Final Results, Annual Report & AGM Notice
Summary by AI BETAClose X
28 October 2026
Rosslyn Data Technologies plc
(“Rosslyn”, the “Company” or the “Group”)
Final Results
Publication of Annual Report and Notice of AGM
Rosslyn (AIM: RDT), the provider of a leading cloud-based enterprise spend intelligence platform, announces its final results and the publication of its annual report for the year ended 30 April 2026, and also gives notice of its annual general meeting (“AGM”).
Financial Highlights
- Revenue remained stable at £3.0m (2025: £3.0m)
- Gross margin improved to 46.8% (2025: 40.7%)
- Adj. EBITDA* loss reduced to £1.4m (2025: £2.0m loss)
- Cash and cash equivalents were £0.8m as at 30 April 2026 (30 April 2025: £1.7m)
- Cash burn rate reduced to £106k per month (2025: £160k)
*A reconciliation of adjusted EBITDA loss can be found in the Financial Review below
Operational Highlights
- Annual recurring revenue (“ARR”) remained stable with prior year at £2.3m (2025: £2.3m)
- Total pipeline as at 30 April 2026 was £3.6m (30 April 2025: £4.1m) and weighted pipeline was £1.7m (30 April 2025: £1.6m)
- Sustained progress with implementation with major client (the “Major Client”) that is a leading global technology company and household name
- Contracts won with a global media and technology company and a British train operating company in the first half of the year
- Renewals worth $1.5m agreed with two long-standing customers in April 2026
- Increasing momentum with rollout of AI-powered classification solution, AICE
- Launched new AI-powered initiative tracking and benchmarking tools
Paul Watts, CEO of Rosslyn, said:
“During the year, we saw the benefits begin to come through of the actions we have taken to enhance the quality of our revenue as part of our focus on delivering sustainable growth. We also continued to execute on our strategy to unlock the value of procurement data through providing AI-led actionable insight as well as enhance our relationship with our Major Client, which we believe will be the primary driver of growth in the near term.
“Looking further ahead, we continue to assess the best ways to fund growth and deliver value to Rosslyn’s shareholders. Rosslyn operates in a market with enormous opportunities as procurement increasingly embraces agentic AI technologies. Having made the strategic decision several years ago to invest in the development of large language model-based AI technology, we have built a product that we believe offers the lowest total cost of ownership of building, managing, maintaining and governing large, complex procurement data lakes. That technology has been stress tested by some of the world’s largest, most complex companies. This, combined with the depth of our procurement experience and expertise, means Rosslyn is well positioned to capitalise on this market potential.”
This announcement contains inside information as stipulated under the Market Abuse Regulations (UK MAR).
Enquiries
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Rosslyn |
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Paul Watts, Chief Executive Officer James Appleby, Chairman |
+44 (0)20 3285 8008
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Cavendish Capital Markets Limited (Nominated adviser and Broker) |
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Stephen Keys/George Lawson |
+44 (0)20 7220 0500 |
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Gracechurch Group (Financial PR) |
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Claire Norbury/Anysia Virdi |
+44 (0)20 4582 3500 |
About Rosslyn
Rosslyn (AIM: RDT) provides an award-winning spend intelligence platform. The Rosslyn Platform helps organisations with diverse supply chains mitigate risk and make informed strategic decisions. It leverages automated workflows, artificial intelligence and machine learning to extract and consolidate procurement data providing visibility of complex supplier data, enabling supplier spend savings and delivering rapid ROI. For more information visit www.rosslyn.ai. Investors wishing to contact the Company should email investors@rosslyn.ai.
Operational Review
During the year to 30 April 2026, Rosslyn continued to deliver on and validate its strategy to unlock the value of procurement data through providing AI-led actionable insight. The Group is experiencing excellent momentum with AICE, which has been commercially adopted by three customers. Rosslyn has already launched two new AI-based tools. The Group also continued to advance the conversion of its pipeline and, importantly, enhance the quality of its revenue as it focuses on delivering sustainable growth.
Progress with customers
Rosslyn continued to make progress with its Major Client secured in FY 2025. Having successfully rolled out the Rosslyn platform with the Major Client’s central procurement department, the Group’s service provision was expanded with the customer trialling AICE in their live environment. The Group is now in discussions with a further department within the Major Client, and is also undertaking co-innovation using Rosslyn’s AI technology plus other innovations.
Additionally, and as previously announced, Rosslyn continued to secure contracts with new customers and renewals with existing customers, including:
- A three-year contract with a global media and technology company that will generate $160k of ARR as well as $60k in professional services fees in the first year. The customer, which is a spin-off of an existing long-standing customer and which awarded the contract following a competitive tender, is using Rosslyn’s full suite of products, including being the first customer to purchase the new initiative tracking and benchmarking solutions;
- A one-year contract with a British train operating company, which is worth £85k of revenue over the term of the contract;
- A one-year contract win in January 2026 with a global leader in licensing process technology and supply of catalysts, which is worth £95k. The contract was awarded to ensure continued service provision to the customer following its divestiture from an existing long-standing client of Rosslyn, for whom the commercial relationship with Rosslyn continues separately;
- A three-year renewal with a multinational medical devices and healthcare company headquartered in the US. This renewal includes an uplift in the licence fee and the customer will also adopt Rosslyn’s AICE tool for the first time. The renewed and expanded contract is worth a total of $1.2m over the period; and
- A one-year renewal, worth $0.3m, with one of the world’s leading media and entertainment companies.
Rosslyn’s strategic decision to prioritise the quality of revenues and not renew certain low-value/low-margin contracts meant that there was churn of some customers who chose not to transition to the new pricing model. This was offset by the new business that the Group secured during the year as well as the uplift in fees with existing customers that did renew and, as noted above, sometimes expanded the services that Rosslyn provides them. The Group is also in advanced discussions over the renewals of contracts for two longstanding customers; further announcements will be made in due course, as appropriate.
Platform and product development
Rosslyn has continued to progress the adoption of AICE, which has now been rolled out by three customers. Three further customers, including the Major Client, have also now completed their trials of AICE and the Group is in the advanced stages of negotiations with the Major Client over its commercial adoption. Three more customers are still trialling AICE and the Group is also hopeful that another client will incorporate it as part of their contract renewal in the coming months.
Following AICE becoming fully operational, Rosslyn’s focus has been on developing tools that leverage AI to utilise this trustworthy data to provide the procurement function with automated, actionable insights. The first two products to be developed from this process, which were launched during the year and are both sold as add-on modules to the Group’s core platform, are IniTrack and the Benchmarking tool:
- IniTrack is a tool that enables customers to plan, track and report on the progress of their procurement initiatives in real time. By using generative AI, it can provide predictive intelligence to alert a spend manager to a potential outcome. While primarily focused on spend, it also has the capability to track other initiatives, such as seeking to reduce risk within the supply chain or increase sustainability.
- The Benchmarking tool is designed to provide a comprehensive price comparison across a number of use cases. By opting into Benchmarking, customers gain insight into how their spending compares between divisions, against industry peers and public price books. These comparisons can be seen instantly, providing customers with real-time market insights.
The Group also undertook development work of further AI-powered products and features for this year and beyond including:
- Automated Insights: Seeks to provide procurement teams with granular, actionable insights that are shared in real-time;
- Enhanced Dashboarding: Already an existing module that is able to build flexible dashboards and reports through an intuitive user interface, aims to incorporate AI and natural language to improve its effectiveness and accuracy;
- Strategic Playbooks: Intention for the module, once developed, to utilise AI to provide recommendations on category or supplier management; and
- Connect Further AI: Aims to make use of consolidated, enriched and classified data to power internal AI projects.
Financial Review
For the year ended 30 April 2026, while it continued to face cash constraints, the Group delivered an improved operating performance with steady revenue, increased gross margin and significantly reduced adjusted EBITDA loss and cash burn.
Revenue
Revenue for the year remained stable at £3.0m (2025: £3.0m), of which £2.3m was annually recurring revenue (2025: £2.3m).
The Group’s revenue primarily comprises the annual licence fees charged to customers for having access to the platform and professional services fees for work undertaken to tailor Rosslyn’s solution to align with customers’ infrastructure or meet specific additional solution requirements. Annual licence fees continued to be the main contributor to revenue, generating £2.3m (2025: £2.2m) and accounting for 77% of total revenue (2025: 73%). Professional services revenue was £0.6m (2025: £0.8m) and accounted for 20% of total revenue (2025: 26%). Managed services, which relates to platform hosting for the Major Client, increased to £0.1m (2025: £0.03m) and accounted for 3% of total revenue (2025: 1%).
Gross profit
Gross margin improved significantly to 46.8% (2025: 40.7%), reflecting a reduction in hosting costs and Rosslyn’s strategic decision in the previous year to prioritise quality of revenue. Cost of sales includes hosting costs, third-party platform costs, Customer Success and support, and professional services costs. As a result of the improvement in gross margin, gross profit increased to £1.4m (2025: £1.2m). The Group expects gross margin to improve further in FY 2027 from recognising a full year of the lower hosting costs.
Operating expenses
Operating costs were £3.8m for the year (2025: £3.9m). This includes administrative expenses being lower at £3.1m (2025: £3.3m), primarily as a result of lower employee-related costs due to redundancy measures as the Group sought to preserve cash, which was largely offset by an increase in share-based payment expenses to £0.2m (2025: £0.1m).
Profitability measures
Adjusted EBITDA* loss was significantly reduced to £1.4m (2025: £2.0m loss) as set out in the table below:
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2026 |
2025 Restated** |
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£’000 |
£’000 |
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Revenue |
2,958 |
3,005 |
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Gross profit |
1,383 |
1,223 |
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Operating loss |
(2,419) |
(2,680) |
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EBITDA Adjustments: |
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Depreciation |
5 |
28 |
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Amortisation |
616 |
525 |
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Share-based payments |
151 |
93 |
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Exceptional items |
198 |
59 |
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Adjusted EBITDA** |
(1,449) |
(1,975) |
*Adjusted EBITDA is defined as earnings before interest, taxation, depreciation, amortisation, exceptional items and share-based payments. The change in the value of share-based payments is adjusted when calculating the Group’s adjusted EBITDA as it has no direct cash impact on financial performance. Adjusted EBITDA is considered a key metric to the users of the financial statements as it represents a useful milestone that is reflective of the performance of the business resulting from movements in revenue, gross margin and the costs of the business removing exceptional items which are believed to be not representative of the ongoing business.
** See note 5 to the financial statements
Operating loss was reduced to £2.4m (2025: £2.7m loss), reflecting the increased gross profit and lower operating expenses.
Loss before tax for the year was £2.9m (2025: £2.6m loss). This is due to recognising a fair value loss of £0.3m (2025: £0.3m gain) from the remeasurement of the convertible loan note derivative liability.
Cash flow and liquidity
Cash used in operations was reduced to £1.5m (2025: £1.8m), which primarily reflects a lower operating loss offset by working capital movements whilst net cash used in operating activities was £1.6m (2025: £1.4m). Net cash used in investing activities was £0.4m (2025: £0.6m), which primarily comprised investment in software. Net cash generated from financing activities was £1.0m (2025: £2.9m), which relates to the fundraisings undertaken in both years. During the year, Rosslyn raised net proceeds from the issue of new ordinary shares of £0.8m and £0.3m from the issue of convertible loan notes.
Monthly cash burn was reduced to £106k (2025: £160k) as a result of cost cutting measures implemented during the year as the Group focused on cash conservation.
As a result of the above, there was a net decrease in cash and cash equivalents of £0.9m, with Rosslyn having cash and cash equivalents of £0.8m as at 30 April 2026 (30 April 2025: £1.7m). The Group remains focused on cash conservation and has further reduced its cash burn since year end to approximately £70k per month. As at 20 October 2026, the Company had cash and cash equivalents of approximately £0.4m. Based on the anticipated conversion of the Group’s pipeline in the near term, the Board continues to expect to report cash and cash equivalents at 30 April 2027 in line with market expectations.
Balance sheet
As at 30 April 2026, the Group had net liabilities of £1.0m compared with restated net assets of £1.0m at 30 April 2025. The main movements in the balance sheet during the year were the decrease in cash and cash equivalents, as described above, and a £0.9m increase in non-current liabilities related primarily to convertible loan notes and derivative financial instruments.
Material uncertainty related to going concern
As discussed in note 2 below, the Board considers the Group to be a going concern. However, there is limited headroom in the current forecasts, and management therefore plans to cut costs and look to raise capital from a number of different funding options, and as such there is considered a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern. After making appropriate enquiries, the Directors consider that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements. Accordingly, the financial statements do not include any adjustments which would be required if the going concern basis of preparation was deemed to be inappropriate.
Outlook
Rosslyn is presented with significant opportunities as the procurement market increasingly embraces agentic AI technologies. The Group has already built an innovation-leading AI-based product and had it stress tested by the procurement departments of some of the world’s most complex organisations. This, combined with the depth of Rosslyn’s procurement experience and expertise, means the Group is well-positioned to facilitate enterprises with this transition, and the Board remains excited by this prospect.
Rosslyn’s organic strategy for growth is based on expansion with the Major Client and other existing customers as well as winning new business. With the Major Client, Rosslyn is in discussions about expanding its service provision to further departments and is in advanced negotiations regarding their adoption of AICE. Similarly, the Group expects further adoption of its AI modules by other existing customers to be an important contributor to growth. The Group is also continuing to transition customers to the new pricing model when they sign renewals.
Rosslyn has established a solid pipeline of new business, providing opportunities for both the short- and long-term, and as a result the Board remains confident in achieving current market expectations. Simultaneously, the Group is maintaining tight cost control as the Board continues to assess all options for how to best fund growth and deliver shareholder value.
Publication of Annual Report
The Company gives notice that its annual report and accounts for the year ended 30 April 2026 has, today, been published on the Company’s website on the Reports and Corporate Documents page of the Investors section at https://www.rosslyn.ai/investors/reports-corporate-documents, and will be posted to those shareholders who have requested paper communications.
Notice of AGM
The Company also gives notice that its AGM will be held at 10.00am on Friday 11 December 2026 at the offices of Shakespeare Martineau, Level 19, The Shard, 32 London Bridge Street, London, SE1 9SG. The Notice of AGM has been published on the Company’s website on the Reports and Corporate Documents page of the Investors section at https://www.rosslyn.ai/investors/reports-corporate-documents, and will be posted to those shareholders who have requested paper communications.
Consolidated Statement of Comprehensive Income
For the year ended 30 April 2026
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Note |
30 April 2026 £’000 |
30 April 2026 £’000 |
Restated 30 April 2025 £’000 |
Restated 30 April 2025 £’000 |
|
Continuing operations |
|
|
|
|
|
|
Revenue |
3 |
|
2,958 |
|
3,005 |
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Cost of sales |
|
|
(1,575) |
|
(1,782) |
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Gross profit |
|
|
1,383 |
|
1,223 |
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Other operating income |
|
|
35 |
|
38 |
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Operating expenses |
|
|
(3,837) |
|
(3,941) |
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Analysed as |
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|
|
|
|
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Administrative expenses |
|
(3,065) |
|
(3,295) |
|
|
Depreciation and amortisation |
|
(621) |
|
(553) |
|
|
Share-based payments |
|
(151) |
|
(93) |
|
|
|
|
(3,837) |
|
(3,941) |
|
|
Operating loss |
|
|
(2,419) |
|
(2,680) |
|
Finance costs |
|
|
(230) |
|
(227) |
|
Fair value (loss)/gain on embedded derivative |
|
|
(261) |
|
330 |
|
Loss before income tax |
|
|
(2,910) |
|
(2,577) |
|
Income tax |
|
|
– |
|
(75) |
|
Loss for the year |
|
|
(2,910) |
|
(2,652) |
|
Other comprehensive income – translation differences |
|
|
10 |
|
30 |
|
Total comprehensive loss |
|
|
(2,900) |
|
(2,622) |
|
|
|
|
|
|
|
|
Loss per share |
|
|
Pence |
|
Pence |
|
Basic and diluted loss per share: |
|
|
|
|
|
|
ordinary shareholders – Total |
4 |
|
(3.82) |
|
(5.77) |
Consolidated Statement of Financial Position
As at 30 April 2026
|
|
Note |
30 April 2026 £’000 |
Restated 30 April 2025 £’000 |
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets |
|
1,415 |
1,658 |
|
Property, plant and equipment |
|
4 |
9 |
|
|
|
1,419 |
1,667 |
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Current assets |
|
|
|
|
Trade and other receivables |
|
633 |
822 |
|
Corporation tax receivable |
|
100 |
65 |
|
Cash and cash equivalents |
|
786 |
1,680 |
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Total current assets |
|
1,519 |
2,567 |
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Total assets |
|
2,938 |
4,234 |
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Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Trade and other payables |
|
(143) |
– |
|
Financial liabilities – convertible loan notes |
|
(753) |
(478) |
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Financial liabilities – derivative financial instruments |
|
(885) |
(414) |
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Total non-current liabilities |
|
(1,781) |
(892) |
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
(2,161) |
(2,358) |
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Total current liabilities |
|
(2,161) |
(2,358) |
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Total liabilities |
|
(3,942) |
(3,250) |
|
Net (liabilities)/assets |
|
(1,004) |
984 |
|
Equity |
|
|
|
|
Called up share capital |
|
4,515 |
4,471 |
|
Share premium |
|
21,842 |
21,125 |
|
Convertible debt option reserve |
|
– |
– |
|
Share-based payment reserve |
|
278 |
127 |
|
Accumulated loss |
|
(32,721) |
(29,811) |
|
Translation reserve |
|
(51) |
(61) |
|
Merger reserve |
|
5,133 |
5,133 |
|
Total (deficit)/equity |
|
(1,004) |
984 |
Consolidated Statement of Changes in Equity
For the year ended 30 April 2026
|
|
|
Called up share capital |
Share premium |
Convertible debt option reserve |
Share-based payment reserve |
Restated (see note 5) Accumulated loss |
Translation reserve |
Merger reserve |
Restated (see note 5) Total equity |
|
|
Note |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
Balance at 1 May 2024 |
|
4,415 |
18,923 |
189 |
34 |
(27,348) |
(91) |
5,133 |
1,255 |
|
Loss for the year as restated |
|
– |
– |
– |
– |
(2,652) |
– |
– |
(2,652) |
|
Other comprehensive income |
|
– |
– |
– |
– |
– |
30 |
– |
30 |
|
Total comprehensive loss for the year as restated |
|
– |
– |
– |
– |
(2,652) |
30 |
– |
(2,622) |
|
Shares issued during the year |
|
56 |
2,461 |
– |
– |
– |
– |
– |
2,517 |
|
Issue costs |
|
– |
(259) |
– |
– |
– |
– |
– |
(259) |
|
Convertible debt option conversion |
|
– |
– |
(189) |
– |
189 |
– |
– |
– |
|
Share option charge |
|
– |
– |
– |
93 |
– |
– |
– |
93 |
|
Balance at 30 April 2025 as restated |
|
4,471 |
21,125 |
– |
127 |
(29,811) |
(61) |
5,133 |
984 |
|
Balance at 1 May 2025 as restated |
|
4,471 |
21,125 |
– |
127 |
(29,811) |
(61) |
5,133 |
984 |
|
Loss for the year |
|
– |
– |
– |
– |
(2,910) |
– |
– |
(2,910) |
|
Other comprehensive income |
|
– |
– |
– |
– |
– |
10 |
– |
10 |
|
Total comprehensive loss for the year |
|
– |
– |
– |
– |
(2,910) |
10 |
– |
(2,900) |
|
Shares issued during the year |
|
44 |
834 |
– |
– |
– |
– |
– |
878 |
|
Issue costs |
|
– |
(117) |
– |
– |
– |
– |
– |
(117) |
|
Share option charge |
|
– |
– |
– |
151 |
– |
– |
– |
151 |
|
Balance at 30 April 2026 |
|
4,515 |
21,842 |
– |
278 |
(32,721) |
(51) |
5,133 |
(1,004) |
Consolidated Statement of Cash Flows
For the year ended 30 April 2026
|
|
Note |
Year ended 30 April 2026 £’000 |
Restated Year ended 30 April 2025 £’000 |
|
Cash flows used in operating activities |
|
|
|
|
Cash used in operations |
See below |
(1,544) |
(1,752) |
|
Finance costs |
|
(12) |
(20) |
|
Taxation |
|
– |
400 |
|
Net cash used in operating activities |
|
(1,556) |
(1,372) |
|
Cash flows used in investing activities |
|
|
|
|
Purchase of property, plant and equipment |
|
(4) |
(7) |
|
Acquisition of intangible assets |
|
(373) |
(563) |
|
Net cash used in investing activities |
|
(377) |
(570) |
|
Cash flows generated from financing activities |
|
|
|
|
New loans in year |
|
350 |
1,200 |
|
Convertible loan issue costs |
|
(82) |
(145) |
|
Issue of shares |
|
878 |
2,150 |
|
Expenses related to the issue of shares |
|
(117) |
(259) |
|
Net cash generated from financing activities |
|
1,029 |
2,946 |
|
Net (decrease)/increase in cash and cash equivalents |
|
(904) |
1,004 |
|
Cash and cash equivalents at beginning of year |
|
1,680 |
646 |
|
Foreign exchange gains |
|
10 |
30 |
|
Cash and cash equivalents at end of year |
|
786 |
1,680 |
Reconciliation of loss before income tax to cash used in operations
|
|
Year ended 30 April 2026 £’000 |
Restated Year ended 30 April 2025 £’000 |
|
Loss before income tax |
(2,910) |
(2,577) |
|
Depreciation, amortisation and impairment charges |
621 |
553 |
|
Loss on disposal of property plant and equipment |
4 |
– |
|
RDEC income |
(35) |
(38) |
|
Share-based payment transactions |
151 |
93 |
|
Fair value loss/(gain) on embedded derivative |
261 |
(330) |
|
Finance costs |
230 |
227 |
|
|
(1,678) |
(2,072) |
|
Decrease in trade and other receivables |
189 |
32 |
|
(Decrease)/increase in trade and other payables |
(55) |
288 |
|
Cash used in operations |
(1,544) |
(1,752) |
Notes to the Consolidated Financial Statements
For the year ended 30 April 2026
- General information
Rosslyn Data Technologies plc (the “Company”) is a company incorporated and domiciled in the UK. It is quoted on AIM, a market of the London Stock Exchange. The address of the registered office is C/O Ampa Holdings LLP, Level 19, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG.
The financial statements are presented in British Pounds Sterling (£), the currency of the primary economic environment in which the Group’s activities are operated in and reported in £’000. The financial statements are for the year ended 30 April 2026.
The financial information set out in this preliminary results announcement does not constitute the Group’s statutory financial statements, as defined in section 435 of the Companies Act 2006, but is derived from those financial statements. Statutory financial statements for 2025 have been delivered to the Registrar of Companies. The audit report was unqualified, did not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006 and drew attention by way of emphasis to a material uncertainty relating to going concern and the recoverability of intangible assets and parent company inter-company receivables. Those for 2026 have not yet been delivered to the Registrar of Companies. The audit report is unqualified, does not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006 and draws attention by way of emphasis to a material uncertainty relating to going concern and the valuation of intangible assets and carrying value of parent company inter-company receivables. The 2026 accounts will be delivered to the Registrar of Companies shortly.
- Accounting policies
Basis of preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the years presented, unless otherwise stated (see note 5).
The Group financial statements have been prepared under the historical cost convention subject to fair valuing certain financial instruments and in accordance with UK-adopted international accounting standards.
Going concern
Information on the business environment and the factors underpinning the Group’s future prospects and product portfolio are included in the Operational Review. During the year, on 14 April 2026, the Group successfully completed an equity fundraising round, raising £0.9m via a placing of shares and £0.4m from an issue of convertible loan notes. The cash balance at 30 April 2026 was £0.8m. The Group has performed prudent scenario analysis on revenue and cost performance covering the period up to April 2028. There is limited headroom in the current forecasts and management plans to cut costs and look to raise capital from a number of different funding options, and as such there is considered a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern. After making appropriate enquiries, the Directors consider that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements. Accordingly, the financial statements do not include any adjustments which would be required if the going concern basis of preparation was deemed to be inappropriate.
- Segmental reporting
Management has determined the operating segments based on the operating reports reviewed by the Directors that are used to assess both performance and strategic decisions. Management has identified that the Directors and the Chief Financial Officer are the Chief Operating Decision Maker in accordance with the requirements of IFRS 8 Operating segments.
The determination is that the Group operates as a single segment, as no internal reporting is produced either by geography or division. The Group views performance on the basis of the type of revenue, and the end destination of the client as shown below.
|
|
Year ended 30 April 2026 £’000 |
Year ended 30 April 2025 £’000 |
|
Annual licence fees |
2,278 |
2,201 |
|
Professional services |
582 |
775 |
|
Managed services |
98 |
29 |
|
Total revenue |
2,958 |
3,005 |
|
Analysis of revenue by country |
Year ended 30 April 2026 £’000 |
Year ended 30 April 2025 £’000 |
|
United Kingdom |
877 |
983 |
|
Europe |
731 |
854 |
|
North America |
1,350 |
1,168 |
|
Total revenue |
2,958 |
3,005 |
Included in Europe is Switzerland, which had revenues of £208,000 in the year ended 30 April 2026 (2025: £468,000). Included in North America is the USA, which had revenues of £1,350,000 in the year ended 30 April 2026 (2025: £1,168,000).
|
Analysis of future obligations: |
Year ended 30 April 2026 £’000 |
Year ended 30 April 2025 £’000 |
|
Performance obligations to be satisfied in the next year |
2,227 |
2,123 |
|
Performance obligations to be satisfied after 12 months from the balance sheet date |
854 |
1,416 |
|
Total future performance obligations |
3,081 |
3,539 |
There was one (2025: two) significant customers who made up greater than 10% of total revenue in the year. Customer 1 generated revenue of £520,000 (2025: £376,000). The following revenue arose from the Group’s largest customer in each year:
|
|
Year ended 30 April 2026 £’000 |
Year ended 30 April 2025 £’000 |
|
Annual licence fees |
277 |
214 |
|
Professional services |
243 |
162 |
|
Total revenue |
520 |
376 |
- Loss per share
Basic earnings per share is calculated by dividing the net loss for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share is calculated by dividing the net loss for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
|
|
Year ended 30 April 2026 |
Restated Year ended 30 April 2025 |
|
Loss for the year attributable to the owners of the parent |
(£2,910,000) |
(£2,652,000) |
|
|
2026 Number |
2025 Number |
|
Weighted average number of shares Weighted average number of shares in issue during the year |
76,196,283 |
45,939,110 |
|
|
Pence |
Pence |
|
Basic and diluted loss per share: ordinary shareholders |
(3.82) |
(5.77) |
Since the Group is currently operating at a loss, there is no difference between the basic and diluted loss per share.
- Prior Period Correction
During the year, Management have revisited the accounting for the R&D tax credit receivable which was claimed under the RDEC scheme rather than as a R&D tax credit as had previously been the case; furthermore the actual receivable has proved to be lower on finalisation of the claim.
The RDEC scheme, which is an “above the line credit” is accounted for in line with the government grants accounting policy, and the following tables summarise the impacts on the Group’s consolidated financial statements. There is no impact on any period prior to 30 April 2025.
Consolidated Statement of Comprehensive Income (restated)
for the year ended 30 April 2025
|
|
As previously reported |
Adjustments |
As restated |
|
Continuing operations |
|
|
|
|
Revenue |
3,005 |
– |
3,005 |
|
Cost of sales |
(1,782) |
– |
(1,782) |
|
Gross profit |
1,223 |
– |
1,223 |
|
Other operating income |
– |
38 |
38 |
|
Operating expenses |
(3,941) |
– |
(3,941) |
|
Analysed as |
|
|
|
|
Administrative expenses |
(3,295) |
– |
(3,295) |
|
Depreciation and amortisation |
(553) |
– |
(553) |
|
Share-based payments |
(93) |
– |
(93) |
|
|
(3,941) |
– |
(3,941) |
|
Operating loss |
(2,718) |
38 |
(2,680) |
|
Finance costs |
(227) |
– |
(227) |
|
Fair value (loss)/gain on embedded derivative |
330 |
– |
330 |
|
Loss before income tax |
(2,615) |
38 |
(2,577) |
|
Income tax |
90 |
(165) |
(75) |
|
Loss for the year |
(2,525) |
(127) |
(2,652) |
|
Other comprehensive income – translation differences |
30 |
– |
30 |
|
Total comprehensive loss |
(2,495) |
(127) |
(2,622) |
|
Loss per share |
Pence |
|
Pence |
|
Basic loss per share: ordinary shareholders – Total |
(5.5) |
(0.27) |
(5.77) |
Consolidated Statement of Financial Position (restated)
as at 30 April 2025
|
|
As previously reported |
Adjustments |
As restated |
|
Assets Non-current assets Intangible assets Property, plant and equipment |
1,658 9 |
– – |
1,658 9 |
|
|
1,667 |
– |
1,667 |
|
Current assets |
|
|
|
|
Trade and other receivables |
822 |
– |
822 |
|
Corporation tax receivable |
165 |
(100) |
65 |
|
Cash and cash equivalents |
1,680 |
– |
1,680 |
|
Total current assets |
2,667 |
(100) |
2,567 |
|
Total assets |
4,334 |
(100) |
4,234 |
|
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Financial liabilities – convertible loan notes |
(478) |
– |
(478) |
|
Financial liabilities – derivative financial instruments |
(414) |
– |
(414) |
|
Total non-current liabilities |
(892) |
– |
(892) |
|
Current liabilities Trade and other payables |
(2,331) |
(27) |
(2,358) |
|
Total current liabilities |
(2,331) |
(27) |
(2,358) |
|
Total liabilities |
(3,223) |
(27) |
(3,250) |
|
Net assets |
1,111 |
(127) |
984 |
|
Equity |
|
|
|
|
Called up share capital |
4,471 |
– |
4,471 |
|
Share premium |
21,125 |
– |
21,125 |
|
Share-based payment reserve |
127 |
– |
127 |
|
Accumulated loss |
(29,684) |
(127) |
(29,811) |
|
Translation reserve |
(61) |
– |
(61) |
|
Merger reserve |
5,133 |
– |
5,133 |
|
Total equity |
1,111 |
(127) |
984 |
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