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Software Circle (SFT) investor relations material

Software Circle H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary25 Nov, 2025

Executive summary

  • Achieved 15% year-over-year revenue growth to £10.2m for the six months ended 30 September 2025, with strong organic and acquisition-driven performance.

  • OEBITDA rose 33% to £3.1m and aEBITDA increased 44% to £2.3m, reflecting improved operational efficiency and margin expansion.

  • Group now comprises eleven VMS businesses, with annualised run-rate revenues of £24m and aEBITDA margin of 25%.

  • Two acquisitions completed: Artificial Intelligence Finance Limited (AIF) in August and Broker Information Services Limited (BIS) in October, forming the first platform in the Professional and Financial Services segment.

Financial highlights

  • Gross profit increased 24% to £7.8m, with gross margin improving to 76% from 70% year-over-year.

  • Operating loss of £0.8m versus a profit of £1.4m last year, mainly due to higher non-cash amortisation and absence of prior year’s exceptional credit.

  • Operating cash flow per share rose 150% to 0.5p.

  • Cash and cash equivalents at period end were £4.8m, down from £12.7m last year, reflecting acquisition payments and debt servicing.

  • Net debt position of £7.1m compared to net cash of £2.4m last year.

  • Earnings per share (EPS) was (0.3)p, down from 0.3p year-over-year.

Outlook and guidance

  • Targeting £15m annualised aEBITDA (Gate 5) as the next milestone, with a focus on compounding OCFPS and maintaining disciplined capital allocation.

  • Expecting annualised revenue of £24m and aEBITDA margin of 25% post recent acquisitions.

  • Pipeline for further acquisitions remains healthy, with continued focus on recurring revenue and operational fit.

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