London, July 2, 2026, 20:01 BST
- Dillistone ended Thursday quoted at 10.00p bid, 10.50p ask, up 5.00% on the day according to delayed Barclays and AJ Bell data.
- Trading volume hit 191,499 shares, which is roughly 0.54% of the enlarged share capital. At the 10.25p midpoint, estimated turnover was close to £19,600.
- The offer price was the same as the 10p per share placing and subscription in February, when Dillistone brought in around £1.5 million and put out up to 15 million new shares.
- Ikiru People’s regulatory-news page showed the most recent RNS was tied to its June 24 AGM statement and results, with nothing newer posted.
Dillistone Group Plc (LON:DSG) ended Thursday’s session in London up on delayed retail prints. Still, the real story for investors was the small size on the tape: turnover came in under £20,000, as the company puts a buy-and-build strategy in front of shareholders and steps out from recruiter software.
Trading in London was already closed at the time of the dateline. The London Stock Exchange states it trades from 0800 to 1630 local time, and July 2 was shown as a standard 0800-1630 day.
| July 2 market snapshot | Dillistone | Comparator / calculation |
|---|---|---|
| Bid / offer | 10.00p / 10.50p | Spread of 4.9% compared to midpoint at 10.25p |
| Quoted move | Up 0.50p, or 5.00% | FTSE AIM All-Share up 0.18% |
| Volume | 191,499 shares traded | This is about 0.54% of current share capital |
| Market value | £3.72 mln market cap | Roughly £19,600 in turnover |
The numbers make the gain look thin. The quoted bid stayed at the February fundraise price, and the 10.25p midpoint is just 2.5% higher. Back in February, Dillistone said the 10p issue price was 17.6% above the earlier 8.5p close and that new shares would make up around 42.4% of the total after the fundraise.
Nothing new from the company hit the wires to drive Thursday’s action. The most recent items on Dillistone’s investor-relations page were its June 24 AGM statement and the AGM result.
At the AGM, Chairman Giles Fearnley said the company spent the first half getting ready for a shift to a serial acquirer model. He said they are still looking for a new CEO, with interviews held with over a dozen candidates. Fearnley added that recurring revenue from Talentis should turn the platform cash generative in the second half.
| Operating frame | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | £4.202 mln | £4.903 mln | -14.3% |
| Recurring revenue | £3.750 mln | £4.394 mln | -14.7% |
| Adjusted EBITDA | £1.190 mln | £1.286 mln | -7.0% |
| Adjusted EBITDA margin | 28.3% | 26.2% | +2.1 pct pts |
| Net cash from normalised operating activities | £1.082 mln | £0.959 mln | +13.0% |
Valuation looks tight here. At AJ Bell’s £3.72 million market cap, Dillistone is trading for about 0.9 times last year’s sales, or roughly 1.0 times recurring revenues from 2025. The challenge: revenue dropped 14.3%, recurring revenue was down 14.7%, and the group still booked a pre-tax loss of £343,000 after one-offs.
Cash was a key factor. Dillistone reported normalised operating cash at £1.082 million. But it also capitalised £858,000 of development spend, and said cash burn excluding fundraising narrowed to £256,000. It expects to pay off its CBIL loan by June 2026, releasing £300,000 of cash flow each year.
The recruitment market remains tough for the legacy business. KPMG and REC’s June jobs report found permanent placements dropped at their fastest rate in 10 months in May. Temp billings, meanwhile, jumped at the quickest pace in over three years. Jon Holt, UK chief executive at KPMG, said “many permanent hiring plans are being delayed or put on hold.” KPMG
Investors are watching to see if the 10p fundraising sets a floor or ends up being just another number to watch. Key triggers coming up are who gets the CEO job, signs that Talentis can produce cash in the second half, and the first acquisition under the new strategy.
