Ingenta

ING · AIM · Technology · mcap £10m · 66.0p

Ingenta provides publishing and content software and services, mostly on recurring contracts, to publishers and other content owners. It operates a Content division and a Commercial division.

Promised more than once

Meet adjusted EBITDA expectations for 2026. 2× · · 1 missed · 1 open 2024 · 2026

Target	Promise	Said	Status
2024
31 Dec 2024	New customer implementations to yield about £0.5m of ARR in 2024.	28 May 2024	✗ Missed
	“New customer implementations in 2023 expected to yield approximately £0.5m of ARR in 2024” How it developed 28 May 2024 Said “New customer implementations in 2023 expected to yield approximately £0.5m of ARR in 2024” 28 Apr 2025 ✗ Missed “New customer implementations in 2024 expected to yield approximately £0.5m of ARR in 2025.” Result Interim results showed revenue down 11% on delayed project work; ARR at end-2025 was £8.9m against £8.7m in 2023, so the gain was far below £0.5m. “New customer implementations in 2024 expected to yield approximately £0.5m of ARR in 2025.”28 Apr 2025 · Final Results
31 Dec 2024	2024 results in line with expectations; EBITDA between £1.8m and £2.0m.	19 Jul 2024	✗ Missed · target changed
	“the Board expects to achieve EBITDA for the year ended 31 December 2024 between a range of £1.8m and £2.0m” Also stated 18 Sep 2024 How it developed 19 Jul 2024 Said “the Board with additional confidence that the Company's results for the current year will be in line with current expectations” 18 Sep 2024 ↻ Changed / dropped “year end EBITDA outcome now expected to be £1.8m-£2.0m.” 18 Sep 2024 Said “the Board expects to achieve EBITDA for the year ended 31 December 2024 between a range of £1.8m and £2.0m” 7 Feb 2025 ↻ Changed / dropped “the Group expects to report revenues for FY24 of £10.2m (2023: £10.8m) and EBITDA of £1.8m (2023: £2.2m).” Result September 2024 interim results came in below expectations and EBITDA guidance was reduced to £1.8-2.0m; FY24 EBITDA was £1.8m, in line with the new range. “year end EBITDA outcome now expected to be £1.8m-£2.0m.”18 Sep 2024 · Half-year Results “the Group expects to report revenues for FY24 of £10.2m (2023: £10.8m) and EBITDA of £1.8m (2023: £2.2m).”7 Feb 2025 · Trading Update
2025
31 Dec 2025	Resume top-line revenue growth in 2025.	7 Feb 2025	✓ Kept
	“The Group anticipates a return to revenue growth in 2025, driven by the investment in sales and marketing” Also stated 28 Apr 2025 How it developed 7 Feb 2025 Said “underpins management's confidence that the Group will resume growth in top line revenues in 2025” 28 Apr 2025 Said “The Group anticipates a return to revenue growth in 2025, driven by the investment in sales and marketing” 27 Apr 2026 ✓ Kept “Revenue increased to £10.3m (2024: £10.2m).” Result FY25 revenue was £10.3m against £10.2m in FY24. “Revenue increased to £10.3m (2024: £10.2m).”27 Apr 2026 · Final Results “Group revenue increased modestly to £10.3m (2024: £10.2m), primarily driven by growth in Ingenta Commercial.”27 Apr 2026 · Final Results
31 Dec 2025	Maintain 2025 total dividend at 4.1p per share.	7 Feb 2025	✗ Missed · target changed
	“Subject to trading remaining in line with expectations, the Board intends to maintain the level of total dividends in 2025 at the current level of 4.1p per share” Also stated 28 Apr 2025 How it developed 7 Feb 2025 Said “the Board intends to retain the level of dividends for 2025 at the current level of 4.1p per share for the year” 28 Apr 2025 Said “Subject to trading remaining in line with expectations, the Board intends to maintain the level of total dividends in 2025 at the current level of 4.1p per share” 27 Apr 2026 ↻ Changed / dropped “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)” Result Interim dividend was raised to 1.75p in September 2025 and the full-year 2025 dividend came in at 4.5p, above the 4.1p level. “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)”27 Apr 2026 · Final Results
31 Dec 2025	Invest £0.5m in sales and marketing during 2025.	7 Feb 2025	◐ Partly kept
	“the Board has sanctioned a £0.5m investment in the Group's sales and marketing activities during 2025” How it developed 7 Feb 2025 Said “the Board has sanctioned a £0.5m investment in the Group's sales and marketing activities during 2025” 15 Sep 2025 ◐ Partly “Sales and marketing spend was broadly stable in the first half of the year, however, the Group has been actively recruiting additional sales personnel to...” 22 Jan 2026 ◐ Partly “The Group's strategy in 2025 focused on investing in its sales and marketing activities to build a larger and longer-term pipeline of new business.” Result A new sales team was cited in September 2025 and EBITDA fell to £1.6m, but the spend is not confirmed in later cards. “Sales and marketing spend was broadly stable in the first half of the year, however, the Group has been actively recruiting additional sales personnel to fill strategic vacancies.”15 Sep 2025 · Half-year Results “The Group's strategy in 2025 focused on investing in its sales and marketing activities to build a larger and longer-term pipeline of new business.”22 Jan 2026 · Trading Update
31 Dec 2025	Complete all Group project work by end of 2025.	15 Sep 2025	⏱ Overdue – no update
	“All Group project work remains on track with completion scheduled for the end of 2025” Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
Today · 8 Nov 2026
2026
31 Dec 2026	Grow profitability from 2025 level in 2026.	22 Jan 2026	✗ Missed · target changed
	“the Company is expecting to deliver increased revenues in 2026 compared with 2025” Also stated 25 Jun 2026 How it developed 22 Jan 2026 Said “achieving growth in profitability from the 2025 level will to some extent be dependent on the speed with which new customers can be onboarded” 25 Jun 2026 Said “the Company is expecting to deliver increased revenues in 2026 compared with 2025” 23 Sep 2026 ↻ Changed / dropped “Adjusted EBITDA* £0.7m (H1 25: £0.9m)” Result June 2026 update expected lower EBITDA because of investment spending; H1 2026 EBITDA was £0.7m against £0.9m. “Adjusted EBITDA* £0.7m (H1 25: £0.9m)”23 Sep 2026 · Half-year Results
31 Dec 2026	FY26 revenue to be higher than FY25 (£10.3m).	27 Apr 2026	… In progress
	“the Company is expecting to deliver increased revenues in 2026 compared with 2025” Also stated 25 Jun 2026 How it developed 27 Apr 2026 Said “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” 25 Jun 2026 Said “the Company is expecting to deliver increased revenues in 2026 compared with 2025” 23 Sep 2026 ↻ Changed / dropped “Adjusted EBITDA* £0.7m (H1 25: £0.9m)” Status so far Not yet due.
31 Dec 2026	Meet adjusted EBITDA expectations for 2026.	23 Sep 2026	… In progress
	“On track to meet adjusted EBITDA expectations for the year” Status so far Not yet due.
2027
6 Nov 2027	Option window to acquire remaining 75.1% of FirstAida, 9 to 15 months after the deal.	6 Aug 2026	… In progress
	“The Company has the unilateral right to acquire the remaining 75.1% of the shares in FirstAida to take full ownership between 9 and 15 months from the date of the transaction” Status so far Not yet due.