Conduit Holdings Limited

First-pass take

UK marketing communications group with zero AI exposure. Revenue up 8% but headline PBIT only +1%; margin compression (13%→12%) signals negative operating leverage. £15.2m goodwill impairment indicates prior acquisition underperformance; recent Splendid deal (£8.7m) strained cash reserves to £1.4m. Cyclical business vulnerable to client budget cuts, evidenced by current period headwinds.