Netcall plc (LON:NET), an enterprise software company that unites automation and customer engagement in one AI-powered platform, has announced its unaudited results for the six-month period ended 31 December 2025.
Financial highlights
| H1 FY26 | H1 FY25 | |||
| Revenue | £26.5m | £23.0m | +15% | |
| Cloud services revenue | £17.9m | £13.4m | +34% | |
| Total annual contract value(1) (ACV) | £50.5m | £39.4m | +28% | |
| Cloud services ACV | £42.6m | £29.9m | +42% | |
| Adjusted EBITDA(2) | £6.45m | £5.70m | +13% | |
| Adjusted profit before tax | £5.43m | £4.91m | +11% | |
| Profit before tax | £2.54m | £3.69m | -31% | |
| Adjusted diluted earnings per share | 2.41p | 2.19p | +10% | |
| Group cash at period end | £14.8m | £22.0m | ||
| Net funds at period end | £13.8m | £20.9m |
Operational highlights
| · | Revenue grew 15% year-on-year to £26.5m, driven by 11% organic growth plus an initial contribution from Jadu (acquired in December 2025). |
| · | Cloud ACV increased 42% year-on-year to £42.6m, with underlying organic growth of 25% (H1 FY25: 20%). |
| · | Total ACV reached a new milestone of £50.5m; Cloud ACV now represents 84% of total ACV (H1 FY25: 76%), strengthening forward revenue visibility. |
| · | Recurring revenue increased to 83% of total revenue (H1 FY25: 79%), improving revenue quality. |
| · | Expansion within the customer base drove growth, with Cloud net retention of 115% (H1 FY25: 115%), supported by adoption of additional modules and AI, and by cloud migration. |
| · | AI adoption accelerated, with AI-related bookings more than tripling year-on-year and contributing a significantly higher share of new ACV. |
| · | New customer momentum continued, with increased logo additions and higher value per new account. |
| · | Acquisition of Jadu expands Liberty’s addressable market and digital experience capability, increasing coverage to more than half of UK councils and adding access to a US partner network. |
| · | Net cash was £14.8m and the Group remained debt-free, after £12.7m of acquisition-related payments, providing flexibility for continuing organic investment and selective M&A. |
| · | Momentum has continued into H2, with a strong pipeline and a record contracted order book of £92.4m. |
James Ormondroyd, Chief Executive, said:
“We delivered a strong first half, with double‑digit revenue growth, improved profitability and clear progress across our key metrics. Cloud momentum remained a key driver, lifting Cloud ACV by 42% year‑on‑year and increasing recurring revenue to 83% of the total, enhancing revenue quality and visibility.
“Customer adoption of the Liberty platform continued to deepen, reflected in consistently strong Cloud net retention. Adoption of AI capabilities accelerated across agent‑assist, voice automation and self‑service, contributing to higher customer value as organisations expand their use of Liberty. Alongside continued new-logo momentum, this demonstrates the impact of our strategy of investing in the platform and extending capability through complementary acquisitions.
“We enter the second half with positive momentum, a strong pipeline and a record contracted order book, and the Board remains confident in delivering ongoing progress in FY26.”
(1) ACV, as at a given date, is the total of the value of each cloud and support contract divided by the total number of years of the contract (save that the contract renewal announced on 20 July 2023 was included in FY23 ACV at the annual amount of $4m), plus the annualised value of recurring IDP revenue.
(2) Profit before interest, tax, depreciation and amortisation adjusted to exclude the effects of share-based payments, impairment, profit or loss on disposals, and acquisition, contingent consideration and non-recurring transaction costs.
(3) Cloud net retention rate is calculated by starting with the Cloud ACV from all customers twelve months prior to the period end and comparing it to the Cloud ACV from the same customers at the current period end. The current period ACV includes any cross- or upsells and is net of contraction or churn over the trailing twelve months but excludes ACV from new customers and acquisitions in the current period. The Cloud net retention rate is the total current period ACV divided by the total prior period ACV.
(4) being the total Group Remaining Performance Obligations that represent future contracted revenue not yet recognised, including deferred income.
Management will be hosting a presentation for analysts at 9am today. Analysts wishing to attend should email [email protected] for joining information. A recording of the presentation will be made available on the Company’s website shortly after the meeting.
