Software Circle

SFT · AIM · Technology · mcap £70m · 18.0p

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Financials · LTM to 31 Mar 26

Source: results 23 Jul 26 ↗

Revenue: £22.3m
Operating profit: £723k
Net income: −£809k
Free cash flow: £3.9m
Net debt: £11.4m
Market cap: £71.0m
EV / EBIT: 113.9×
FCF yield: +5.5%
Price / book: 3.4×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 25 Nov 25 ↗

Revenue: £10.2m
Operating profit: −£848k
Net income: −£1.2m
Cash from operations: £2.3m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest annual Latest interim

Final Results, published 23 Jul 26 · read the announcement ↗

Consolidated statement of comprehensive income

	2026 £000	2025 £000
Revenue	22,261	18,274
Direct costs	(4,630)	(5,028)
Gross profit	17,631	13,246
Staff costs	(8,532)	(7,433)
Other operating charges	(2,374)	(2,404)
Depreciation and amortisation	(6,121)	(4,608)
Profit on disposal of domain	-	1,712
Value adjustment of consideration payable	119	191
Operating profit	723	704
Financial income	66	386
Financial expenses	(1,834)	(887)
Value adjustment on bond settlement	-	(874)
Net financing expense	(1,768)	(1,375)
Loss before tax	(1,045)	(671)
Tax credit	236	342
Loss for the year	(809)	(329)
Other Comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign subsidiaries	132	(64)
Loss and total comprehensive income for the year	(677)	(393)
Earnings per share attributable to the ordinary equity shareholders of Software Circle plc basic and diluted 1 , pence per share	(0.21)p	(0.08)p

Consolidated statement of financial position

	2026 £000	2025 £000
Non-current assets
Property, plant and equipment	601	764
Intangible assets	36,086	26,862
Total non-current assets	36,687	27,626
Current assets
Inventories	19	26
Trade and other receivables	2,118	1,881
Cash and cash equivalents	3,937	8,566
Total current assets	6,074	10,473
Total assets	42,761	38,099
Current liabilities
Trade and other payables	4,278	3,830
Other interest-bearing loans and borrowings	4,200	2,692
Total current liabilities	8,478	6,522
Non-current liabilities
Other interest-bearing loans and borrowings	11,151	8,108
Deferred tax liabilities	2,290	2,075
Total non-current liabilities	13,441	10,183
Total liabilities	21,919	16,705
Net assets	20,842	21,394
Equity attributable to equity holders of the parent
Share capital	3,901	3,901
Merger reserve	838	838
Share premium	28,255	28,255
Share based payment reserve	268	143
Translation reserve	117	(15)
Retained earnings	(12,537)	(11,728)
Total equity	20,842	21,394
Consolidated statement changes in shareholders' equity
YEAR ENDED 31 MARCH 2026
	£000	£000
Balance at 31 March 2024	(11,408)	21,681
Total comprehensive income for the year	(329)	(393)
Transfer of translation reserve on closure of foreign subsidiaries	9	-
Share option charge	-	106
Total movement in equity	(320)	(287)
Balance at 31 March 2025	(11,728)	21,394
Total comprehensive income for the year	(809)	(677)
Share option charge	-	125
Total movement in equity	(809)	(552)
Balance at 31 March 2026	(12,537)	20,842

Consolidated statement of cash flows

	2026 £000	2025 £000
Cash flows from operating activities
Loss for the year	(809)	(329)
Adjustments for
Depreciation, amortisation and impairment	6,121	4,789
Loss / (profit) on disposal of plant and equipment	3	(223)
Profit on disposal of intangible assets	-	(1,712)
Share based payments	125	106
Financial income	(66)	(386)
Financial expense	1,834	887
Value adjustment on bond settlement	-	874
Bad debt (credit) / expense	(79)	83
Tax credit	(236)	(342)
Value adjustment on consideration payable	(119)	(191)
Operating cash flow before changes in working capital and provisions	6,774	3,556
Change in trade and other receivables	297	978
Change in inventories	7	7
Change in trade and other payables	(592)	(1,601)
Cash generated from operations	6,486	2,940
Corporation tax paid	(548)	(156)
R&D tax income received	-	158
Net cash inflow from operating activities	5,938	2,942
Cash flows from investing activities
Purchase of property, plant and equipment	(42)	(61)
Disposal of property, plant and equipment	-	46
Disposal of intangible assets	-	1,712
Capitalised development expenditure	(1,825)	(1,292)
Purchase of other intangible assets	-	(16)
Interest received	66	329
Acquisition of subsidiaries net of cash	(8,925)	(7,367)
Payment of deferred consideration	(2,309)	(1,318)
Net cash used in investing activities	(13,035)	(7,967)
Cash flows from financing activities
Proceeds from loans	4,250	6,700
Repayment of loans	(696)	(7,361)
Finance costs paid	(899)	(913)
Capital payment of lease liabilities	(156)	(132)
Interest payment of lease liabilities	(48)	(84)
Net cash generated from / (used in) financing activities	2,451	(1,790)
Net decrease in cash and cash equivalents	(4,646)	(6,815)
Foreign exchange movements	17	(10)
Cash and cash equivalents at the start of the year	8,566	15,391
Cash and cash equivalents at the end of the year	3,937	8,566

Half-year Results, published 25 Nov 25 · read the announcement ↗

Consolidated Statement of Comprehensive Income · for the six months ended 30 September 2025

	Unaudited Six months to 30 September 2025 £000 Total	Unaudited Six months to 30 September 2024 £000 Total	Audited Year ended 31 March 2025 £000 Total
Revenue	10,194	8,917	18,274
Direct costs	(2,416)	(2,625)	(5,028)
Gross profit	7,778	6,292	13,246
Staff costs	(4,476)	(3,073)	(7,433)
Other operating charges	(1,077)	(1,219)	(2,404)
Depreciation and amortisation	(2,966)	(2,277)	(4,608)
Profit on disposal of domain	-	1,712	1,712
Value adjustment on consideration payable	(107)	-	191
Operating (loss) / profit	(848)	1,435	704
Financial income	62	187	386
Financial expenses	(829)	(309)	(887)
Value adjustment on bond settlement	-	-	(874)
Net financing expense	(767)	(122)	(1,375)
(Loss) / profit before tax	(1,615)	1,313	(671)
Taxation	397	(68)	342
(Loss) / profit for the period	(1,218)	1,245	(329)
Exchange differences on translation of foreign subsidiaries	159	(74)	(64)
(Loss) / profit and total comprehensive income for the period	(1,059)	1,171	(393)
Earnings per share - Basic and diluted	(0.31)p	0.32p	(0.08)p

Consolidated Statement of Financial Position · at 30 September 2025

	Unaudited 30 September 2025 £000	Unaudited 30 September 2024 £000	Audited 31 March 2025 £000
Non-current assets
Property, plant and equipment	675	1,150	764
Intangible assets	30,846	23,251	26,862
Total non-current assets	31,521	24,401	27,626
Current assets
Inventories	19	25	26
Trade and other receivables	2,277	2,622	1,881
Cash and cash equivalents	4,798	12,684	8,566
Total current assets	7,094	15,331	10,473
Total assets	38,615	39,732	38,099
Current liabilities
Trade and other payables	4,227	4,304	3,830
Other interest-bearing loans and borrowings	4,185	8,057	2,692
Total current liabilities	8,412	12,361	6,522
Non-current liabilities
Other interest-bearing loans and borrowings	7,683	2,248	8,108
Deferred tax liabilities	2,130	2,219	2,075
Total non-current liabilities	9,813	4,467	10,183
Total liabilities	18,225	16,828	16,705
Net assets	20,390	22,904	21,394
Equity
Share capital	3,901	3,901	3,901
Share premium	28,255	28,255	28,255
Merger reserve	838	838	83 8
Share based payment reserve	198	89	143
Translation reserve	144	(16)	(15)
Retained earnings	(12,946)	(10,163)	(11,728)
Total equity	20,390	22,904	21,394
Consolidated Statement of Changes in Shareholders Equity
for the six months ended 30 September 2025
	£000	£000	£000
Opening shareholders' funds at 1 April 2024	58	(11,408)	21,681
Total comprehensive loss for the period	(74)	1,245	1,171
Share option charge	-	-	52
Closing shareholders' funds at 30 September 2024	(16)	(10,163)	22,904
Total comprehensive loss for the period	10	(1,574)	(1,564)
Transfer of translation reserve on closure of foreign subsidiaries	(9)	9	-
Share option charge	-	-	54
Closing shareholders' funds at 31 March 2025	(15)	(11,728)	21,394
Total comprehensive income for the period	159	(1,218)	(1,059)
Share option charge	-	-	55
Closing shareholders' funds at 30 September 2025	144	(12,946)	20,390

Consolidated Statement of Cash Flows · for the six months ended 30 September 2025

	Unaudited Six months to 30 September 2025 £000	Unaudited Six months to 30 September 2024 £000	Audited Year ended 31 March 2025 £000
Cash flows from operating activities
(Loss) / profit for the period	(1,218)	1,245	(329)
Adjustments for
Depreciation, amortisation and impairment	2,966	2,277	4,789
Profit on disposal of plant and equipment	1	(92)	(223)
Profit on disposal of intangible assets	-	(1,712)	(1,712)
Share based payments	55	52	106
Financial income	(62)	(187)	(386)
Financial expense	829	309	887
Value adjustment on bond settlement	-	-	874
Bad debt (credit) / expense	(44)	(36)	83
Tax (income) / expense	(397)	68	(342)
Value adjustment on consideration payable	107	-	(191)
Operating cash flow before changes in working capital and provisions	2,237	1,924	3,556
Change in trade and other receivables	47	294	978
Change in inventories	7	8	7
Change in trade and other payables	179	(946)	(1,601)
Cash generated from operations	2,470	1,280	2,940
Corporation tax (paid) / received	(134)	81	(156)
R&D tax received	-	96	158
Net cash from operating activities	2,336	1,457	2,942
Cash flows from investing activities
Purchase of property, plant and equipment	(30)	(56)	(61)
Disposal of plant and equipment	2	53	46
Disposal of intangible assets	-	1,712	1,712
Capitalised development expenditure	(562)	(810)	(1,292)
Purchase of other intangible assets	-	(16)	(16)
Interest received	62	212	329
Acquisition of subsidiaries net of cash	(3,593)	(4,170)	(7,367)
Payment of deferred consideration	(879)	(369)	(1,318)
Net cash from investing activities	(5,000)	(3,444)	(7,967)
Cash flows from financing activities
Proceeds from loans	-	-	6,700
Repayment of loans	(611)	(181)	(7,361)
Finance costs paid	(373)	(402)	(913)
Capital payment of lease liabilities	(78)	(64)	(132)
Interest payment of lease liabilities	(26)	(48)	(84)
Net cash from financing activities	(1,088)	(695)	(1,790)
Net decrease in cash and cash equivalents	(3,752)	(2,682)	(6,815)
Exchange difference on cash and cash equivalents	(16)	(25)	(10)
Cash and cash equivalents at start of period	8,566	15,391	15,391
Cash and cash equivalents at end of period	4,798	12,684	8,566
Notes
(forming part of the interim financial statements)
1 Basis of preparation
To mitigate these risks, the Directors have implemented the following measures
2 Significant accounting policies
3 Segmental information
Analysis by location of revenue
UK & Ireland £000 Europe £000 Other £000 Total £000
Six months ended 30 September 2025	43	246	10,194
Six months ended 30 September 2024	67	165	8,917
Year ended 31 March 2025	122	462	18,274
DISAGGREGATION OF REVENUE AND OPERATING PROFIT / (LOSS)
£'000	£000	£000	£000
Licence and subscription revenue	7,437	-	7,437
Product and service revenue	2,757	-	2,757
Revenue	10,194	-	10,194
adjusted EBITDA	394	694	3,109

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 23 Jul 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	22.3	18.3
Gross profit	17.6	13.2
Adjusted EBITDA	5.8	3.2
Operating profit	0.7	0.7
Share-based payments	0.1	0.1
Operating profit to net income
Finance costs	(1.8)	(1.4)
Profit before tax	(1.0)	(0.7)
Tax	0.2	0.3
Net income (owners)	(0.8)	(0.3)
Per share
EPS basic	(0.2p)	(0.1p)
EPS diluted	(0.2p)	(0.1p)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	12.1	10.2	9.4	8.9
Gross profit	9.9	7.8	7.0	6.3
Operating profit	1.6	(0.8)	(0.7)	1.4
Share-based payments	0.1	0.1	0.1	0.1
Operating profit to net income
Finance costs	(0.9)	(0.8)	(1.1)	(0.3)
Profit before tax	0.6	(1.6)	(2.0)	1.3
Tax	(0.2)	0.4	0.4	(0.1)
Net income (owners)	0.4	(1.2)	(1.6)	1.2
Per share
EPS basic	0.1p	(0.3p)	(0.4p)	0.3p
EPS diluted	0.1p	(0.3p)	(0.4p)	0.3p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	5.9	2.9
Interest paid	(0.9)	(0.9)
Tax paid	(0.5)	(0.2)
Investing activities
Capex (PP&E)	(0.0)	(0.1)
Capex (intangibles)	(1.8)	(1.3)
Financing activities
Lease principal paid	(0.2)	(0.1)
Lease interest paid	(0.0)	(0.1)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	3.6	2.3	1.5	1.5
Interest paid	(0.5)	(0.4)	(0.5)	(0.4)
Tax paid	(0.4)	(0.1)	(0.2)	0.1
Investing activities
Capex (PP&E)	(0.0)	(0.0)	(0.0)	(0.1)
Capex (intangibles)	(1.3)	(0.6)	(0.5)	(0.8)
Financing activities
Lease principal paid	(0.1)	(0.1)	(0.1)	(0.1)
Lease interest paid	(0.0)	(0.0)	(0.0)	(0.0)

	FY Mar 26	FY Mar 25
Non-current assets
Goodwill	36.1	26.9
Property, plant & equipment	0.6	0.8
Non-current assets	36.7	27.6
Current assets
Inventories	0.0	0.0
Trade receivables	2.1	1.9
Cash	3.9	8.6
Current assets	6.1	10.5
Total assets	42.8	38.1
Current liabilities
Trade payables	4.3	3.8
Borrowings, current	4.2	2.7
Current liabilities	8.5	6.5
Non-current liabilities
Borrowings, non-current	11.2	8.1
Non-current liabilities	13.4	10.2
Total liabilities	21.9	16.7
Equity
Total equity	20.8	21.4

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Non-current assets
Goodwill	36.1	–	26.9	–
Property, plant & equipment	0.6	0.7	0.8	1.1
Non-current assets	36.7	31.5	27.6	24.4
Current assets
Inventories	0.0	0.0	0.0	0.0
Trade receivables	2.1	2.3	1.9	2.6
Cash	3.9	4.8	8.6	12.7
Current assets	6.1	7.1	10.5	15.3
Total assets	42.8	38.6	38.1	39.7
Current liabilities
Trade payables	4.3	4.2	3.8	4.3
Borrowings, current	4.2	4.2	2.7	8.1
Current liabilities	8.5	8.4	6.5	12.4
Non-current liabilities
Borrowings, non-current	11.2	7.7	8.1	2.2
Non-current liabilities	13.4	9.8	10.2	4.5
Total liabilities	21.9	18.2	16.7	16.8
Equity
Total equity	20.8	20.4	21.4	22.9

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.