Company	Rev	EBITDA
Lumen Software Ltd	-2.4%	-8.1%
Adler Pharma Services GmbH	-1.7%	-7.6%
Pinnacle Fintech Ltd	-4.2%	-4.7%
Northwind Components Ltd	-1.6%	-4.2%
Atlas Packaging B.V.	-3.5%	-2.1%
Cromwell Logistics Group	+2.1%	-2.0%
Saffron Retail Group Ltd	-1.0%	-0.1%
BlueWave Energy Services Ltd	-0.3%	+2.6%
Meadowlark Health Ltd	-3.5%	+6.0%
Helvetica Instruments Inc	-3.0%	+7.9%
Vantage HR Solutions Ltd	-4.5%	+8.7%

LTM actual vs budget.

Covenant headroom — tightest first

Company	Facility	Cov.	Thr	Act	Head	Status
Pinnacle Fintech Ltd	Senior Term Loan	ICR	2.50	2.19	-0.31	Breach
Pinnacle Fintech Ltd	Senior Term Loan	Leverage	5.10	5.12	-0.02	Breach
Meadowlark Health Ltd	Senior Term Loan	ICR	2.50	3.41	+0.91	Pass
Meadowlark Health Ltd	Senior Term Loan	Leverage	4.92	3.89	+1.03	Pass
Meadowlark Health Ltd	Acquisition Facility	Leverage	4.92	3.89	+1.03	Pass
Atlas Packaging B.V.	Senior Term Loan	ICR	2.50	3.55	+1.05	Pass
Atlas Packaging B.V.	Senior Term Loan	Leverage	5.00	3.56	+1.44	Pass
Atlas Packaging B.V.	Revolving Credit Facility	Leverage	5.00	3.56	+1.44	Pass

Leverage = Net debt / LTM adj EBITDA; ICR = EBITDA / interest.

Submission tracker

Company	Latest	Late/draft (LTM)
BlueWave Energy Services Ltd	Late	6
Meadowlark Health Ltd	Final	1
Northwind Components Ltd	Final	0
Cromwell Logistics Group	Final	0
Lumen Software Ltd	Final	0
Adler Pharma Services GmbH	Final	0
Saffron Retail Group Ltd	Final	0
Vantage HR Solutions Ltd	Final	0
Helvetica Instruments Inc	Final	0
Atlas Packaging B.V.	Final	0
Pinnacle Fintech Ltd	Final	0

Plus 1 fully-missing submission caught historically.

Performance & value

Adj EBITDA vs budget, by fund

FND-I

£55.1m / bud £53.6m

FND-II

£97.4m / bud £95.0m

FND-III

£91.4m / bud £82.5m

Green = actual, grey = budget. GBP, LTM.

Adj EBITDA by sector

Industrials£92.2m · 38%

Healthcare£40.1m · 16%

Logistics£29.2m · 12%

Energy£26.4m · 11%

Consumer£25.8m · 11%

Software£14.7m · 6%

Business Services£13.0m · 5%

Financial Software£2.5m · 1%

Value bridge (illustrative)

Entry EV

£1458m

→

Current EV

£2304m

→

Cur. equity

£1656m

Entry multiple held; equity = EV − net debt. P3 decomposes EBITDA vs multiple vs debt paydown + adds IRR.

Data-health — the reconciliation layer, built in

Data issues to fix

Companies in breach (risk)

Rows reconciled

8,585

Checks run (R1–R7)

3 segment ≠ total3 payroll ≠ staff cost 1 missing submission2 FX outlier 1 duplicate period1 covenant mis-report

Company	Exception	Period	Severity
`PC001`	EBITDA bridge mismatch	2022-06-30	High
`PC006`	Missing submission	2023-02-28	High
`PC002`	Duplicate period	2021-11-30	Medium
`PC005`	FX rate outlier	2022-08-31	Medium
`PC007`	Segment revenue incomplete	2023-11-30	High
`PC010`	Segment revenue incomplete	2024-03-31	High

Separates a data problem (fix it) from a genuine business risk (escalate it). Computed live from the 5 files; exportable with the specific figures.

How this gets built

From the first conversation to a living dashboard. Click a step to see what actually happens.

1
Discovery callWe listen and capture
2
Instant wireframeTwo working days
3
Wireframe reviewThey react, we capture
4
The full buildAbout a week
5
Change on demandJust send a transcript

Step 1 · Input

The discovery call

12 June 2026 · ~38 min · Freeman Capital (PE firm), pHRism, IIC

We sit with the people who will use the screen and the people who own the data, and we just listen. The recording becomes the specification.

In the room

Edward, Managing Partner (the LP question)
Priya, Finance Director (the numbers must tie out)
Daniel, Head of IT & data (access & security)
Sophie, portfolio analyst (builds the board pack today)

What they actually said

"Five days a quarter. Copy-pasting out of twelve different systems into one master Excel, re-keying it, then redrawing the charts."Sophie, portfolio analyst

"I want to look at it for ten seconds and know whether anything's on fire. A heatmap. Green means leave it; red means call the chairman today."Edward, managing partner

What we captured (the spec)

One morning cockpit with a RAG heatmap across all companies
Budget vs actual, net debt, covenants, headcount
Every number a door, drilling to the company
A data-health layer so the numbers can be trusted

Output → the first wireframe, in 2 days

Step 2 · Output

The instant wireframe

Built in 2 working days, straight from the transcript

The transcript is the brief. We turn it into a clickable HTML picture of the cockpit, on synthetic data, so the client sees their own asks rendered before a penny of build is spent. That deletes the build-then-reject loop that kills BI projects.

What the wireframe shows

The KPI strip Edward asked for
The red/amber/green heatmap
Finance & ops, value, and the data-health tile

Open the wireframe →

Step 3 · Input

The wireframe review

16 June 2026 · ~31 min · screen-share walkthrough

We walk them through the wireframe and capture every reaction. That second transcript becomes the build list, eleven precise changes.

The change-list (P2 → P3)

1 EBITDA margin next to the value
2 Make the natural-language ask bar functional
3 Functional monthly / quarterly toggle, role defaults
4 Real value bridge plus IRR alongside MOIC
5 Cash, liquidity and runway for loss-makers
6 Every headline number clickable
7 Adjusted EBITDA used consistently everywhere
8 One authoritative GBP FX rate
9 Exportable data-health exceptions list
10 Portfolio trend over time plus LP view
11 Hosting and data residency confirmed in writing

✓ Wireframe approved, authorised the live build

Step 4 · Output

The full build

About a week · synthetic data, real feeds swapped in as access clears

The change-list becomes the live cockpit. The numbers are governed (one adjusted-EBITDA definition everywhere), every figure is a door, and the ask bar genuinely queries the data.

What landed

A functional ask bar, the live assistant
Real value bridge plus IRR, cash and runway
Exportable data-health, portfolio trend, LP view

A company drill-down →

Step 5 · The loop

Change on demand

After go-live, change is the product

You are never "done". When something needs to change, you do not file a ticket and wait a quarter. You talk, we capture it as a transcript, and we apply it, in days.

For example

"Make the value bridge real and show IRR next to MOIC."Edward, at the review → shipped in the build

You say it, it becomes a transcript, we make the change, it is live. The dashboard keeps up with the conversation.