30th Apr 2026. 9.01am
Regency View:
Update
Regency View:
Update
Bango: shifting gears towards higher quality growth
Bango’s full year results reflect a business deliberately reshaping itself, with management prioritising margin and recurring revenue over headline growth. Total revenue was broadly flat year-on-year, but beneath the surface there has been a clear pivot, with subscription revenues and ARR driving the next phase of the story.
That shift is starting to come through in the numbers. Annual recurring revenue grew strongly, margins expanded, and the business moved into positive cash EBITDA territory. The decision to move away from lower-margin payment routes is creating some short-term friction, but it is improving the overall quality of earnings and setting a more scalable foundation.
The key question now is execution. The pipeline remains strong and the start to 2026 has been encouraging, but delays to contract signings highlight the sensitivity to macro conditions. If conversion improves, the operational leverage in the model should begin to show through more clearly.
What we are watching next: conversion of pipeline into signed DVM contracts and continued ARR growth.
Themes: Full year | SaaS | Business model shift
BGO Daily Candle Chart
Cerillion delivers patience test as H2 takes centre stage
Cerillion’s half-year update is a reminder that timing plays a major role in this business model. A quieter first half, with lower revenue and EBITDA, reflects the phasing of high-margin licence income rather than any deterioration in underlying demand.
The standout remains the scale of recent contract wins, particularly the Omantel deal, which is expected to drive a much stronger second half. Order intake has doubled, and the backlog provides a high level of visibility into the remainder of the year.
This is a familiar pattern for Cerillion. Periods of slower reported growth are often followed by sharp catch-up as contracts move through delivery. The underlying demand environment remains supportive, and the strength of the order book suggests momentum is intact.
What we are watching next: delivery against the order book and second-half margin profile.
Themes: Trading update | Contracts | Visibility
CER Daily Candle Chart
Eleco builds a higher-quality software story
Eleco has delivered a strong set of annual results, with double-digit growth across revenue, recurring revenues and adjusted profitability. The business continues to lean into its SaaS model, with recurring revenues now forming the vast majority of total sales.
That shift is important. A more predictable revenue base, combined with improving operational gearing, is driving higher quality earnings. Cash generation remains strong, and the balance sheet provides flexibility to continue investing in growth through both organic initiatives and acquisitions.
There is also a clear strategic focus emerging. The disposal of non-core assets and continued investment in core software capabilities, including AI-driven functionality, is sharpening the story. This is increasingly looking like a focused, scalable software platform rather than a collection of businesses.
What we are watching next: ARR growth trajectory and integration of recent acquisitions.
Themes: Full year | SaaS | Recurring revenue
ELCO Daily Candle Chart
hVIVO lands a landmark deal to scale revenues
hVIVO has secured its largest human challenge trial to date, marking a significant step forward for the business. The Phase III contract not only adds meaningful revenue visibility over the next two years but also reinforces the company’s leadership position in this niche area.
What stands out here is the scale. Larger trials mean larger contracts, and this deal demonstrates that hVIVO is increasingly being trusted to deliver more complex, high-value studies. That should have positive read-across for future pipeline opportunities.
The broader theme is one of growing demand for more efficient clinical trial models. Human challenge trials offer speed and cost advantages, and as the industry continues to recognise this, hVIVO is well positioned to benefit.
What we are watching next: pipeline of large-scale contracts and repeat business from pharma clients.
Themes: Contract win | Healthcare | Growth
HVO Daily Candle Chart
Ingenta keeps things steady as it invests for growth
Ingenta’s results point to a steady, if unspectacular, performance. Revenue growth remains modest, but the mix continues to improve, with recurring revenues now making up a significant proportion of the total.
The business is clearly investing for the next phase of growth. Increased spend on sales and marketing has weighed slightly on margins in the short term, but it is aimed at building a stronger pipeline and improving long-term visibility.
This is a transition story rather than a breakout one. The underlying platform is stable, cash generation is consistent, and the balance sheet remains strong. The next step is translating pipeline activity into meaningful revenue growth.
What we are watching next: new contract wins and impact of sales investment on growth.
Themes: Full year | SaaS | Investment
ING Daily Candle Chart
Jet2 holds steady but visibility remains limited
Jet2’s latest update confirms that performance for FY26 is in line with expectations, supported by a strong balance sheet and disciplined capital management. The business continues to benefit from its integrated model and strong customer proposition.
However, the macro backdrop is clearly influencing booking behaviour. Customers are booking closer to departure, reducing visibility into peak summer demand. While load factors remain stable, the lack of forward visibility introduces a degree of uncertainty.
That said, the fundamentals remain intact. The business is well hedged, continues to expand capacity, and maintains a strong market position. The challenge is navigating short-term volatility while continuing to execute on longer-term growth plans.
What we are watching next: booking trends into peak summer and load factor development.
Themes: Trading update | Travel | Macro sensitivity
JET2 Daily Candle Chart
LBG Media trades margin for growth
LBG Media has delivered strong top-line growth, with revenue increasing sharply in the first half. However, this has come alongside a decline in EBITDA, reflecting increased investment and a shift in revenue mix.
The business is moving towards more predictable, direct revenue streams, particularly in the US and UK. While these revenues are lower margin, they offer greater visibility and stability compared to indirect channels.
This is a deliberate strategic move. The transition will take time, and margins are likely to remain under pressure in the near term. The payoff, if executed well, is a higher quality and more sustainable revenue base.
What we are watching next: margin stabilisation and continued growth in direct revenues.
Themes: Trading update | Digital media | Investment
LBG Daily Candle Chart
RWS leans into AI as growth accelerates
RWS continues to position itself at the intersection of language and AI, with strong growth in its Generate and Protect segments. The TrainAI unit in particular is seeing increasing demand, reflecting broader trends in enterprise AI adoption.
The business is still working through the repositioning of its Transform segment, which is weighing on overall performance. However, progress is being made, and new client wins suggest that the strategy is starting to gain traction.
There is a clear theme emerging here. As AI adoption accelerates, the need for high-quality language data and translation solutions is increasing. RWS is well placed to benefit, but execution will be key in delivering consistent growth across all segments.
What we are watching next: growth in AI-related revenues and progress in Transform segment turnaround.
Themes: Trading update | AI | Transformation
RWS Daily Candle Chart
Supreme delivers record year driven by vaping and expansion
Supreme has delivered a record performance for FY26, with both revenue and EBITDA coming in well ahead of expectations. Growth has been driven by strong demand in vaping, alongside contributions from acquisitions and new product launches.
What stands out is the resilience of the vaping category. Despite regulatory changes, including the UK disposable vape ban, sales have continued to grow, highlighting the strength of the company’s positioning and its ability to adapt its product mix.
Looking ahead, the Carabao licensing agreement adds another avenue for growth, particularly in the drinks category. Combined with continued investment in manufacturing and distribution, the business appears well positioned to build on its momentum.
What we are watching next: growth across non-vape categories and sustainability of margins.
Themes: Trading update | Consumer | Licensing
SUP Daily Candle Chart
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