Dillistone (DSG) AI Stock Analysis

• Market Cap: £4.34M
• Dividend Yield: N/A
• Average Volume (3M): 1.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.10
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 70
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): >-0.01
• Shares Outstanding: 35,418,022
• 10 Day Avg. Volume: 450
• 30 Day Avg. Volume: 1,662
• PEG Ratio: 0.04
• Price to Book (P/B): 0.44
• Price to Sales (P/S): 0.30
• P/FCF Ratio: 1.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): <0.01
• Revenue Forecast (FY): £4.52M

• Rating: 51 Neutral
• Price Target: 8.50 p ▲(0.00% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is driven primarily by improving financial health (better operating profitability, lower leverage, and stronger free cash flow in 2024), but it is held back by a weak technical setup (below key moving averages with negative MACD and very low RSI) and a high P/E valuation with no dividend yield provided.

Dillistone Business Overview & Revenue Model

Company Description

Dillistone Group Plc provides technology solutions and services in the United Kingdom, Europe, the Americas, Australia, and internationally. It offers FileFinder, a solution for executive search firms and to in-house executive search and sourcing teams; GatedTalent, a platform that connects executives to retained executive search firms; ISV.online that offers online skills testing, working with recruiters, consultancies, and employers; and Talentis Global, a next generation executive search, recruiting, and candidate sourcing platform. The company also offers Voyager, which includes Voyager Infinity that streamlines the recruitment processes for various types of permanent, contract, and temporary positions; and Voyager Mid-Office, an automated way of managing placements, processing timesheets, raising invoices, paying staff, and updating accounts packages. It serves recruitment, staffing, and executive search businesses, as well as corporate talent acquisition teams. The company was founded in 1983 and is headquartered in Basingstoke, the United Kingdom.

How the Company Makes Money

DSG makes money primarily by licensing and providing access to its recruitment software (notably FileFinder) to customers in the recruitment sector. Revenue is generated from recurring software fees (e.g., subscriptions and/or ongoing licence and support arrangements) paid by recruitment agencies and corporate recruiters for continued use of the platform, as well as from associated services that support deployment and ongoing use of the software (such as implementation, configuration, training, and support). Specific information on the split between subscription/licence revenue versus services, pricing structure, or named partnerships is null.

Dillistone Financial Statement Overview

Summary

Operating profitability has improved with positive operating profit in 2023–2024 and EBITDA margins in the low-to-mid 20s, leverage has declined (debt-to-equity ~0.43 in 2024), and free cash flow stepped up in 2024. Offsetting this, revenue has been trending down (about -7.3% in 2024) and net profitability/returns remain very thin (net margin ~0.8%, ROE ~1.2%), leaving limited margin for error.

Income Statement

Profitability has improved meaningfully versus earlier years, with operating profit turning positive in 2023–2024 and EBITDA margins holding in the low-to-mid 20s in 2023–2024. However, revenue has been drifting down (down ~7.3% in 2024 after roughly flat-to-down trends in 2021–2023), and bottom-line profitability remains thin (net margin ~0.8% in 2024, near breakeven in 2023), leaving results sensitive to small changes in costs or demand.

Balance Sheet

Leverage has moved in the right direction: debt-to-equity improved from ~0.88 (2020) and ~0.71 (2021) to ~0.43 (2024), indicating a less levered balance sheet. Equity levels have been relatively stable, but returns on equity remain very low (about ~1.2% in 2024) following losses in 2020 and 2022, suggesting the company is still not generating strong returns from its capital base.

Cash Flow

Cash generation is a relative strength: operating cash flow has been consistently positive each year, and free cash flow improved sharply in 2024 (to ~799k, up ~54% year over year) after being modest in 2021–2023 and negative in 2020. That said, cash conversion has been uneven historically (very low free cash flow in 2021–2023 and negative in 2020), so sustaining the 2024 step-up is an important watch item.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.56M	4.90M	5.59M	5.70M	5.60M	6.33M
Gross Profit	3.55M	3.27M	4.99M	3.62M	3.58M	4.20M
EBITDA	1.20M	1.30M	1.28M	949.00K	1.16M	761.00K
Net Income	29.00K	40.00K	3.00K	-183.00K	4.00K	-663.00K
Balance Sheet
Total Assets	6.45M	6.68M	6.83M	8.04M	8.58M	9.84M
Cash, Cash Equivalents and Short-Term Investments	0.00	0.00	0.00	433.00K	764.00K	1.29M
Total Debt	1.40M	1.43M	1.18M	2.01M	2.40M	2.95M
Total Liabilities	3.16M	3.37M	3.61M	4.82M	5.20M	6.47M
Stockholders Equity	3.29M	3.31M	3.22M	3.22M	3.38M	3.37M
Cash Flow
Free Cash Flow	878.00K	799.00K	91.00K	33.00K	44.00K	-350.00K
Operating Cash Flow	886.00K	807.00K	1.06M	1.05M	1.05M	621.00K
Investing Cash Flow	-866.00K	-888.00K	-972.00K	-1.02M	-1.01M	-971.00K
Financing Cash Flow	92.00K	-108.00K	-532.00K	-395.00K	-664.00K	848.00K

Dillistone Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GBG	70 Outperform	£463.56M	71.10	1.53%	1.73%	-0.18%	11.49%
TRB	70 Outperform	£122.12M	5.94	15.34%	1.71%	3.48%	318.89%
SKL	69 Neutral	£51.97M	18.48	17.89%	0.77%	14.64%	916.67%
NET	68 Neutral	£165.37M	37.63	5.22%	0.80%	22.80%	-32.13%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
DSG	51 Neutral	£4.34M	-22.52	0.89%	―	―	―
RM	47 Neutral	£91.59M	42.76	10.33%	―	-14.23%	97.27%

Dillistone Corporate Events

Dillistone wins GM backing for board overhaul as new strategic investors join

Dillistone Group said shareholders approved all resolutions at its General Meeting, clearing the way for changes to its board linked to its recently announced placing and subscription. Non-executives Matthias Riechert and Aakash Vanchi Nath will join the board, while Chief Technology Officer Simon Warburton and Chief Engineering Officer Steve Hammond will step down from the parent board but remain directors of subsidiary Ikiru People.

Riechert and Nath are closely linked to P&R Real Value Fund, which along with their personal holdings will control about 25.4% of Dillistone’s enlarged share capital, giving them significant influence over the company. The chairman said the new appointments are intended to support the Group’s new strategy, while retaining key technical leadership within the operating subsidiary to ensure continuity in product development and client services.

The most recent analyst rating on (GB:DSG) stock is a Hold with a £8.50 price target. To see the full list of analyst forecasts on Dillistone stock, see the GB:DSG Stock Forecast page.

Dillistone Raises £1.5m Through Share Placing and Subscription

Dillistone Group has successfully closed a placing and subscription that will raise approximately £1.5 million in gross proceeds, issuing a total of 15 million new ordinary shares at 10 pence each, subject to shareholder approval at a general meeting on 23 February and the admission of the new shares to trading on AIM around 25 February 2026. The fundraising, which is not underwritten, will increase the company’s share capital to 35,418,021 ordinary shares and includes participation by several board members, signalling management’s commitment and modestly diluting existing shareholders while potentially strengthening the Group’s financial position to support its recruitment software operations and growth plans.

The most recent analyst rating on (GB:DSG) stock is a Hold with a £8.50 price target. To see the full list of analyst forecasts on Dillistone stock, see the GB:DSG Stock Forecast page.

Dillistone Secures Premium Fundraise to Back Acquisition Push and Talentis Growth

Dillistone is raising roughly £1.5m at a 17.6% premium through a mix of placing and director-backed subscription, paired with six-year warrants, to reinforce its balance sheet and finance an acquisition-led strategy while keeping its AIM listing. Strategic investor P&R Real Value fund will take a 26.8% stake, two P&R principals will join the board, two existing directors will step down, and loan note repayments are deferred to 2028, moves aimed at accelerating Talentis growth, stabilizing finances and positioning the group for renewed expansion despite ongoing sector headwinds.

The most recent analyst rating on (GB:DSG) stock is a Hold with a £8.50 price target. To see the full list of analyst forecasts on Dillistone stock, see the GB:DSG Stock Forecast page.