Netcall – this week’s Finals will report a record sales pipeline, supported by demand for cloud-based automation and AI-enabled solutions, shares look ready to run
Mark Watson-Mitchell - 05.10.2026
This Wednesday, 7th October, the £213m-capitalised Netcall (LON:NET) will be declaring its 2026 Final Results – they should be good and point toward even better times ahead.
The intelligent software group has seen its shares advance from the 102p level when I commented upon the company in early March, they are now 125p and now they are looking even more appealing.
The Business
Founded in 1984 and based in Bedford, Netcall is a provider of intelligent automation and customer engagement software.
The Aim-quoted technology company has developed an innovative and expanding solutions portfolio.
Netcall's Liberty software platform provides outstanding intelligent automation and customer engagement solutions.
It is engaged in the design, development, sale and support of software products and services.
With offices in Poole, Cirencester, and Leicester in the UK, it also has bases in Belgium, the USA, and in Australia.
Netcall is an enterprise software company that unites automation and customer engagement in one AI-powered platform.
Its Liberty platform makes work easier by digitising processes and simplifying customer interactions in a single, easy-to-use solution that reduces complexity.
Today, around 700 organisations across the healthcare, government and financial services sectors depend on Netcall for business‑critical workflows, including two‑thirds of NHS Acute Health Trusts, one half of UK local authorities, as well as major enterprises such as Legal & General, Lloyds Bank, ITV, Baloise, Aon, Nationwide Building Society and Santander.
FY26 Trading Update
On Tuesday, 21st July, the Group announced a strong Trading Update for the financial year to end-June, with revenue expected to rise 20% to £57.7m and Adjusted EBITDA increasing 23% to £12.1m, resulting in an improved margin of 21%.
Cloud Annual Contract Value saw a significant 37% increase to £46.3m, driven by AI adoption which nearly tripled in sales and was included in over 40% of new Cloud orders.
The integration of Jadu, the enterprise software company which was acquired for £19.2m last December, has progressed well, achieving nearly £1.0m in annualised cost synergies.
The Company ended the year with net cash of £21.0m, demonstrating strong cash generation and a robust balance sheet, with a record sales pipeline entering FY27.
Management Comment
CEO James Ormondroyd stated that:
"We delivered another year of strong, profitable growth, with continued demand for our AI-powered Liberty platform.
Revenue grew by 20%, with Adjusted EBITDA up 23% and underlying organic Cloud ACV up 24%.
Sales of our AI-related products almost tripled, with these products included in more than 40% of new Cloud orders as customers moved from experimentation to live use across customer interactions and workflows.
We enter FY27 with a record sales pipeline and remain focused on investing in Liberty, expanding its use among our customers and adding complementary capabilities through selective acquisitions."
The Equity
There are some 172.47m shares in issue.
The larger holders include Gresham House Asset Management (14.26%), Gresham House Asset Management (Investment Management) (9.13%), Liontrust Investment Partners (5.46%), Artemis Investment Management (4.04%), BGF Investment Management (3.99%), Octopus Investments (3.27%), Henrik Bang, Chmn (2.62%), James Ormonddroyd, CEO (1.83%), Liontrust Investments (1.44%), Canaccord Genuity Wealth (0.94%) and Ascot Lloyd Investment Management (0.65%).
Broker’s Views
With the FY26 Trading Update, the Group stated that it believed that consensus market expectations for the 2026-year were for revenue of £57.6m, Adjusted EBITDA of £12.0m and net cash of £20.4m.
Analysts Hayley Palmer, Kai Korschelt and Tom Like, at Canaccord Genuity Capital Markets, have a Buy note out on the group’s shares with a Target Price of 160p.
For the year to end-June 2026, they estimate group sales of £57.5m (£48.0m), while adjusted pre-tax profits could rise to £9.7m (£8.2m), giving earnings of 4.3p (3.7p) per share, while boosting its dividend to 1.1p (0.9p).
Their estimates for the current year, to end-June 2027, show £67.3m sales, with £11.9m profits, earnings per share of 5.2p and a 1.3p dividend.
They note that:
“We believe accelerating organic growth and margin expansion could drive a step change in earnings, with our scenario analysis pointing to EPS of ~10p by FY30, more than double our FY26E estimate.
With the shares still trading sideways despite delivery of double-digit growth, we see a compelling BUYing opportunity in a quality software business benefiting from growing AI adoption, strong customer retention and accelerating earnings momentum.
We believe this neglects to value Netcall's accelerating organic growth trajectory and margin expansion, as well as, in our view, the likely acceleration in profit and earnings per our scenario analysis.”
Analysts at Berenberg Bank have a Buy out on the stock, with a 165p Target Price.
My View
With a record pipeline, a robust Balance Sheet and £21m of cash in hand, Netcall looks to be in a strong position.
A good positive Outlook statement this Wednesday could help to push the shares, now 125p, back up to trade in the 138p price range achieved earlier this year, before going even higher.
(Profile 06.03.2025 @ 114p setting a Target Price of 138p*)
(Profile 05.10.26 @ 125p set a Target Price of 138p)
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