Earnings release
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This announcement contains inside information for the purposes of Article 7 of EU Regulation 956/2014 as itforms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosedin accordance with the Company’s obligations under Article 17 of MAR. 12 October 2026 ActiveOps plc("ActiveOps", the "Company" or the "Group") H1 FY27 Trading Update and change to FY28 expectationsNotice of Results ActiveOps plc (AIM: AOM), a leading provider of Decision Intelligence software for service operations, todayprovides an update on trading for the six months ended 30 September 2026 ("H1 FY27"). Summary H1 FY27 trading in line with Board expectations. Revenue rose 21% to £25.3m (H1 FY26: £20.8m). This includes a one-off £1.5m termination receipt; without it, growth was 14%. Organic SaaS revenue grew 19%. FY27 expectations remain unchanged. While new customer wins and implementations have been lower than in the prior year, the Board continues to expect FY27 results to be in line with current market expectations1. Major customer unlikely to renew. The customer has shared its intent not to renew its contract when it ends in March 2027. This has no impact on FY27. The contract is worth £3.8m of annual recurring revenue (“ARR”). FY28 change to expectations. The Board expects FY28 revenue and adjusted EBITDA to be significantly below market expectations1 reflecting both the potential customer loss and lower new business activity in H1 FY27. Strong balance sheet. Cash at 30 September 2026 of £19.6m with no debt.Confident medium-term outlook. The Board remains confident in the Group’s strategy and ability todeliver sustained growth over the medium term, supported by the increasing relevance of its offering,expansion opportunities within its existing enterprise customers and increased sales and marketingcapabilities. H1 FY27 Trading Update Group revenue is expected to have increased 21% to £25.3m (H1 FY26: £20.8m), or 19% at constant currency(“CC”), reflecting expansion sales in the existing account portfolio and successful go lives with several newcustomers. The period has seen particularly strong growth in Canada, Africa and APAC following strong ARRperformance in these regions in the prior year. Within this, organic revenue is expected to have increased by 8%,or 5% at a constant currency basis. Group SaaS revenues increased by approximately 26% (24% CC) to £21.8m (H1 FY26: £17.3m), including thebenefits from three months of additional acquired SaaS revenue. On an organic basis, SaaS revenue increased by19% to £18.2m (H1 FY26: £15.3m). While total Training & Implementation (“T&I”) revenues remain in line with the prior year at £3.5m, this includesa £1.5m termination receipt relating to the previously announced loss of an Enlighten customer. The lowerunderlying T&I performance reflects a reduced level of customer implementations and new wins compared withthe prior year. With this solid revenue performance, the Group expects to deliver double digit adjusted EBITDA growth, animproved adjusted EBITDA margin, and an increase in profit before tax for H1 FY27. As at 30 September 2026, Group ARR grew 4% (2% CC) to £42.2m (H1 FY26: £40.6m) and Group Net RevenueRetention (“NRR”) was 101%. Excluding the impact of the Enlighten acquisition, ARR grew 14% (12% CC) to£37.2m and organic NRR was 110%, demonstrating the Group’s ability to expand its engagement with existingActiveOps customers. ActiveOps remains well capitalised, cash generative and debt free, with cash at the period end of £19.6m (H1FY26: £13.3m). Outlook The Company has been notified by a major customer that it does not intend to renew its contract withActiveOps when it falls due in March 2027. Whilst notification of this non-renewal has only just been receivedand details are yet to be formally agreed, the Board has adopted a prudent approach and removed theassociated revenue in full from its FY28 expectations. This reduces previously anticipated FY28 revenue byapproximately £3.8m. As a result, the Board expects FY28 revenue and adjusted EBITDA to be significantly below market expectations1 reflecting both the potential customer loss and lower new business activity in H1 FY27.
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While some cost action will be taken as a result of the contract non-renewal, the size of the opportunity ahead,the breadth of the extensive customer base and strength of the Group’s balance sheet mean the Board intendsto continue with its planned investments in growth initiatives, as it remains confident this will drive increasedshareholder value in the medium term. The business remains strongly cash generative and continues to benefit from an extensive and engaged globalcustomer base, for whom its software delivers measurable returns on investment. The Board remains confident in the Group’s strategy and ability to deliver sustained growth over the mediumterm, supported by the increasing relevance of its offering, expansion opportunities within its existing enterprisecustomers and increased sales and marketing capabilities. The Group continues to invest in its product offeringand go-to-market capability while maintaining a strong balance sheet. Notice of Results The Company intends to announce its results for the six months ended 30 September 2026 on 24 November2026. ActiveOps’ Executive Chair, Richard Jeffery, commented: “While the potential non-renewal by a major customeris a setback to our near term revenue growth, we remain strongly cash generative, with a robust balance sheetand a growing, global opportunity. The need for organisations to measure productivity gains from AI is acompelling driver for our software and one which we are uniquely able to meet, given our deeply embeddedposition within the heart of the operations of our customers. While cognisant of the disappointment that I andother shareholders feel at today’s news, the outlook for the business remains one of great opportunity, which wehave the financial firepower, offering and dedication to exploit.” Footnote 1In so far as the Board is aware, as at 9 October 2026, market expectation ranges for the full year to 31 March 2027 were:revenue £47.4m to £49.7m, adjusted EBITDA £5.0m to £6.4m and cash £25.2m to £31.6m; and for the full year to 31 March2028 were: revenue £50.0m to £56.4m, adjusted EBITDA £6.7m to £9.0m and cash £26.0m to £41.4m. The person responsible for arranging release of this announcement on behalf of ActiveOps plc is EmmaSalthouse, Chief Financial Officer & Deputy CEO. For more information, please contact: ActiveOps Via Alma Richard Jeffery, Executive Chair www.activeops.com Emma Salthouse, Chief Financial Officer & Deputy CEO Investec Bank plc +44 (0)20 7597 5970 Nominated Adviser and Joint Broker Patrick Robb / Nick Prowting / James Smith Canaccord Genuity Limited +44 (0)20 7523 8000 Joint Broker Simon Bridges / Harry Gooden / Harry Rees Alma Strategic Communications + 44(0) 203 405 0205 Caroline Forde / Louisa El-Ahwal About ActiveOps ActiveOps is a Software as a Service business, dedicated to helping organisations create more value from their service operations. ActiveOps' Decision Intelligence software solutions are specifically designed to support leaders with the vast number of decisions they make daily in running their operations. Our customers make better decisions and consume less time and effort making them. The outcomes are significantly improved turnaround times and double-digit improvements in productivity with backlogs of work materially reduced. Customers also leverage the capacity created to invest in transformation and development, and more efficiently utilise resources. The Company's AI-powered SaaS solutions are underpinned by over 20 years of operational data and its AOM methodology which is proven to enhance cross departmental decision-making. The Company has approximately 290 employees, serving a global base of enterprise customers from offices inthe UK, Ireland, USA, Canada, Australia, India, and South Africa. The Group's customers are predominantly in thebanking, insurance, healthcare administration and business process outsourcing (BPO) sectors.
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