ActiveOps Plc Reports Strong FY26 Trading Update with 48% Revenue Growth and High NRR

ActiveOps FY26 trading update: 48% revenue growth, 119% NRR and stronger cash

I like this one. ActiveOps has posted a punchy full-year trading update for FY26, with revenue up 48% to £45.0m and Net Revenue Retention (NRR) jumping to 119%. That’s ahead of market expectations on revenue, EBITDA and cash, underpinned by expansion within existing enterprise customers and the mid-year acquisition of Enlighten. It is a clear step up in scale and momentum.

There is a blemish – a contract termination at Enlighten will trim that unit’s ARR trajectory – but the Group has reflected this in reported ARR and expects lower deferred consideration to offset the EPS impact. Overall, execution looks strong, cash generation continues, and the product roadmap is advancing nicely.

Key numbers (and how they stack up)

Metric	FY26 (expected)	FY25	Notes
Revenue	£45.0m (+48%)	£30.5m	Ahead of consensus (£43.0m)
Net Revenue Retention (NRR)	119% (118% CC)	106%	Upsell and platform migrations drove the jump
Organic revenue growth	28% (31% CC)	14%	US, Canada and Africa performed particularly well
Organic SaaS revenue growth	~21% (23% CC)	13%	Solid acceleration
Organic Training & Implementation growth	~81% (86% CC)	23%	Reflects successful go-lives and migrations
Organic ARR	£35.6m (+25%)	£28.4m	24% CC
Group ARR	£41.5m	£30.5m	Includes £5.9m from Enlighten
Adjusted EBITDA	~£4.2m	£2.5m	Ahead of consensus (£3.9m)
Exceptional costs	£3.0m	n/a	Enlighten acquisition (£1.8m) and restructuring (£1.2m)
Period-end cash	c £23.6m	£20.6m	Ahead of consensus (£17.1m); debt free
Users added	c.15,000	n/a	Onto the Decision Intelligence platform
New customers	9	9	Continued momentum

Consensus figures are as at 17 April 2026.

Where the growth came from: expansion, go-lives and Enlighten

The growth mix looks healthy. ActiveOps expanded within existing enterprise accounts, went live with several new customers, and completed the Enlighten acquisition in June 2025. Organically, revenue rose 28% (31% constant currency), with organic SaaS up approximately 21% and Training & Implementation up approximately 81% as implementations and migrations flowed through.

The company highlights strong regional contributions from the US, Canada and Africa. Importantly for scalability, the platform added around 15,000 new users during the year.

119% NRR – why that’s a big deal

NRR measures how much recurring revenue you retain and expand within your existing customer base over a year. At 119% (118% constant currency), ActiveOps is not just holding on to customers – it is selling them more. That’s the engine you want to see in an enterprise SaaS model, and it aligns with the company’s narrative of customers moving up to higher series of the platform to access new AI features, richer reporting and product enhancements.

Evidence of upsell momentum is also visible in the migrations: Series 3 now makes up 53% of ControliQ ARR, with Series 4 contributing another 14%. There is a standout data point too – a major customer delivered a 47% ARR uplift after re-signing, having previously indicated it would reduce usage.

Enlighten: synergies landed, a customer exit, and EPS accretion intact

ActiveOps acquired Enlighten in Q2 FY26 to deepen its North American and APAC footprint. Since then, it has accelerated the integration timeline, incurring £1.2m of restructuring costs to unlock around £3.0m in annualised savings, with a further £1.0m expected in the coming year. Enlighten contributes £5.9m to Group ARR.

The snag: an Enlighten customer has given notice to terminate, reducing Enlighten ARR for FY27 and FY28 versus prior expectations. This has already been reflected in the Group ARR figure of £41.5m. Because certain contract renewals were tied to deferred consideration, that payment is now expected to fall by approximately £3.5m which, together with contract run-off revenues, means the post-synergy EPS accretion of the deal remains broadly unchanged.

Net-net, while there’s a small drag from the termination, the synergy delivery and lower deferred consideration help steady the financials of the acquisition.

Cash, balance sheet and the WorkiQ trademark sale

Cash at year-end was approximately £23.6m, up from £20.6m, with the Group remaining debt free. The business also invested £6.4m of cash in the Enlighten acquisition during the year. That’s a tidy balance sheet for a company still investing in growth.

Post period end, ActiveOps sold its trademarks in the UK, US, Australia and EU to the WorkiQ name for USD$10.0m (£7.4m) in cash. No products or customers were sold as part of this transaction. The Board is considering the best use of the capital and will update the market with the full-year results on 2 July 2026. Deployment plans are not disclosed at this stage.

Product roadmap: ControliQ today, Series 5 tomorrow

ActiveOps continues to push the product forward. ControliQ Series 3 now represents 53% of ControliQ ARR, with Series 4 at 14%, signalling meaningful adoption of higher-value tiers. Work on ControliQ Series 5 is progressing well, with five Beta customers currently engaged and a broader rollout planned from Summer 2026.

The company positions its Decision Intelligence suite as AI-powered, built on over 20 years of operational data and the AOM methodology. In practice, this is about giving operations leaders the tools to make better, faster decisions that lift productivity and cut backlogs – a message that clearly resonates with large, regulated customers.

What looks positive, and where to keep an eye

• Beat on the headline numbers: revenue (£45.0m), adjusted EBITDA (~£4.2m) and cash (c £23.6m) were all ahead of consensus.

• High-quality growth signals: NRR at 119% and organic ARR up 25% to £35.6m suggest durable expansion within the base.

• Execution and integration: nine new customers, successful go-lives, and accelerated Enlighten synergies (c £3.0m annualised, with another £1.0m targeted) point to good operational control.

• Balance sheet strength: debt free, continued cash generation, plus £7.4m cash from the post-period trademark sale.

• Watch the Enlighten trajectory: one customer termination reduces expected ARR in FY27-FY28 for that unit, though this is reflected in reported ARR and partly offset by lower deferred consideration.

• Visibility on capital allocation: the Board will outline plans for the £7.4m trademark proceeds with results on 2 July 2026.

Outlook and dates to note

Management says the strong FY26 close sets up sustained progress in FY27 and beyond, backed by rising relevance of the offering, expansion opportunities within large enterprise customers, and ongoing investment in product and go-to-market. With ControliQ Series 5 nearing broader release and a healthy pipeline of migrations, the ingredients for further upsell are in place.

Mark the diary: full-year results are due on 2 July 2026. Expect detail on capital deployment for the WorkiQ proceeds, an update on Enlighten synergies, and more colour on Series 5 rollout.

Bottom line: this is a confident update. Revenue and earnings are ahead of where the market thought they would be, NRR is excellent, and cash generation continues. The Enlighten wobble is a watch item, but the integration benefits are coming through. For a Decision Intelligence specialist embedded in highly regulated sectors, that’s a solid platform to build on.