REG - Rosslyn Data Tech. - Interim Results
28/01/2026 07:00
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RNS Number : 6264Q Rosslyn Data Technologies PLC 28 January 2026
28 January 2026
Rosslyn Data Technologies plc
("Rosslyn", the "Group" or the "Company")
Interim Results
Rosslyn (AIM: RDT), the provider of a leading cloud-based enterprise spend
intelligence platform, announces its interim results for the six months ended
31 October 2025.
Financial summary*
· Revenue was £1.5m (H1 2025: £1.4m)
· Gross margin improved to 46.3% (H1 2025: 35.7%)
· Adj. EBITDA** loss was £1.0m (H1 2025: £1.1m
loss)
· Cash burn rate was £175k per month (H1 2025: £125k per month);
cost-cutting measures implemented post-period end reduced the monthly cash
burn rate to £110k
· Cash and cash equivalents of £0.7m as at 31 October 2025 (30
April 2025: £1.7m)
* H1 2025 (unaudited) figures have been restated due to the re-review of
revenue recognition as part of the FY 2025 audit process
**A reconciliation of adjusted EBITDA can be found in the Financial Review
Operational summary
· Performance against operational key performance indicators
("KPIs"):
o Annual recurring revenue ("ARR") of £2.3m (H1 2025: £2.4m), representing
ARR reduction of -6% (H1 2025: -4%)
o Total pipeline as at 31 October 2025 was £3.5m (30 April 2025: £4.1m)
and weighted pipeline was £0.9m (30 April 2025: £1.3m)
· Sustained progress with implementation with major client (the
"Major Client") that is a leading global technology company and household name
· Three-year contract secured with a global media and technology
company that is a spin-off of an existing long-standing customer
· Secured a one-year contract with a British train operating
company
· Increasing momentum with rollout of AI-powered classification
solution, AICE - now been adopted by three customers and is being trialled by
a further six customers
· Launched new AI-powered initiative tracking tool and progressed
development of benchmarking tool
Paul Watts, CEO of Rosslyn, said: "During the first half of the year, we have
continued to deliver on, and have validated, our strategy to unlock the value
of procurement data through providing AI-led actionable insight. We are
experiencing excellent momentum with AICE, which has been commercially adopted
by several customers and is now being trialled by one of the largest companies
in the world, and we have already developed two new AI-based tools. This
progress has greatly supported the strengthening of our relationship with our
Major Client and our introduction to a further department of that customer,
which is a key element of our near-term strategy. While some of the pipeline
that we had expected to convert, and commence generating revenue, in H2 2026
is now anticipated for the first half of the next financial year, we continue
to expect to deliver an increase in revenue for FY 2026 and, thanks to our
achievements in the year to date, we expect to become cash generative in FY
2027."
This announcement contains inside information as stipulated under the Market
Abuse Regulations (UK MAR).
Enquiries
Rosslyn
Paul Watts, Chief Executive Officer +44 (0)20 3285 8008
James Appleby, Chairman
Cavendish Capital Markets Limited (Nominated adviser and Broker)
Stephen Keys/George Lawson +44 (0)20 7220 0500
Gracechurch Group (Financial PR)
Claire Norbury/Anysia Virdi +44 (0)20 4582 3500
About Rosslyn
Rosslyn (AIM: RDT) provides an award-winning spend intelligence platform. The
Rosslyn Platform helps organizations with diverse supply chains mitigate risk
and make informed strategic decisions. It leverages automated workflows,
artificial intelligence and machine learning to extract and consolidate
procurement data providing visibility of complex supplier data, enabling
supplier spend savings and delivering rapid ROI. For more information
visit www.rosslyn.ai (http://www.rosslyn.ai/) . Investors wishing to contact
the Company should email investors@rosslyn.ai (mailto:investors@rosslyn.ai) .
Operational Review
During the six months ended 31 October 2025, Rosslyn made excellent progress
in the deployment of its solution for its Major Client and further solidified
its relationship with this strategically and commercially valuable customer.
The Group achieved a number of milestones in its AI strategy, securing
multiple new customers for its AI classification solution, AICE, alongside
developing two new AI-powered tools for initiative tracking and benchmarking.
In addition, Rosslyn continued to convert its pipeline with two new customer
wins, as outlined below.
Progress with customers
Continued progress has been made with the Major Client that Rosslyn secured in
FY 2025, for which the Group is contracted with the central procurement
department. This month the Major Client commenced trialling Rosslyn's AICE
product in their live environment, which represents an expansion of the
Group's service provision. Furthermore, the Group is now also in discussions
with a further department within the Major Client, with the rollout of
Rosslyn's services to other departments of this customer being a key element
of the Group's near-term strategy.
Additionally, and as previously announced, the Group secured contracts with
two new customers during the period, comprising:
· A three-year contract with a global media and technology company
signed in July 2025 that will generate $160k of ARR as well as $60k in
professional services fees in the first year. The customer, which is a
spin-off of an existing long-standing customer of the Group and which awarded
the contract following a competitive tender, will be using Rosslyn's full
suite of products, including being the first customer to purchase the new
initiative tracking and benchmarking solutions.
· A one-year contract with a British train operating company signed in
May 2025, which is worth £85k of revenue over the term of the contract.
Platform and product
Rosslyn has continued to progress the adoption of AICE with its customers,
with three customers now using the AI classification tool, and a further
seven, including the Major Client, undergoing a trial period. The Group hopes
this will result in the customers adopting and commercialising the module in
the short term.
Following AICE becoming fully operational, the Group's focus has been on
developing tools that leverage AI to utilise this trustworthy data to provide
the procurement function with automated, actionable insights. The first two
products to be developed from this process, which will both be sold as add-on
modules to Rosslyn's core platform, are IniTrack and Rosslyn's Benchmarking
tool, with more tools expected to be developed in due course.
IniTrack is a tool that enables customers to plan, track and report on the
progress of their procurement initiatives in real time. By using generative
AI, it can provide predictive intelligence to alert a spend manager to a
potential outcome. While primarily focused on spend, it also has the
capability to track other initiatives, such as seeking to reduce risk within
the supply chain or increase sustainability.
Rosslyn's Benchmarking tool is designed to provide a comprehensive price
comparison across a number of use cases. By opting into Benchmarking,
customers gain insight into how their spending compares between divisions,
against industry peers and public price books. These comparisons can be seen
instantly, providing customers with real-time market insights.
IniTrack was launched during the period and the Group has progressed the
development of the Benchmarking tool, with an initial version to be rolled out
in the near-term. As noted above, the Group's new global media technology
company customer is the first to purchase the two tools with the Group
expecting these to go live with this customer in the coming weeks.
Alongside its own innovation, Rosslyn is working with customers to support
them in becoming AI-led in their own solution architecture to enable them to
truly utilise and benefit from the Group's offering. Rosslyn has been working
with them on migration strategies and most of its customers are committed to
implementing a shift to an AI-led environment over the coming year.
Financial Review
Revenue
Revenue for the first half of 2026 was £1.5m (H1 2025: £1.4m). The Group's
revenue primarily comprises the annual licence fees that customers are charged
for having access to the Rosslyn platform and professional services fees for
work undertaken to tailor the Group's solution to align with customers'
infrastructure or meet specific additional solution requirements. Annual
licence fees continued to be the main contributor to revenue, generating
£1.1m (H1 2025: £1.0m) and accounting for 76% of total revenue (H1 2025:
73%). Professional services revenue was £0.3m (H1 2025: £0.4m), and
accounted for 18% of total revenue (H1 2025: 27%). Other revenue, which
relates to platform hosting for the Major Client, was £0.1m (H1 2025: £nil).
ARR for the period was £2.3m (H1 2025: £2.4m). The slight reduction
primarily reflects the churn of a particular customer.
Gross profit
Gross margin improved significantly to 46.3% (H1 2025: 35.7%), which reflects
a reduction in hosting costs and the Group's strategic decision last year to
prioritise quality of revenue. Cost of sales includes hosting costs,
third-party platform costs, Customer Success and support, and professional
services costs. As a result of the improvement in gross margin, gross profit
increased to £0.7m compared with £0.5m for H1 2025.
Operating expenses
Operating costs were £2.1m for the period (H1 2025: £1.9m). This reflects
slight increases across administrative expenses, depreciation and amortisation
and share-based payments. The increase in administrative expenses is primarily
due to exceptional charges of £80k (H1 2025: £2k) relating to redundancy
payments.
Profitability measures
Adjusted EBITDA loss was slightly reduced to £1.0m (H1 2025: £1.1m loss) as
set out in the table below:
H1 2026 H1 2025
£'000 £'000
Revenue 1,512 1,391
Gross profit 700 497
Operating loss (1,393) (1,425)
EBITDA Adjustments:
Depreciation and amortisation 302 261
Share-based payments 55 20
Exceptional items 80 2
Adjusted EBITDA* (956) (1,142)
*Adjusted EBITDA is defined as earnings before interest, taxation,
depreciation, amortisation, exceptional items and share-based payments. The
change in the value of share-based payments is adjusted when calculating the
Group's adjusted EBITDA as it has no direct cash impact on financial
performance. Adjusted EBITDA is considered a key metric to the users of the
financial statements as it represents a useful milestone that is reflective of
the performance of the business resulting from movements in revenue, gross
margin and the costs of the business removing exceptional items, which are
believed to be not representative of the ongoing business.
Operating loss was £1.4m (H1 2025: £1.4m loss) as the increased expenses
offset the higher gross profit. The loss before tax for the period was £1.5m
(H1 2025: £1.5m loss). The Group accrued £100k (H1 2025: £120k) in tax
credits for the period. As a result, net loss for H1 2026 was £1.4m (H1
2025: £1.3m loss).
Cash flow and liquidity
Net cash used in operating activities was £0.8m (H1 2025: £0.4m), which
primarily reflects movement in payables and receivables and the receipt of
£1k of corporation tax in H1 2026 compared with the £235k in the first half
of the prior year. Net cash used in investing activities was £0.2m (H1 2025:
£0.3m), which consists primarily of software acquisition. The Group did not
undertake any financing activities during the period whereas in the first half
of the prior the Group generated £3.0m from financing activities, which
primarily reflects the net proceeds from the issue of new ordinary shares
(£2.2m) and convertible loan notes (£1.2m).
Monthly cash burn for the period was £175k (H1 2025: £125k). The increase
compared with the previous period, and with the FY 2025 position of £160k, is
due to increased investment in Sales & Marketing activities in Q1 2026
with a view to converting opportunities in the Group's pipeline. Post-period
end, the Group implemented a number of cost-cutting measures, including staff
redundancies, which reduced the cash burn rate to £110k for the month of
December 2025. The Board is confident that this will be further reduced within
the current financial year as the Group converts its pipeline.
As a result of the above, for the first six months of 2026 there was a net
decrease in cash and cash equivalents of £1.0m, with the Group having cash
and cash equivalents of £0.7m as at 31 October 2025 (30 April 2025: £1.7m).
Balance sheet
As at 31 October 2025, the Group had net liabilities of £0.2m compared with
net assets of £1.1m at 30 April 2025. The main movements in the balance sheet
during the period were the decrease in cash and cash equivalents, as described
above, and current trade and other payables increasing to £2.6m (30 April
2025: £2.3m).
Outlook
While the Board is pleased with the Group's progress with the rollout with its
Major Client, in securing new contracts and in the adoption of AICE and its
new AI tools, some of the pipeline that it had expected to convert in H2 2026
is now anticipated to be in the first half of the next financial year. Despite
this, the Group continues to expect to report growth for the full year ending
30 April 2026, with a slight increase in year-on-year revenue and an increase
in ARR of over 15%. With the improvement in gross margin, along with the
cost-cutting measures implemented in H2 2026, the Group expects to deliver a
year-on-year reduction in adj. EBITDA loss for FY 2026 of c.25%.
The achievements during the year to date mean that the Group remains on track
to become cash flow generative in FY 2027. In order to continue to meet this
target and to ensure that the Group has sufficient working capital at all
times, the Board continues to monitor the Group's cost base closely and assess
the Group's various funding options on an ongoing basis.
Consolidated statement of comprehensive income
For the six months ended 31 October 2025
Notes Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited* Audited
£'000 £'000 £'000
Revenue 3 1,512 1,391 3,005
Cost of sales (812) (894) (1,782)
Gross profit 700 497 1,223
Administrative expenses (1,736) (1,641) (3,295)
Depreciation and amortisation (302) (261) (553)
Share-based payment (55) (20) (93)
Operating loss (1,393) (1,425) (2,718)
Finance income - - -
Finance costs (82) (40) (227)
Fair value gain on embedded derivative 330
Loss before income tax (1,475) (1,465) (2,615)
Income tax credit 100 120 90
Loss for the period (1,375) (1,345) (2,525)
Other comprehensive income/(loss) - translation differences 3 (2) 30
Total comprehensive loss (1,372) (1,347) (2,495)
Loss per share
Basic and diluted loss per share: ordinary shareholders (pence) 4 (2.9) (8.7) (5.50)
* H1 2025 (unaudited) figures have been restated due to the re-review of
revenue recognition as part of the FY 2025 audit process
Consolidated balance sheet
As at 31 October 2025
Notes 31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited* Audited
£'000 £'000 £'000
ASSETS
Non-current assets
Intangible assets 1,581 1,667 1,658
Property, plant and equipment 5 17 9
Right-of-use assets - - -
1,586 1,684 1,667
Current assets
Trade and other receivables 814 1,125 822
Corporation tax receivable 264 359 165
Cash and cash equivalents 684 2,955 1,680
1,762 4,439 2,667
Total assets 3,348 6,123 4,334
LIABILITIES
Current liabilities
Trade and other payables (2,581) (2,864) (2,331)
Financial liabilities - borrowings - - -
(2,581) (2,864) (2,331)
Non-current liabilities
Trade and other payables - - -
Financial liabilities - 5 (414) (784) (414)
derivative
Convertible 5 (559) (383) (478)
loan
(973) (1,167) (892)
Total liabilities (3,554) (4,031) (3,223)
Net (liabilities)/assets (206) 2,092 1,111
Equity
Called up share capital 4,471 6,314 4,471
Share premium 21,125 19,277 21,125
Shares to issue - 264 -
Share-based payment reserve 182 54 127
Accumulated loss (31,059) (28,857) (29,684)
Translation reserve (58) (93) (61)
Merger reserve 5,133 5,133 5,133
Total equity (206) 2,092 1,111
* H1 2025 (unaudited) figures have been restated due to the re-review of
revenue recognition as part of the FY 2025 audit process
Consolidated cash flow statement
For the six months ended 31 October 2025
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited* Audited
£'000 £'000 £'000
Cash flows used in operating activities
Loss before income tax (1,475) (1,465) (2,615)
Adjustments for:
- depreciation, amortisation 302 261 553
- share-based payments 55 20 93
- Fair value movement on derivatives - - (330)
- Finance costs 82 40 227
Net cash flows used in operating activities (1,036) (1,144) (2,072)
(Increase)/decrease in receivables 8 (269) 32
Increase in payables 331 861 288
Cash used in operations (697) (552) (1,752)
Finance income - - -
Finance costs (82) (40) (20)
Corporation tax received 1 235 400
Net cash used in operating activities (778) (357) (1,372)
Cash flows used in investing activities
Purchase of property, plant and equipment 3 - (7)
Acquisition of software (224) (296) (563)
Net cash used in investing activities (221) (296) (570)
Cash flows from/(used in) financing activities
Proceeds from share capital issued (net) - 2,150 2,150
Costs of share issue - (353) (259)
Convertible loan issue costs - (33) (145)
New loans in period - 1,200 1,200
Net cash generated from financing activities - 2,964 2,946
Net (decrease)/increase in cash and cash equivalents (999) 2,311 1,004
Cash and cash equivalents at beginning of period 1,680 646 646
Foreign exchange gains/(loss) 3 (2) 30
Cash and cash equivalents at end of period 684 2,955 1,680
* H1 2025 (unaudited) figures have been restated due to the re-review of
revenue recognition as part of the FY 2025 audit process
Notes to the unaudited interim statements
For the six months ended 31 October 2025
1. Basis of preparation
This interim report has been prepared in accordance with the accounting
policies disclosed in the full statutory accounts for the year ended 30 April
2025.
These policies are in accordance with UK-adopted international accounting
standards that are expected to be applicable for the year ending 30 April
2026.
The Group has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing the interim consolidated financial information.
The financial information in this statement relating to the six months ended
31 October 2025 and the six months ended 31 October 2024 has not been audited.
The financial information for the year ended 30 April 2025 does not constitute
the full statutory accounts for that period. The annual report and financial
statements for the year ended 30 April 2025 has been filed with the Registrar
of Companies.
The Independent Auditor's Report on the annual report and financial statements
for the year ended 30 April 2025 was unqualified and did not contain a
statement under Section 498(2) or 498(3) of the Companies Act 2006. The audit
report drew attention by way of emphasis to a material uncertainty relating to
going concern and the recoverability of intangible assets and parent company
inter-company receivables.
The interim report for the period ended 31 October 2025 was approved by the
Board of Directors on 27 January 2026.
2. Segmental reporting
Management has determined the operating segments based on the operating
reports reviewed by the Executive Director that are used to assess both
performance and strategic decisions. Management has identified that the
Executive Director is the Chief Operating Decision-Maker in accordance with
the requirements of IFRS 8 Operating segments.
The determination is that the Group operates as a single segment, as no
internal reporting is produced either by geography or division. The Group does
view performance on the basis of the type of revenue, and the end destination
of the client as shown below.
Analysis of Revenue by Product Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited* Audited
£'000 £'000 £'000
Annual licence fees 1,142 1,020 2,201
Professional services 270 371 775
Other 99 - 29
Total revenue 1,512 1,391 3,005
Analysis of Revenue by Country Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited* Audited
£'000 £'000 £'000
United Kingdom 424 426 983
Europe 413 480 854
North America 675 485 1,168
Total revenue 1,512 1,391 3,005
Analysis of Future Obligations Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Performance obligations to be satisfied in the next year 2,047 2,452 2,123
Performance obligations to be satisfied after 31 October 2026 1,080 2,191 1,416
Total future performance obligations 3,127 4,643 3,539
Analysis of Largest Customer Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Annual licence fees 157 150 214
Professional services - 49 162
Other 99 - -
Total revenue of largest customer 256 199 376
* H1 2025 (unaudited) figures have been restated due to the re-review of
revenue recognition as part of the FY 2025 audit process
3. Operating EBITDA
Operating EBITDA is calculated from operating loss as shown below.
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited* Audited
£'000 £'000 £'000
Operating loss (1,393) (1,425) (2,718)
Depreciation and amortisation 302 261 553
Share-based payments 55 20 93
Exceptional costs 80 2 59
Operating EBITDA (956) (1,142) (2,013)
* H1 2025 (unaudited) figures have been restated due to the re-review of
revenue recognition as part of the FY 2025 audit process
4. Earnings per share
Basic earnings per share is calculated by dividing the net loss for the period
attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period. Diluted earnings per share is
calculated by dividing net loss for the period attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding
during the period plus the weighted average number of ordinary shares that
would be issued on the conversion into ordinary shares of all potentially
dilutive instruments. In the periods ended 31 October 2025, 31 October 2024
and 30 April 2025 there were share options in issue which could potentially
have a dilutive impact, but as the Group was lossmaking, they were
anti-dilutive for each period and therefore the weighted average number of
ordinary shares for the purpose of the basic and dilutive loss per share were
the same.
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited* Audited
Loss for the period attributable to the owners of the parent (£1,375,000) (£1,347,000) (£2,525,000)
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited Audited
Weighted average number of ordinary shares 45,939,110 15,568,802 45,939,110
Pence Pence Pence
Basic and diluted loss per share: ordinary shareholders (2.9) (8.7) (5.5)
* H1 2025 (unaudited) figures have been restated due to the re-review of
revenue recognition as part of the FY 2025 audit process
5. Borrowings
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Convertible loan 478 383 478
Derivative 414 784 414
Reconciliation of financing liabilities
Convertible Loan (derivative) £'000
Convertible Loan (host) £'000 Total financing liabilities
£'000
At 1 May 2025 414 478 892
Interest - 81 72
At 31 October 2025 414 559 998
6. Dividends
No interim dividend (H1 2025: nil) will be paid to shareholders.
7. Principal risks and uncertainties
The principal risks and uncertainties for this six-month period remain broadly
consistent with those set out in the Strategic Report section of the financial
statements of the Group for the year ended 30 April 2025.
8. Interim report
Copies of the interim report are available to the public on the Group's
website at https://www.rosslyn.ai/ (https://www.rosslyn.ai/) , and from the
registered offices of Rosslyn Data Technologies plc at C/O Ampa Holdings LLP,
Level 19, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG
or by email to investors@rosslyn.ai (mailto:investors@rosslyndatatech.com) .
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