New wins, same swagger
ECCX kicked off H1 FY26 with what reads like a pretty cheerful trading update: new wins with a leading European value retailer, a customer in Central Thailand, and a UK builders’ merchant. In other words, the sales team apparently didn’t take a long holiday between periods.
Margins: the grown-up part of the story
The board says it’s confident it can keep adjusted EBITDA margins in the double digits for FY26, with a target of hitting a 20% exit run-rate margin by year end. That matters because investors usually love growth — but they really love growth that doesn’t come with a side of margin erosion.
Buying back stock, because why not
Post period end, the company also started a £1 million share buyback program, with £0.9 million still left to deploy. That’s a modest-sized signal, but it does tell you management thinks the shares are worth supporting rather than letting them float around like a stray balloon.
Big picture
This looks less like a splashy headline and more like a steady “we’re building momentum” update. If the new wins keep landing and the margin target starts looking realistic, shareholders may have something better than vibes to cheer about: actual operating leverage.