TPXimpact revenue jumps 60% to £57.9 million as it moves into net cash
Key Facts
TPXimpact Holdings reported unaudited interim results for the six months ended 30 September 2026, with revenue of £57.9 million, up 60% year on year from £36.2 million in the comparable period. The company said in its announcement that record revenue for the period came as it won new business and demand from existing clients continued. Adjusted EBITDA rose 152% to £8.0 million, compared with £3.2 million. The group also moved to net cash of £1.0 million at period-end, excluding lease liabilities, after repaying £4.0 million of borrowings. The company presents these results as the first half of its FY27, or H127, while comparisons refer to the first half of the previous financial year.
Reported operating performance turned from a loss to a profit: TPXimpact recorded an operating profit of £3.5 million, compared with a loss of £1.1 million in H126. Operating cash flow was £6.2 million, up from £2.5 million in the comparable period. Adjusted margin widened to 13.9% from 8.8%, alongside the increase in revenue. The company attributed revenue growth to winning new business and continued demand from existing clients. It said higher revenue and tight management of central costs supported growth in adjusted EBITDA.
New business wins were worth £86 million in H127, compared with £31 million in H126, indicating an expansion in the scale of contracts during the period. Contracts cited by the company included work worth £16 million for the Ministry of Justice, £19 million for HM Land Registry and £25 million for HM Prison and Probation Service. It also won a £5 million contract with the British Library in the non-profit sector. The activity coincided with a 15% increase in employees and associates to 806, from 702 at the end of FY26. These figures provide details on the new business base and resources the company cited during the first half.
The public sector remained the group's largest source of revenue; the company said about 94% of revenue came from public-sector clients, with central government clients accounting for about 70%. By contrast, gross margin fell to 30.0% from 31.0% in H126. The company attributed this to a higher share of contractors in its workforce mix during the period, as it mobilised quickly to deliver large new projects. It said the margin remained within its usual range despite the year-on-year decline. The figure puts part of the revenue growth in the context of contract delivery costs and the resource mix used to meet demand.
TPXimpact linked public-sector contracting opportunities to the UK government's multi-year spending framework. It said the government concluded its Spending Review on 11 June 2025, setting departmental day-to-day spending settlements through March 2029 and capital spending through March 2030. The company added that funding clarity over these horizons gives public bodies greater certainty when awarding multi-year contracts. Commenting on the results, Chief Executive Bjorn Conway said the group was entering the second half “with positive momentum, a stronger balance sheet and improving operating leverage.” Conway also linked progress to streamlining the group's operations and improving client account management.
The company kept its FY27 guidance at revenue of at least £105 million and adjusted EBITDA of at least £14 million. It said trading in October remained strong, continuing the trend recorded since the start of the financial year. The update follows revenue of £57.9 million in the six months ended 30 September, with adjusted EBITDA of £8.0 million. The guidance also reflects management's unchanged annual estimates despite gross margin falling to 30.0%. The company did not announce any change to its minimum revenue and earnings targets for the year.