Final Results & Investor Presentation

Dillistone Group Plc
(“Dillistone”, the “Company” or the “Group”)
Final Results & Investor Presentation

Dillistone Group Plc (“Dillistone”, the “Company” or the “Group”), the AIM quoted supplier of software for the international recruitment industry, is pleased to announce its audited final results for the 12 months ended 31 December 2021.


  • Performance ahead of expectations
    o  Revenue £5.6m (2020: £6.3m)
    o  Incoming orders up 18% in 2021 compared to 2020
    o  EBITDA1 £1.0m (2020: £1.2m)
    o  Group returns to breakeven for the year (2020: £0.7m loss)
    o  Net debt £1.0m (2020: £0.9m)
    o  Cash at year end was £0.8m (2020: £1.3m)
  • Recurring revenues2 represent 89% (2020: 91%) of Group revenue
  • Secured largest new Group client since the restructuring of the business in January 2020
  • Continued product development expenditure supporting strong start to 2022
  • Talentis showing strong momentum going into 2022

1. Amounts based on segment EBITDA figures – see note 5
2. The component elements of recurring revenue are detailed in note 5.


Commenting on the results and prospects, Giles Fearnley, Non-Executive Chairman, said:

“In my interim statement I highlighted that in our business, where a large part of our revenue is contracted annually in advance, the impact of Covid would be felt throughout the remainder of 2021. This proved to be the case as recurring revenue decreased by 13% to £5.0m (89% of Group revenue (2020: 91%)) however we saw an uplift in orders in Q4 to pre-pandemic levels.

“The current year has begun well following on from the strong finish to 2021. Growth in new business sales is helping us recover recurring revenue lost during the pandemic and, while we are conscious of the potential impact of ongoing economic turbulence, we are confident that the Group is well on the way to recovery, with positive signs across our entire product range and an exciting opportunity opening up with our new Talentis product.”

Investor Presentation – 1pm on Thursday 28 April 2022

Jason Starr, Chief Executive, and Joanne Curd, Chief Financial Officer, will hold a remote presentation at 1pm on Thursday 28 April 2022 to review the results and introduce the Talentis executive search platform, Dillistone’s latest software release.  Those interested in attending should register at or enquire at, or 0797 122 1972.

Annual Report and Accounts – The final results announcement can be downloaded from the Company’s website (  Copies of the Annual Report and Accounts (in addition to the notice of the Annual General Meeting) will be sent to shareholders by 20 May 2022 for approval at the Annual General Meeting to be held on 15 June 2022.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.


Jason Starr Chief Executive via Walbrook PR
Joanne Curd Finance Director via Walbrook PR
Chris Fielding WH Ireland Limited (Nominated Adviser) 020 7220 1650
Tom Cooper/Paul Vann Walbrook PR 020 7933 8780

Notes to Editors:

Dillistone Group Plc is a leader in the supply and support of software and services to the recruitment industry. Dillistone operates through the Ikiru People ( brand.

The Group develops, markets and supports the Talentis, FileFinder, Infinity, Mid-Office, ISV and GatedTalent products.

Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006.

Learn about our products:

Talentis Software:         

Voyager Software:        

GatedTalent Services:  



After a challenging few years for the business, I am pleased to report a year of progress and improvement, along with a sense that the business is in a position to progress further in 2022.

In my interim statement I highlighted that in our business, where a large part of our revenue is contracted annually in advance, the impact of Covid would be felt throughout the remainder of 2021. This proved to be the case, however we saw an uplift in orders in Q4 2021 to pre-pandemic levels.

Total revenue for the year was down 12% to £5.599m, with recurring revenue falling 13% to £5.009m.  There was an adjusted operating loss in 2021 of £0.140m (2020: loss £0.166m) before acquisition related and other costs. Administration costs reduced by 14% excluding acquisition related items and other costs, depreciation and amortisation. The operating loss, including reorganisation and acquisition related items, was £0.199m (2020: loss £0.821m).

We maintained our investment in product development at £0.987m (2020: £0.969m) which we view as key to the future growth of the Group. January 2021 saw the launch of Talentis ( After a slow start, Talentis is now growing rapidly and the Group is excited by the opportunity that it presents.

In June 2021 we made the final payment of the 2 year bank loan that was secured in June 2019 and the following month we commenced monthly payments on the Government CBIL loan that we secured in June 2020 and which had a 12 month grace period for capital repayments.


The Group is not recommending a final dividend in respect of the year to 31 December 2021 (2020: nil).


I and the Board would like to pay tribute to our employees across the Group, acknowledging their commitment and contribution in facing the challenges of the last 12 months. They have risen to these challenges and continued to deliver for our clients.

Corporate governance

It is the Board’s duty to ensure that the Group is managed for the long-term benefit of all stakeholders.

During the year in review, we welcomed Steve Hammond to the Group Board in January 2021 and Joanne Curd in October.  Steve joined as the Chief Engineering Officer for the Group with responsibility for the development of all group products.  Joanne became our Chief Financial Officer replacing Julie Pomeroy who moved to a Non-executive Director role for 12 months, enabling us to continue to benefit from her expertise. I would also like to thank Alex James who stepped down from the Board in September having contributed extensively to the business over very many years.

Details of our governance processes and my role as Chairman of the Board are included in the corporate governance section that follows the Strategic Report.


The current year has begun well following on from the strong finish to 2021.

Compared to the same period to 31 March in 2021, Q1 2022 incoming orders are up by 41%, with all products performing broadly in line with, or better than management expectations.

Our contingency recruiting products have enjoyed a strong start, driven by increasingly strong performance by our Infinity product, which is proving to be especially successful in the UK temporary recruitment sector.

In late 2021, we announced our largest new contract win since the Group’s restructuring, and we are pleased to announce that this implementation of Infinity is now live and performing well.

Our executive search products, Talentis, FileFinder and GatedTalent, have also enjoyed a strong start to the year. Talentis was launched in early 2021 and, after a slow start, started to grow rapidly in the final weeks of 2021. While recurring revenue reflects the slow start, we are pleased to report that recurring revenue associated with the product is currently doubling every three months, and is comfortably on track to maintain this into Q2 2022. Driven by Talentis sales, March 2022 was, in terms of the number of new executive search firm contract wins, the Group’s best ever month, beating the previous best of March 2010. While the majority of clients are small, the Group expects this to change over time. While growing rapidly, annualised recurring Talentis revenue is currently in mid five figures.

The Group continues to operate with a much lower cost base and as revenues recover, the improved operational leverage, following the efficiencies realised, will be reflected in overall performance. The Group is trading in line with market expectations, holding £0.764m in cash as at 31 December 2021 and does not expect to raise additional funds.

Taking the above into account, the Board is optimistic for the future and will issue a further update at the time of the AGM.

Giles Fearnley

Non-Executive Chairman