Dillistone Group PLC

First-pass take

Recruitment software provider in cyclical downturn (UK vacancies -21% vs pre-pandemic) with no disclosed AI strategy. Strong SaaS fundamentals (89% recurring revenue, 28.3% EBITDA margin, four years of margin expansion) offset by 14% revenue decline, statutory loss of £298k, leverage of 46% debt/equity, and intangible-heavy balance sheet (94% of non-current assets). Post-year-end fundraise (£1.5m, Feb 2026) signals prior distress.