The year to 31 March 2026 was a strong one. The group grew profitability to £6.3m EBITDA, up from £5.2m the previous year. That improvement was driven by a £1.7m increase in turnover, with recurring revenues up by £2.3m, offset by a planned £0.7m increase in spend across sales, marketing, and IT.
New sales of recurring services to new customers were 31% up year on year, with good momentum building through most of the year. That said, conditions became more difficult from November and December 2025 onwards, as the economy began to soften. That slowdown continued into the first quarter of 2026, with the conflict in Iran adding further pressure on sentiment. It's worth noting that despite those headwinds, the business responded well, which makes the full-year result all the more encouraging.
Sales of products to existing customers were down slightly year on year, largely as a result of a deliberate decision to stop selling Intelli/Cintra HR and focus on launching the Cintra People HR module to the customer base in FY27.
Even with the more challenging conditions in the final five months of the year, the group closed FY26 with £1.9m of sold products awaiting implementation, ahead of both budget and the prior year.
The headline financial results are set out below.
Breaking through £20m in total revenues is a real milestone for the business. Delivering an operating EBITDA margin of 30% alongside that makes it all the more meaningful.
Progress across the business
All departments made solid progress during the year and hit a number of important activity goals. We also began early testing of AI tools across the business, and the open-mindedness people have shown in adopting that technology is really encouraging to see.
As I write this, market conditions in the UK remain tough. But the marketing and sales team are working efficiently and creatively, and are still delivering against budget as we head into FY27.
Project Monarch
As a software business, the biggest workstream we kicked off in FY26 was the replacement of the IQ customer interface, Project Monarch. Investment in this increased significantly in the final quarter of the year, and a further £2m has been approved for FY27. The early results from this project are very encouraging, and alongside Cintra People, it gives us a strong platform to build and grow from in the years ahead.
A thank you
I'd like to take this opportunity to thank every colleague for their contribution, focus, and dedication over the course of the year.