 FY20257

H1 FY20264.1

Income statement

For the periodGBP million	H1 FY2025Mar 31, 2025	H1 FY2026Mar 31, 2026
Revenue	20.92	18.01
Gross profit	16.86	13.65
Gross margin	80.6%	75.8%
Operating profit (EBIT)	8.72	4.86
Operating margin	41.7%	27.0%
Net income	7.04	4.11
Earnings per share (GBP)	0.238	0.139

Cash flow

For the periodGBP million	H1 FY2025Mar 31, 2025	H1 FY2026Mar 31, 2026
Operating cash flow	7.04	1.66
Capital expenditure	1.16	1.14
Free cash flow	5.88	0.52

Balance sheet

At period endGBP million	H1 FY2025Mar 31, 2025	H1 FY2026Mar 31, 2026
Cash & cash equivalents	31.21	32.47
Total debt	3.74	4.00
Net debt / (net cash)	-27.47	-28.47
Total assets	67.49	75.91
Total liabilities	15.94	15.33
Total equity	51.55	60.58

Sources and details

The latest full statements cover the six months ended March 2026. September’s full-year trading update contains forecasts; annual results are expected in late November.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Updated Oct 30, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Half-year results to 31 March 2026

Investment Thesis

The investment case

Evidence of adoption

Demand drivers

Profit and cash generation

Valuation assumptions

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Performance

Research & updates

Cerillion 26.2 Expands Agentic AI and Extends Open Standards Leadership

Cerillion Recognised in the 2026 Gartner® Magic Quadrant™ for CSP AI-Enabled Marketing and Sales Solutions

Telesur Successfully Upgrades to Cerillion 26.1, Unlocking Advanced Promotions and AI-Driven Innovation

Delayed licence decisions lead to lower full-year outlook

Cerillion Team Wins Moonshot Catalyst Award at DTW Ignite 2026

Company publications

Cerillion H1 FY2026 results, 1 June 2026

Cerillion Annual Report 2025

Interviews

Interviews are coming soon

Sources

Sources & data dates

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