Sparks

ActiveOps has reported a strong finish to FY26 (year-end 31 March 2026), with revenue, adjusted EBITDA and cash ahead of consensus. Revenue grew 48% (28% organic) to £45.0m versus consensus of £43.0m. Adjusted EBITDA of £4.2m was marginally ahead of consensus at £3.9m. Group ARR increased 36% to £41.5m, with organic ARR increasing 25% to £35.6m (net revenue retention increased to 119% from 106% in FY25 and the company won nine new customers) and the Enlighten acquisition contributing £5.9m. The company noted that one Enlighten customer has given notice, and this has been reflected in the year-end ARR. As deferred consideration for the deal was based on contract retention, this reduces the final payout by £3.5m and should leave post-synergies earnings accretion broadly unchanged. Year-end net cash stood at c £23.6m (consensus £17.1m) reflecting strong customer receipts at year-end, and this was after paying £6.4m for Enlighten. Post year-end, the company sold its WorkIQ trademarks for $10.0m/£7.4m further boosting cash. In terms of outlook, the board remains confident in the group strategy and its ability to deliver sustained growth. FY26 results are scheduled for 2 July.