REG - Ingenta PLC - Final Results
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RNS Number : 9178B Ingenta PLC 27 April 2026
Ingenta plc
(the 'Group' or the 'Company')
Final Audited Results
Ingenta plc (AIM: ING) a leading software and services provider to the
publishing and media industries, announces its final audited results for the
year ended 31 December 2025.
Financial Highlights
· Revenue increased to £10.3m (2024: £10.2m).
· Annual Recurring Revenue (ARR)* of £9.1m, representing 89% of
total revenue (2024: £8.9m, 87%) reflecting reduced reliance on non-recurring
consultancy revenues.
· Adjusted EBITDA** £1.6m (2024: £1.8m) reflecting anticipated
additional expenditure in sales and marketing.
· Operating cash inflows of £1.7m (2024: £1.7m).
· Net profit of £1.7m (2024: £1.3m).
· Adjusted earnings per share of 10.2 pence*** (2024: 11.7 pence).
· Reported earnings per share of 12.0 pence (2024: 8.8 pence).
· Full year dividend increased by 10% to 4.5 pence (2024: 4.1
pence), with proposed final dividend of 2.75 pence per share (2024: 2.6
pence), reflecting both the strength of cash flow and the Board's confidence
in the Group's prospects.
· Strong, debt free balance sheet with cash balances at year end of
£4.7m (2024: £3.6m).
Operational Highlights
· Significant investment in sales and marketing activities to build
a larger and longer-term pipeline of higher quality new business.
· Substantially increased the quality and effectiveness of our
outreach campaigns.
· Two customer go lives adding to the Content recurring revenues.
Current Trading and Outlook
· New sales and expansions of existing customer relationships in
both Content and Commercial divisions expected to deliver significant
additional revenue opportunities over the next 3 years.
· Growing sales pipeline for all Ingenta products with deals
expected to be awarded in early 2026.
· Sales recruitment ongoing to further support revenue growth
targets.
· FY26 revenue expected to be at least broadly in line with FY25,
as revenue from new customer wins offsets anticipated attrition in legacy
platform revenues with further guidance expected after the AGM.
Dividend Timetable
Subject to approval at the forthcoming Annual General Meeting (AGM), the
Company is pleased to announce a final dividend of 2.75 pence per share which
will be paid on 30 June 2026. The ex-dividend date is 28 May 2026 and the
associated record date for the final dividend is 29 May 2026. Details of the
AGM will be set out in the notice of AGM to be posted to shareholders and
announced in due course.
* ARR - revenue generated and recognised in the year from annually recurring
software support contracts, hosting services and managed services.
**Adjusted EBITDA - EBITDA before foreign exchange gain / loss and joint
venture write off. See note 3 for details.
***Adjusted earnings per share - earnings before tax, foreign exchange gain /
loss and joint venture write off. See note 5 for details.
Scott Winner, Chief Executive Officer, commented:
"The results posted here are an encouraging sign of the operational
efficiency of the business and why the investment in sales should help
accelerate growth and profitability in future years. Revenue growth in the
year has been achieved mainly from the existing customer base, in many cases
representing new contracts entered into with new divisions or geographical
units of large international publishers. I am pleased to report another Edify
customer has successfully gone live adding further depth to our recurring
revenue base as well as an important win with a major US educational
establishment which will add to revenues in the current year and beyond.
The above mix has resulted in the company producing a robust set of results
for the year, with new revenues offsetting the loss of legacy platform income
at a higher rate than expected, and costs still firmly under control.
Our teams continue to actively work on sales proposals several of which were
submitted in the first quarter of 2026 and we hope to report on these in due
course."
Certain of the information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the UK version of
the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended and supplemented from
time to time.
For further information please contact:
Ingenta plc
Scott Winner / Jon
Sheffield Tel: 01865
397 800
Cavendish Capital Markets Limited
Callum Davidson / Trisyia Jamaludin Tel: 020 7220 0500
Chairman's statement
Overview
The Group's results for the year reflect the strategic priorities previously
communicated by the Board. During the period, a Head of Marketing was
appointed and work commenced to refine the Group's market positioning and
messaging. This has supported an improved sales pipeline and increased
engagement with tender opportunities, a number of which remain subject to
final customer decisions.
Progress in recruiting permanent sales personnel was slower than anticipated
and the Group continued to rely on contract resources during the period.
Notwithstanding this, the Group delivered revenue growth, driven primarily by
its existing customer base and supplemented by a new customer win on the
Content platform.
The Board is encouraged that the Group's products continue to demonstrate
relevance across their respective markets and are being adopted more widely
within customer organisations. This has created opportunities for the
Commercial product set, including potential expansion with a significant
publisher within the Australian market. Activity during 2025 focused on
discovery and solution definition, with the conversion of these opportunities
into recurring revenues expected to be progressed during 2026.
As previously noted, some attrition within the legacy business is anticipated.
This continues to be mitigated through increased adoption of next‑generation
products and the extension of associated services across the portfolio.
Profitability remained resilient during the year despite the ongoing
investment in capability and resources. Recruitment activity is expected to
continue into 2026, with the aim of establishing dedicated sales teams
supported by a strengthened account management function.
Dividends
The Board remains committed to a progressive dividend policy and has
recommended a final dividend of 2.75 pence taking the total for the year to
4.5 pence per share (2024: 4.1 pence). This decision reflects the Board's
confidence in the Group's strategy and its ability to deliver sustainable
long‑term value for shareholders.
Outlook
The Board expects revenue in 2026 to be at least broadly in line with the
prior year as revenue from new customer wins offsets anticipated attrition in
legacy platform revenues, with new customer wins supported by continued
investment in sales and marketing. A number of sales proposals are in the
later stages of customer approval and, if concluded, are expected to
contribute to performance during the year although this will be offset to some
extent by the increased cost of sales and marketing noted above.
Overall, the Board looks forward to 2026 as a year of solid further progress,
with a year-on-year increase in next generation recurring revenues generating
positive cash flows and backed by substantial cash balances and no debt.
Martyn Rose
Chairman
Financial review
The Group operates as one reporting segment with two core revenue categories
of Ingenta Commercial and Ingenta Content.
Ingenta Commercial
Ingenta Commercial provides modular publishing management systems for print
and digital products, with particular expertise in intellectual property
management, including contracts, rights, and royalties. While the software has
an established publisher client base, its adaptable architecture also supports
deployment across adjacent media markets, including music, television, and
film.
Revenue increased to £7.5m (2024: £7.0m), reflecting continued success in
attracting new business within its legacy software services which has more
than offset customer losses. The Group maintained strong relationships with
its core customer base and progressed a number of project and service
expansion opportunities. During the year, the Group commenced consultancy
services for an Australian subsidiary of an existing customer, with recurring
revenues expected to be contracted from 2026. Additional hosting and support
revenues were secured from a French division of another major customer. While
some migration away from legacy systems is anticipated over time, management
continues to identify opportunities to extend the value of these platforms in
the near term.
Ingenta Content
The Ingenta Content platform enables publishers of varying scale and technical
capability to convert, manage, distribute, and monetise digital content
online.
Revenue declined to £2.8m (2024: £3.2m), reflecting a slowdown in new sales
conversions and the exit of two customers during the year. This was partially
mitigated by the successful onboarding of a new Belgian customer, representing
a total contract value of €450k over a five‑year term.
Financial Performance
Group revenue increased modestly to £10.3m (2024: £10.2m), primarily driven
by growth in Ingenta Commercial. Annual recurring revenue increased to £9.1m,
representing 89% of total revenue (2024: £8.9m and 87%), reflecting the
Group's focus on predictable, recurring income streams.
Sales and marketing expenditure increased to £1.2m (2024: £0.8m), in line
with the Group's previously announced strategic initiatives to strengthen the
sales pipeline and support a gradual rebalancing towards next‑generation
products. Administrative expenses remained stable at £2.4m (2024: £2.4m).
Operating profit was unchanged at £1.8m (2024: £1.8m). Adjusted EBITDA
declined to £1.6m (2024: £1.8m), reflecting the absence of £0.2m of
non‑recurring income recognised in the prior year.
The Group continues to hold significant tax losses, totalling £9.0m in the UK
and $5.7m in the US. Based on updated profit forecasts over a five‑year
outlook period, the deferred tax asset remained stable at £1.1m.
Financial Position
The Group remains in a strong financial position. Non‑current assets
remained stable at £3.8m (31 December 2024: £3.9m), including goodwill of
£2.7m, which was tested for impairment during the year with no impairment
identified. Property, plant and equipment remained limited at £0.1m,
reflecting disciplined capital expenditure and the continued adoption of
cloud‑based infrastructure. Tax loss utilisation and the implied deferred
tax asset was stable at £1.1m.
Current assets increased to £6.0m (2024: £5.7m), primarily due to higher
cash balances driven by strong year end cash collection. Total liabilities
decreased to £2.6m (2024: £3.1m), largely reflecting a reduction in deferred
revenue as the Group continues its transition from annual upfront billing to
SaaS‑based billing models which is also reflected in the lower trade
receivables balance at year end. The Group has no debt or lease liabilities.
Cashflow
Operating cash flow of £1.7m (2024: £1.7m) was sufficient to fund dividend
payments of £0.6m and capital expenditure during the year. Treasury
activities generated £0.1m of interest income. Cash balances at year end
increased to £4.7m (31 December 2024: £3.6m).
Earnings per share and dividends
The Group maintained its progressive dividend policy, with dividends of £0.6m
paid during the year. The Board proposes a full‑year dividend of 4.5 pence
per share for 2025 (2024: 4.1 pence), subject to shareholder approval of the
final dividend of 2.75 pence per share at the forthcoming AGM. Distributable
reserves in the parent company amounted to £12.9m at 31 December 2025.
Basic earnings per share were 12.0 pence (2024: 8.8 pence), reflecting
movements in deferred tax and unrealised foreign exchange on intercompany
balances. Adjusted earnings per share, excluding these non‑cash items and
the joint venture write‑off, were 10.2 pence (2024: 11.7 pence).
Going concern
The Group continues to demonstrate a resilient financial profile, supported by
profitable operations, strong cash balances, and an absence of external debt.
The Directors have prepared cash flow forecasts, including sensitivity
analysis, extending to June 2027. Based on these assessments, the Directors
consider it appropriate to adopt the going concern basis in preparing the
consolidated financial statements.
Jon Sheffield
Chief Financial Officer
Group Statement of Comprehensive Income
Year ended Year ended
31 Dec 25 31 Dec 24
note £'000 £'000
Group revenue 2 10,270 10,199
Cost of sales (4,932) (5,214)
Gross profit 5,338 4,985
Sales and marketing expenses (1,152) (750)
Administrative expenses (2,377) (2,408)
Profit from operations 3 1,809 1,827
Finance income 53 -
Finance costs (3) (2)
Profit before income tax 1,859 1,825
Income tax 5 (119) (546)
Profit for the year attributable to equity holders of the parent 1,740 1,279
Other comprehensive expenses which will be reclassified subsequently to profit
or loss:
Exchange differences on translation of foreign operations (351) 78
Total comprehensive profit for the year attributable to equity holders of the 1,389 1,357
parent
Basic profit per share (pence) 6 11.99 8.81
Dilutive profit per share (pence) 6 11.99 8.60
All activities are classified as continuing
Group Statement of Financial Position
Note 31 Dec 25 31 Dec 24
£'000 £'000
Non-current assets
Goodwill 2,661 2,661
Property, plant and equipment 84 121
Deferred tax asset 1,073 1,108
3,818 3,890
Current assets
Trade and other receivables 1,315 2,065
Cash and cash equivalents 4,694 3,619
6,009 5,684
Total assets 9,827 9,574
Equity
Share capital 7 1,510 1,510
Capital redemption reserve 182 182
Merger reserve 11,055 11,055
Reverse acquisition reserve (5,228) (5,228)
Share option reserve 182 172
Translation reserve (761) (410)
Retained earnings 253 (856)
Total equity 7,193 6,425
Non-current liabilities
Deferred tax liability 2 2
2 2
Current liabilities
Trade and other payables 1,229 1,159
Contract liabilities 1,403 1,988
2,632 3,147
Total liabilities 2,634 3,149
Total equity and liabilities 9,827 9,574
Group Statement of Changes in Equity
Share capital Capital redemption reserve Merger reserve Reverse acquisition reserve Translation reserve Retained earnings Share option reserve Total attributable to owners of parent
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 1,512 180 11,055 (5,228) (488) (1,510) 140 5,661
Dividends paid - - - - - (596) - (596)
Shares repurchased and cancelled (2) 2 - - - (29) - (29)
Share options granted in the year - - - - - - 32 32
Transactions with owners (2) 2 - - - (625) 32 (593)
Profit for the year - - - - - 1,279 - 1,279
Foreign exchange differences on translation - - - - 78 - - 78
Total comprehensive income for the year - - - - 78 1,279 - 1,357
Balance at 31 December 2024 1,510 182 11,055 (5,228) (410) (856) 172 6,425
Dividends paid - - - - - (631) - (631)
Share options granted in the year - - - - - - 10 10
Transactions with owners - - - - - (631) 10 (621)
Profit for the year - - - - - 1,740 - 1,740
Foreign exchange differences on translation - - - - (351) - - (351)
Total comprehensive income for the year - - - - (351) 1,740 - 1,389
Balance at 31 December 2025 1,510 182 11,055 (5,228) (761) 253 182 7,193
Group Statement of Cash Flows
Year ended Year ended
31 Dec 25 31 Dec 24
Note £'000 £'000
Profit before taxation 1,859 1,825
Adjustments for
Depreciation 68 56
Profit on disposal of fixed assets - (1)
Interest received (53) -
Interest expense 3 2
Share based payment charge 10 32
Increase in trade and other receivables 749 121
Decrease in trade and other payables and contract liabilities (970) (44)
(Decrease) / Increase in provisions - (307)
Cash inflow from operations 1,666 1,684
Tax paid (8) (30)
Net cash inflow from operating activities 1,658 1,654
Cash flows from investing activities
Purchase of property, plant and equipment (31) (84)
Interest received 53 -
Net cash inflow/(outflow) from investing activities 22 (84)
Cash flows from financing activities
Interest expense (3) (2)
Dividend paid (631) (596)
Costs of share repurchase - (29)
Net cash used in financing activities (634) (627)
Net increase / (decrease) in cash and cash equivalents 1,046 943
Cash and cash equivalents at the beginning of the year 3,619 2,676
Exchange differences on cash and cash equivalents 29 -
Cash and cash equivalents at the end of the year 4,694 3,619
1. Basis of preparation
The financial information of the Group set out above does not constitute
statutory accounts for the purposes of Section 434 of the Companies Act
2006. The financial information for the year ended 31 December 2025
including the comparatives for the year ended 31 December 2024 have been
extracted from the Group's audited financial statements which were approved
by the Board of directors on 24 April 2026.
The financial information for the year ended 31 December 2025 including the
comparatives for the year ended 31 December 2024 have been extracted from the
Group's financial statements for that period. The report of the auditor on
the 2025 financial statements was unqualified, did not include any
references to any matters to which the auditors drew attention by way of
emphasis without qualifying their report and did not contain a statement under
Section 498(2) or Section 498(3) of the Companies Act 2006.
This financial information has been prepared in accordance with the
accounting policies set out in the 2024 Report and Accounts and updated for
new standards adopted in the current year.
Items included in the financial information of each of the Group's entities
are measured using the currency of the primary economic environment in which
the entity operates (the functional currency). The consolidated financial
information is presented in UK sterling (£), which is the Group's
presentational currency.
The Annual Report & Accounts for the period ended 31 December 2025 will be
delivered to the registrar of companies and where requested, posted to
shareholders in due course. Further copies will be available from the
Company's Registered Office: Suite 2 Whichford House, Parkway Court, John
Smith Drice, Oxford, OX4 2JY.
The Company is a public limited company incorporated and domiciled in England
& Wales and whose shares are traded on AIM, a market operated by the
London Stock Exchange.
The principal activity of Ingenta plc and its subsidiaries is the sale of
software and ancillary services.
2. Revenue
An analysis of the Group's revenue is detailed below by activity across the
Group's operating units:
Year ended Year ended
31 Dec 25 31 Dec 24
£'000 £'000
Licences - -
Consulting Services 1,174 1,297
Non-recurring revenue 1,174 1,297
Hosted Services 3,579 3,644
Managed Services 2,978 2,742
Support and upgrade 2,211 2,163
PCG 328 353
Annual recurring revenue 9,096 8,902
10,270 10,199
An analysis of the Group's revenue by product type is detailed below:
Year ended Year ended
31 Dec 25 31 Dec 24
£'000 £'000
Commercial product division 7,475 6,990
Content product division 2,795 3,209
10,270 10,199
A geographical analysis of the Group's revenue is detailed below:
Year ended Year ended
31 Dec 25 31 Dec 24
£'000 £'000
UK 5,722 5,340
USA 3,676 3,929
Netherlands 294 301
France 11 227
Rest of the World 567 402
10,270 10,199
Two customers each contributed more than 10% of revenue (2024: two) and this
amounted to £3,505K (2024: £3,510K).
3. Profit from operations
Profit from operations has been arrived at after charging:
Year ended Year ended
31 Dec 25 31 Dec 24
£'000 £'000
Research and development costs 1,094 1,227
Net foreign exchange (gain) / loss (268) 52
Depreciation of property, plant and equipment
- owned assets 68 56
- assets under leases - -
Auditor's remuneration 151 140
An analysis reconciling the profit from operations to adjusted EBITDA is
provided below.
Year ended Year ended
31 Dec 25 31 Dec 24
£'000 £'000
Profit from operations 1,809 1,827
Add back:
Depreciation and amortisation 68 56
EBITDA 1,877 1,883
Adjusted for:
Joint venture payable write off - (149)
Foreign exchange loss / (gain) (268) 52
Adjusted EBITDA 1,609 1,786
4. Tax
Year ended Year ended
31 Dec 25 31 Dec 24
£'000 £'000
Analysis of (charge) / credit in the year
Current tax:
Current year State tax - US - (8)
Current year State tax - UK (105) -
Adjustment to prior year charge - UK (3) (3)
Adjustment to prior year charge - US (5) (19)
Deferred tax (charge) / credit (6) (516)
Taxation (119) (546)
The Group have accumulated tax losses at 31 December 2024 in the UK and the US
of £9.0m (2023: £12.0m) and $5.7m (2023: $5.7m) respectively. These losses
have been agreed with the tax authorities in the UK and US. The Board intends
to make use of all losses wherever possible.
Management have utilised £4.8m of Group losses to recognise a £1.1m (2024:
£1.1m) deferred tax asset at year end which is based on expected taxable
profits over the next five years. Management do not believe they have adequate
information to make an assessment of utilisation beyond five years.
At year end, allowing for deferred tax loss usage, there are unutilised tax
losses of £6.2m and $1.2m in the UK and US respectively. From 1 April 2023,
the corporation tax rate applicable to companies with taxable profits above
£250,000 is 25%. Companies with profits below £50,000 will, however,
continue to pay tax at the current rate of 19%. Those with taxable profits
between £50,000 and £250,000 will benefit from marginal relief, similar to
that which applied before the previous incarnation of the small companies'
rate of corporation tax was abolished with effect from 1 April 2015.
The differences are explained below:
Reconciliation of tax expense Year ended Year ended
31 Dec 25 31 Dec 24
£'000 £'000
Profit on ordinary activities before tax 1,859 1,825
Tax at the UK corporation tax rate of 25% (2024: 25%) 465 456
Income / expenses not allowable for tax purposes (54) 7
Unrelieved losses carried forward 37 39
Utilisation of losses (344) (476)
Difference in timing of allowances 4 (15)
Deferred tax movement 6 516
Adjustment to tax charge in respect of prior years 5 19
Total taxation 119 546
UK corporation tax is calculated at 25% (2024: 25%) of the estimated
assessable profit for the year. Taxation for other jurisdictions is calculated
at the rates prevailing in the respective jurisdictions.
5. Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive ordinary share
options. Management estimates that there are a no further ordinary shares
(2024: 345,451) in respect of share options.
Year ended Year ended
31 Dec 2025 31 Dec 2024
£'000 £'000
Attributable profit 1,740 1,279
Adjustments for:
Foreign exchange (268) 52
Write back of Joint venture creditor - (149)
Deferred tax movement 6 516
Adjusted attributable profit 1,478 1,698
Weighted average number of ordinary shares used in basic earnings per share 14,510 14,523
('000)
Shares deemed to be issued in respect of share-based payments - 347
Weighted average number of ordinary shares used in dilutive earnings per share 14,510 14,870
('000)
Basic profit per share arising from both total and continuing operations 11.99p 8.81p
Dilutive profit per share arising from both total and continuing operations 11.99p 8.60p
Adjusted basic profit per share from both total and continuing operations 10.19p 11.69p
Dividends
On 30 June 2025 the Company paid a final dividend of 2.60 pence per share for
the year ended 31 December 2024.
On 31 October 2025 an interim dividend of 1.75 pence per share was paid in
respect of the year ended 31 December 2025.
After the year end, the Directors declared their intention to pay a final
dividend of at 2.75 pence for the year ended 31 December 2025.
6. Share capital
Year ended Year ended
31 Dec 2025 31 Dec 2024
£'000 £'000
Issued and fully paid:
15,098,125 (2024: 15,098,125, 2023: 15,123,125) ordinary shares of 10p each 1,510 1,510
There is one class of ordinary shares and holders are entitled to receive
dividends as declared from time to time and are entitled to one vote per share
at shareholder meetings.
Share transactions
During the year, the Company purchased no ordinary shares (2024: 25,000 shares purchased at 114 pence and subsequently cancelled). There were no shares issued during the year (2024: nil).
7. Publication of non-statutory accounts
The financial information set out in this announcement does not constitute
statutory accounts as defined in the Companies Act 2006.
The Group Statement of Comprehensive Income, Group Statement of Financial
Position, Group Statement of Changes in Equity, Group Statement of Cash Flows
and associated notes have been extracted from the Group's 2025 statutory
financial statements upon which the auditor's opinion is unqualified and which
do not include any statement under section 498 of the Companies Act 2006.
Those financial statements will be delivered to the Registrar of Companies
following the release of this announcement.
This announcement and the annual report and accounts, including the Notice of
Annual General Meeting, are available on the Company's website
www.ingenta.com. A copy of the report and accounts will be sent to
shareholders who have elected to receive a printed copy with details of the
annual general meeting in due course.
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