ActiveOps (AOM) investor relations material

Executive summary

• H1 FY27 trading in line with Board expectations; revenue rose 21% to £25.3m, including a £1.5m termination receipt, and organic SaaS revenue grew 19%.

• FY27 expectations remain unchanged; a major customer intends not to renew its £3.8m ARR contract in March 2027, prompting significantly lower FY28 revenue and adjusted EBITDA expectations.

• Medium-term confidence rests on customer expansion opportunities, growing relevance of the offering, and continued investment in sales, marketing and products.

Financial highlights

• H1 revenue £25.3m, up 21% YoY reported and 19% at constant currency (CC); excluding the £1.5m termination receipt, growth was 14%.

• Organic revenue grew 8% reported and 5% CC; SaaS revenue rose ~26% to £21.8m, including acquired revenue, while organic SaaS revenue increased 19% to £18.2m.

• H1 adjusted EBITDA expected to show double-digit growth, with improved adjusted EBITDA margin and higher profit before tax.

• Period-end cash was £19.6m versus £13.3m a year earlier; operations remained cash generative and debt free.

Outlook and guidance

• FY27 results expected to be in line with market expectations; current FY27 revenue range is £47.4m–£49.7m and adjusted EBITDA range is £5.0m–£6.4m.

• FY28 revenue and adjusted EBITDA expected to be significantly below market expectations, reflecting the potential customer loss and lower H1 FY27 new business activity.

• Removing the customer contract in full reduces previously anticipated FY28 revenue by ~£3.8m; FY28 market ranges were revenue £50.0m–£56.4m and adjusted EBITDA £6.7m–£9.0m.

• Board intends to continue planned growth investments despite some cost action following the potential non-renewal; medium-term growth confidence remains.