ActiveOps’ H1 2026: 45% Revenue Growth, Organic Momentum, and Guidance Raised
ActiveOps has put in an impressive first half to FY 2026, with revenue up approximately 45% to £20.8 million and a clear acceleration in organic growth. The company now expects full-year revenues to be comfortably ahead of consensus expectations, while reported profit before tax (PBT) is guided to be in line with consensus as integration costs from the Enlighten deal flow through this year.
The trading update also flags stronger customer expansion, better net revenue retention, and a bigger annualised recurring revenue (ARR) base – all encouraging signs for a SaaS business selling into banks, insurers and BPOs.
Key numbers you need to know
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Total revenue | ~£20.8m | £14.3m | +45% (or +50% CC) |
| Organic revenue | ~£18.7m | not disclosed | +34% CC |
| Group SaaS revenue | ~£17.3m | not disclosed | +33% (or +38% CC) |
| Organic SaaS revenue | ~£15.3m | £13.0m | +22% CC |
| ARR | ~£40.6m | £26.2m | +55% (or +58% CC) |
| Organic ARR growth | n/a | n/a | +27% CC (ex-Enlighten) |
| NRR (Net Revenue Retention) | 116% CC | 108% | Improved |
| Cash | £13.3m | £13.4m | Flat YoY after £5.5m acquisition outflow |
| Debt | None | None | No change |
CC means constant currency – stripping out FX movements to show underlying growth.
Organic acceleration, sticky customers, and stronger SaaS mix
Organic revenue growth accelerated to approximately 34% CC, with organic SaaS revenue up 22% CC. That tells us the core business – before the impact of the Enlighten acquisition – is expanding at pace across existing accounts and with new logos.
ARR jumped to approximately £40.6 million (+55%, +58% CC), with organic ARR growth at 27% CC. Net revenue retention rose to 116% CC (from 108%) – a key health check in SaaS that shows the company is earning more from existing customers over time through upsells, price increases, and low churn.
In short, the engine room looks healthy: more recurring revenue, better retention, and increased cross-sell momentum. That’s exactly what you want to see in a subscription model.
Enlighten acquisition: boosting footprint now, cost synergies later
ActiveOps completed the acquisition of Enlighten on 30 June 2025, adding scale in North America and APAC, broadening the customer base, and enhancing the product roadmap. Integration is “progressing to plan” with synergies being realised in operating costs and cross-selling opportunities.
There is, however, a near-term P&L trade-off. Management expects reported PBT for FY 2026 to be in line with current consensus due to integration and reorganisation costs in the year, with cost efficiencies expected to benefit results from FY 2027 onwards. That’s sensible and standard for a bolt-on with a meaningful footprint – but worth noting if you were hoping for profits to run ahead of expectations in tandem with revenue.
Cash-wise, the group ended the half with £13.3 million, broadly unchanged year-on-year after utilising £5.5 million to fund the acquisition, and it carries no debt. The update also notes the business remains cash generative, which helps support ongoing integration and product investment without stretching the balance sheet.
Sales momentum across regions and a key contract win-back
Sales momentum remained strong across EMEIA, APAC and North America, with expansions and cross-sells across the product suite: ControliQ, CaseworkiQ and WorkiQ. That reflects a platform that scales across functions and geographies – valuable in large financial services and BPO environments.
Importantly, the company reversed in full a previously announced proposed partial termination by a ControliQ customer in EMEIA, after a period of temporary extensions. That’s a genuine positive for sentiment: it reduces churn risk and underscores the relevance of the platform for large-scale customers.
Guidance versus consensus: revenue upgrade, profit held
As of 14 October 2025, consensus for FY 2026 was revenue of £40.3 million and reported PBT of £1.7 million. Management now expects full-year revenue to be comfortably ahead of that revenue number, while reported PBT should remain in line with consensus due to integration and reorganisation costs.
Positives: growth is broad-based, ARR is higher, NRR has improved, and the company is landing and expanding with enterprise customers in multiple regions. The drag: FX has been a headwind (constant-currency growth rates are higher than reported), and the full profit uplift from Enlighten’s synergies won’t show until FY 2027.
Jargon buster
- ARR (Annualised Recurring Revenue): the annualised value of subscription contracts, a key indicator of future revenue visibility.
- NRR (Net Revenue Retention): revenue retained and expanded within the existing customer base; above 100% indicates expansion outpacing churn.
- Constant currency (CC): adjusts for exchange rate movements to show underlying growth.
- SaaS: Software-as-a-Service, typically subscription-based and recurring.
My take: quality of growth looks strong, with integration the key swing factor
This is a confident update. The quality of growth – higher ARR, better NRR, and organic momentum – is the highlight. The cash position is solid given the acquisition outflow, and zero debt is a comfort.
The trade-off is near-term profit growth muted by integration costs. That’s not a shock, but it means the real margin upside hinges on delivering the cost synergies and cross-sell opportunities from FY 2027. Execution on Enlighten integration is the needle-mover from here.
What to watch on results day (27 November 2025)
- Detail behind the revenue beat guidance vs the £40.3 million consensus – size of upgrade and visibility into H2 pipeline.
- Adjusted EBITDA and PBT for H1 2026 – absolute figures were not disclosed today.
- ARR breakdown: organic vs acquired, and regional mix post-Enlighten.
- NRR drivers – how much came from seat expansion, modules (ControliQ/CaseworkiQ/WorkiQ), or pricing.
- Integration progress – quantified cost synergies and one-off costs, plus any early cross-sell wins with Enlighten’s base.
- Cash conversion and capital allocation – any further M&A appetite given the strengthened position in North America and APAC.
Key dates and consensus markers
Interims are due on 27 November 2025. As a reminder, the board cites FY 2026 consensus (as at 14 October 2025) of £40.3 million in revenue and £1.7 million reported PBT. Management expects revenue to come in comfortably ahead of that, with reported PBT in line given integration and reorganisation costs this year.
Bottom line
ActiveOps delivered a strong first half: faster organic growth, stronger recurring revenue metrics, and a revenue outlook upgrade. The Enlighten deal adds strategic heft in North America and APAC, but the full margin benefit should show from FY 2027 once integration is bedded in.
For investors, this reads positively: momentum is building where it matters – within the existing enterprise base and across regions – while the balance sheet remains clean. The next catalyst is the 27 November print, where the scale of the revenue upgrade and the detail on integration costs will set the tone for H2 and beyond.
