16 June 2026

TPXimpact Holdings PLC

("TPXimpact", "TPX" or the "Group" or the "Company")

Unaudited preliminary results for the year ended 31 March 2026

Turnaround Complete, Delivering Strong Margin Expansion and Cash Generation

TPXimpact Holdings PLC (AIM: TPX), a leading digital transformation partner, announces its unaudited preliminary results for the year ended 31 March 2026.

A strong set of results for FY26 marks the successful conclusion of the Group's three-year turnaround plan, providing a strong foundation for accelerated growth in FY27 and beyond.

Financial Highlights

Operational and Strategic Highlights

Post-Period Trading and FY27 Outlook:

¹In measuring our performance, the financial measures that we use include those which have been derived from our reported results in order to eliminate factors which distort period-on-period comparisons. These are considered non-GAAP financial measures, and include measures such as adjusted EBITDA, adjusted diluted earnings per share and net debt which are defined in notes 6 and 7.

²PY restated due to updated methodology.

Bjorn Conway, Chief Executive Officer, commented:

"As noted in our April update, I am delighted by the performance of the business during the last financial year, which provides a positive conclusion to our three-year turnaround plan. We have successfully reshaped the business into a more profitable, resilient and cash-generative organisation that is designed with growth in mind.

We have achieved this whilst preserving the essence of what makes TPXimpact distinctive - a passion for delivering for our clients and maintaining the approach and values that make TPXimpact stand out.

I am extremely grateful for the many customers who trust us with their large-scale transformation projects, and want to thank all our teams for their dedication in delivering great outcomes for customers.

Over the next three years, the Comprehensive Spending Period brings greater clarity and certainty over departmental budgets. Our new business performance demonstrates our ability to compete effectively in this environment - partnering with our clients to improve public sector service delivery whilst embracing the opportunities that AI offers.

I am excited about the future for TPXimpact - we enter FY27 with a strong business, continued focus on disciplined execution, and an account-centred plan that puts clients at the heart of everything we do."

CEO Statement

I am pleased to report a strong set of results for FY26, which marks the successful conclusion of our three-year turnaround plan. We have fully consolidated our operations into three core business units: Digital Transformation (trading as TPXimpact), manifesto, and Keep IT Simple (KITS). This simplification has created a more agile and efficient business, with the right foundations for our next phase of growth.

Resilient Financial Performance

Our financial performance reflects the benefits of this simpler operating model.

Throughout the three-year turnaround plan our priority was to build a resilient, sustainable business with strong conversion of revenue through to EBITDA margin and cash.

Revenue for the year was £78.1m, representing 1% growth from the prior year (FY25: £77.3m).

Gross margin improved to 31.6% (FY25: 28.6%), driven by a continued focus on utilisation, client project mix and disciplined cost control.

Adjusted EBITDA increased 54% to £8.6m (FY25: £5.6m), driven by improved gross margin and close management of central costs. Adjusted EBITDA margin increased to 11.0% (FY25: 7.3%).

We generated good cash flows during the year, halving our net debt to £4.2m (FY25: £8.5m) and reducing our leverage ratio to 0.5x (FY25: 1.5x).

Market Context

The Government finalised their multi-year spending review on 11 June 2025. This set out day-to-day departmental spending settlements for April 2026 to March 2029 and for investment spend to March 2030. Greater certainty and clarity of funding gave public sector bodies renewed confidence to commit to multi-year contracts.

We saw a strengthening of our new business conversion during FY26 with new business totalling £122m compared with £70m in the prior year. This trend has continued into FY27 with new business of £31m won in the first two months of FY27.

Notable successes in the year include our expanded role as digital transformation partner with HM Land Registry, now valued at £60m, a £39m contract with DEFRA under its Capability as a Service framework, a £22m contract with NHS England to support the national vaccination programme and a £9m contract with HM Prisons and Probation Service to utilise digital technologies to improve the tools available to probation officers and the experience of probationers. We also secured over £40m of extensions to existing client work and smaller contracts with new clients.

FY26 also saw AI becoming a fundamental part of our business. As well as adopting AI tools for our own business operations and to support our consultants, we have deployed AI solutions with clients including AI caseworker support, AI enabled facial recognition, and our own AI data analytics solution available on Oracle Cloud. We do some of our best work helping our clients navigate the possibilities of AI in a safe, effective way.

Our approach of working with and alongside client teams to deliver their important outcomes and build their internal capability sets us apart from our competitors, as does the unique passion and commitment of our account and delivery teams to delivering impact. 

Demand for our services remains robust as government departments focus on driving operational efficiency and modernising public services. We are well-positioned to support these aims.

Purpose and People

Our people remain at the heart of our success, and we continue to invest in our teams and our culture. The passion and commitment of our teams has been fundamental to the success of our turnaround and will underpin the next few years of growth and maximising our value and impact for clients.

We strive to build an inclusive, supportive environment. We are proud of our PACT values - Purpose, Accountability, Craft and Togetherness that bring a sense of client focus and community across TPXimpact.

We are equally proud to maintain our commitment to diversity with a 48% female workforce, along with 19% representation from ethnically diverse groups. Our transparent approach to impact reporting was recognised with a win for Best ESG Reporting at the IR Impact 2025 Awards Europe. 

Our approach to purpose and people is fundamentally aligned with our success as a business - our employee proposition is more than just a job, it is the opportunity to work with passionate, like minded people in a supportive environment and make a tangible impact on society through client work. This gives a clear message to prospective employees and gives existing employees strong reasons to build their career with TPXimpact.

Our B-Corp certification provides independent validation of our approach.

Our medium term plan: accelerating growth and maximising impact

With our turnaround plan completed, we are in the exciting position of being able to bring our unique approach and delivery to a wider range of clients.

The market for digital transformation services is large and we currently occupy a small part of it. There is significant scope to expand and grow our business, building on the foundations of a strong delivery track record, effective new business development, and a well structured, scalable business model.

In the immediate term our focus will remain on our core strengths of Place & Infrastructure, Transforming Government and Health. We see significant potential in deepening relationships with clients in these areas and with adjacent public sector bodies, charities and businesses who require our support in managing data and improving services.

We will go to market through a focused account management approach, building on the significant progress made during FY26 to develop multiple relationships within large public and private sector organisations. These deep relationships enable us to better understand our client's needs, maximise our value to them and impact delivered, and maintain long-term, consistent revenue streams that allow us to develop our own business and widen our service offering. We will deliver an increasing proportion of our work through client relationships of more than £10m+ per annum.

Where there are opportunities to complement organic growth through the acquisition of new capabilities or accelerate access to adjacent clients, we will explore targeted inorganic growth through acquisitions as our improving cash position allows. Our management team holds the recent experience of successfully integrating the businesses that comprise TPXimpact.

We aim to be recognised as a strategic supplier to the Government and a key contributor to improving service delivery through digital transformation - harnessing the opportunity that AI presents. A fast growing, profitable and cash generative business that brings unique value to clients through our passionate, inclusive and impact driven teams.

Our guidance for FY27 is a firm first step on the path to accelerating growth and maximising impact.

Financial Review

Overview

The results for FY26 demonstrate strong progress and the successful conclusion of TPXimpact's three-year strategic turnaround. Adjusted EBITDA margin has increased from 3.3% (FY23) to 11.0% (FY26), debt of £24.5m (FY23) has shrunk to £4.2m (FY26), and leverage has reduced to a modest 0.5x at the year end. Taken together, this puts the Group firmly on the path to healthy, sustainable growth in future years.

Key metrics

Revenue for FY26 increased 1% from the prior year to £78.1m (FY25: £77.3m). H2 revenue of £41.9m saw a sequential 16% increase compared to H1, demonstrating building momentum from contract wins during the year.

Approximately 90% of our revenue was generated from public sector clients, with Central Government customers accounting for around 70%. Client concentration was healthy, with our top 5 clients contributing c. 60% of revenue, and our top 10 clients contributing c. 75% of revenue.

Our ability to retain and extend customer relationships was good - approximately 75% of revenue came from customers with a minimum three years tenure, and a further ~15% of revenue came from customers with two to three years tenure.

Cost of sales decreased 3% to £53.4m (FY25: £55.2m), resulting in gross profit of £24.7m (FY25: £22.1m), up £2.5m or 11.5% year-on-year. Gross margin expanded by 300 basis points to 31.6% (FY25: 28.6%) as a result of good utilisation, robust pricing, and the benefits of a streamlined operating model.

Year end headcount, including associates at 31 March 2026 increased 15% to 702 (FY25: 608), as our teams scaled up towards the end of the year to support new contract wins in the second half. Employee retention was 83%, broadly in line with the prior year (FY25: 86%).

Adjusted EBITDA increased to £8.6m (FY25: £5.6m), driven by the improvement in gross margin noted above and close management of central costs.

Reported operating profit was £0.2m (FY25: loss of £8.7m), which includes share-based payment charges of £1.5m (FY25: £1.4m), amortisation of acquired intangibles of £4.6m (FY25: £5.4m), and restructuring and transformation costs of £1.3m (FY25: £2.1m).

Adjusted profit before tax increased to £6.9m (FY25: £3.3m), and reported loss before tax was £0.6m (FY25: £10.0m). Adjusted diluted earnings per share increased to 5.4p (FY25: 3.0p).

Net Debt and Cash Flow

The Group continued to strengthen its balance sheet during the year, with net debt (excluding lease liabilities) falling by 50% to £4.2m at 31 March 2026 (FY25: £8.5m). This brings our leverage ratio, defined as net debt/ adjusted EBITDA, down to 0.5x (FY25: 1.5x).

The Company will be debt free at the end of the year and highly cash generative, a sharp contrast to the position at the beginning of the turnaround. Our strengthening balance sheet provides options and the Board will discuss and agree an appropriate capital allocation policy as the year progresses.

Outlook

In terms of FY27 outlook - management expects:

Unaudited preliminary results for the year ended 31 March 2026    

Consolidated Income Statement

For the year ended 31 March 2026

Consolidated Statement of Financial Position

At 31 March 2026