Profit and Loss
Commentary
As at Fri 9 Oct 2026Revenue was £3.9m and EBITDA -£583k over the 12 months to 30 Sep 2026, as at 9 Oct 2026. Watch monthly recurring revenue, which eased from £373k to £348k in the latest month.
In the 12 months to 30 Sep 2026, revenue was £3.9m and EBITDA was -£583k, an EBITDA margin of -14.8%, as at 9 Oct 2026.
What moved: Monthly recurring revenue rose from £174k at 30 Sep 2025 to £348k at 30 Sep 2026. Headcount rose from 35 to 50 over the same period.
Against target: Against the illustrative targets, headcount and recurring % of revenue meet target, while gross margin % and recurring margin % are short of target. Development % and general % of revenue and EBITDA % are outside tolerance, unfavourable; S&M % is outside tolerance, favourable.
Watch: Monthly recurring revenue eased from £373k at 31 Aug 2026 to £348k at 30 Sep 2026. Development and general costs as a share of revenue sit above their targets.
- Payroll
- Employer NI and pension
- Marketing
- Cloud hosting
- Office rent
- Recruitment
- Software tools
- Events
- AI inference
- Travel
- Professional fees
- Insurance
Ranked largest first; each bar is a share of the largest. The twelve months to 30 Sep 26, from the ledger.
Show the figures as a table
| Category | Cost |
|---|---|
| Payroll | £3,019,677 |
| Employer NI and pension | £452,952 |
| Marketing | £273,496 |
| Cloud hosting | £190,255 |
| Office rent | £173,880 |
| Recruitment | £144,990 |
| Software tools | £72,708 |
| Events | £52,523 |
| AI inference | £48,069 |
| Travel | £41,517 |
| Professional fees | £38,035 |
| Insurance | £11,952 |
| Measure | Sep 25 | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 | Jul 26 | Aug 26 | Sep 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Recurring | 174 | 184 | 182 | 191 | 218 | 223 | 269 | 300 | 341 | 350 | 372 | 373 | 348 |
| Non-recurring | 6 | 24 | 30 | 72 | 78 | 60 | 126 | 72 | 60 | 18 | 12 | 0 | 36 |
| Revenue | 180 | 208 | 212 | 263 | 296 | 283 | 395 | 372 | 401 | 368 | 384 | 373 | 384 |
| Gross cost | 64 | 68 | 71 | 75 | 79 | 76 | 82 | 86 | 91 | 93 | 95 | 98 | 100 |
| Gross margin | 116 | 140 | 141 | 188 | 217 | 207 | 313 | 285 | 310 | 274 | 289 | 274 | 283 |
| Gross margin % | 64% | 67% | 66% | 71% | 73% | 73% | 79% | 77% | 77% | 75% | 75% | 74% | 74% |
| Sales & marketing | 83 | 98 | 101 | 95 | 99 | 104 | 117 | 106 | 108 | 124 | 114 | 116 | 116 |
| S&M % | 46% | 47% | 48% | 36% | 33% | 37% | 30% | 28% | 27% | 34% | 30% | 31% | 30% |
| Development | 99 | 93 | 100 | 98 | 96 | 108 | 108 | 111 | 115 | 112 | 118 | 121 | 121 |
| Development % | 55% | 45% | 47% | 37% | 32% | 38% | 27% | 30% | 29% | 30% | 31% | 33% | 32% |
| General | 60 | 81 | 76 | 85 | 68 | 76 | 71 | 70 | 69 | 85 | 78 | 73 | 74 |
| General % | 34% | 39% | 36% | 32% | 23% | 27% | 18% | 19% | 17% | 23% | 20% | 20% | 19% |
| Operating costs | 242 | 272 | 276 | 278 | 263 | 288 | 295 | 287 | 292 | 322 | 310 | 310 | 312 |
| EBITDA | -126 | -132 | -136 | -90 | -46 | -81 | 18 | -1 | 18 | -47 | -22 | -36 | -28 |
| EBITDA % | -70% | -64% | -64% | -34% | -16% | -29% | 4% | -0% | 4% | -13% | -6% | -10% | -7% |
| Rule of 40, CAC ratio, LTV:CAC | By month these are not in the facts measure pl_monthly; their 12-month figures are tiles on the Dashboard (kpis), the one owner of them. | ||||||||||||
Recognised revenue (invoices spread over their service period); costs from the ledger by function; money in £000s. Monthly: each month end over its month. Quarterly: calendar quarter ends, each over its quarter. Annually: calendar year ends, each over its year (2022 from October, when the company started). Rolling: every month end over the quarter or the year to it. A period's percentages are its own sums' ratios. No depreciation is simulated, so EBIT equals EBITDA. Ratios read green or red against their illustrative (annual) targets only over a year.
| Headcount | Sep 25 | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 | Jul 26 | Aug 26 | Sep 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | 10 | 11 | 12 | 12 | 12 | 11 | 13 | 13 | 14 | 14 | 14 | 15 | 15 |
| S&M | 10 | 13 | 11 | 12 | 12 | 13 | 13 | 13 | 13 | 15 | 15 | 15 | 15 |
| Development | 11 | 11 | 12 | 11 | 12 | 13 | 13 | 14 | 13 | 14 | 15 | 15 | 15 |
| General | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 5 |
| Total | 35 | 39 | 39 | 39 | 40 | 41 | 42 | 44 | 44 | 47 | 48 | 49 | 50 |
People employed at each period end, by function.
One point per month; the dot and figure at the right end are the latest value. Recognised revenue over each period chosen above (36 months, 12 quarters or every year). Invoiced amounts are on Debtors and cash.
Show the figures as a table
| Period | Recurring | Non-recurring |
|---|---|---|
| Oct 23 | £12,720 | £0 |
| Nov 23 | £12,838 | £18,000 |
| Dec 23 | £18,146 | £18,000 |
| Jan 24 | £25,100 | £24,000 |
| Feb 24 | £27,151 | £12,000 |
| Mar 24 | £34,874 | £6,000 |
| Apr 24 | £37,116 | £36,000 |
| May 24 | £48,947 | £12,000 |
| Jun 24 | £50,505 | £30,000 |
| Jul 24 | £61,776 | £12,000 |
| Aug 24 | £66,412 | £30,000 |
| Sep 24 | £71,807 | £12,000 |
| Oct 24 | £76,753 | £12,000 |
| Nov 24 | £76,000 | £24,000 |
| Dec 24 | £87,714 | £60,000 |
| Jan 25 | £103,192 | £24,000 |
| Feb 25 | £103,245 | £60,000 |
| Mar 25 | £135,444 | £48,000 |
| Apr 25 | £141,759 | £12,000 |
| May 25 | £146,745 | £48,000 |
| Jun 25 | £150,869 | £30,000 |
| Jul 25 | £163,283 | £6,000 |
| Aug 25 | £167,339 | £66,000 |
| Sep 25 | £174,376 | £6,000 |
| Oct 25 | £183,803 | £24,000 |
| Nov 25 | £182,203 | £30,000 |
| Dec 25 | £191,209 | £72,000 |
| Jan 26 | £217,670 | £78,000 |
| Feb 26 | £222,916 | £60,000 |
| Mar 26 | £269,086 | £126,000 |
| Apr 26 | £299,691 | £72,000 |
| May 26 | £341,373 | £60,000 |
| Jun 26 | £349,789 | £18,000 |
| Jul 26 | £371,508 | £12,000 |
| Aug 26 | £372,598 | £0 |
| Sep 26 | £347,669 | £36,000 |