Key Highlights

  • Netcall plc (LSE:NET) delivered Revenue growth of 20% to £57.7m in the year to 30 June 2026.
  • Sales of AI-related products reached almost three times the prior-year level.
  • AI features were included in more than 40% of new Cloud orders, and Cloud ACV rose 37%.
  • Adjusted EBITDA was £12.1m and the company ended the year with net cash of £21.0m.
  • Netcall enters FY27 with a record sales pipeline, putting the FTSE AIM All-Share software group firmly on AI investors' radar.

Why Netcall Is in Focus Today

Netcall plc (LSE:NET) is in the spotlight on 3 November 2026 as investors continue to digest its audited full-year results, published in October, which confirmed the software group as one of the clearest AI beneficiaries on the London small-cap market. The enterprise software company, which unites automation and customer engagement on a single AI-powered platform called Liberty, reported a year of record growth as customers moved from AI pilots to full deployments.

With the shares trading around 118p to 119p in recent months and a Market Value of around £200m, the stock offers investors exposure to AI adoption in the UK public sector, healthcare and financial services through a profitable, cash-generative business.

Record Growth Powered by Cloud and AI

Netcall's FY26 results showed revenue up 20% to £57.7m, with adjusted EBITDA of £12.1m and net cash of £21.0m, all slightly ahead of consensus. Recurring Revenue made up around 83% of total revenue, giving the Business strong visibility.

The most striking figure was AI adoption. Sales of AI-related products reached almost three times the level of the previous year, and AI features were included in more than 40% of new Cloud orders. Cloud annual contract value increased 37%, reflecting the ongoing shift of customers from on-premise licences to subscription-based cloud services.

The Liberty Platform and Customer Expansion

At the heart of Netcall (LSE:NET) is the Liberty platform, which combines low-code process automation, contact centre technology and AI tools. Public sector bodies, NHS trusts, local authorities and financial institutions use it to automate workflows, handle customer enquiries and reduce manual processing.

Expansion within the existing customer base has been a major growth driver. Cloud net retention stood at 115% at the half-year stage, meaning existing cloud customers spent 15% more over twelve months as they adopted additional modules and AI features and migrated to the cloud. This land-and-expand dynamic is a hallmark of high-quality software businesses.

Jadu Acquisition Strengthens Public Sector Reach

In December 2025, Netcall acquired Jadu Holdings for an initial cash consideration of £10.6m and initial share consideration of about £3.3m. Jadu provides digital services and web platforms to local government, expanding Netcall's reach in a sector where it already has deep relationships. The acquisition contributed to first-half growth, and management has signalled that further Margin improvement should come as synergies are realised.

Strong Balance Sheet

Netcall's net cash position of £21.0m at the end of June 2026 gives it flexibility to keep investing in AI product development, pursue further bolt-on acquisitions and return Capital to shareholders. The company's ability to grow strongly while remaining profitable and cash generative distinguishes it from many loss-making AI software names.

Why Netcall Stands Out in UK Software

Many listed AI companies are still loss-making and reliant on future promises. Netcall combines rising AI adoption with real profits, net cash and a high proportion of recurring revenue. Its customers, many of whom face pressure to do more with less, are turning to automation and AI to reduce costs and improve service, creating a supportive long-term Demand backdrop.

What Investors Are Watching Next

Several catalysts lie ahead for Netcall (LSE:NET):

  • The annual general meeting, typically held late in the calendar year, where management may comment on early FY27 trading.
  • A half-year trading update, usually released in January, covering the six months to 31 December 2026.
  • Conversion of the record sales pipeline into new contracts, particularly in AI and cloud.
  • Cloud ACV growth and net retention rates.
  • Integration progress and margin gains from the Jadu acquisition.

Risks to Consider

Netcall relies heavily on public sector and NHS customers, so government budget pressures and procurement delays can affect timing of orders. Competition in automation and AI customer engagement is intense, with large global software vendors targeting the same customers. The transition from licence to cloud revenue can also create short-term fluctuations in reported revenue.

Outlook

Netcall (LSE:NET) has emerged as a profitable AI growth story on the FTSE AIM All-Share, with AI sales nearly tripling, Cloud ACV up 37% and a record pipeline entering FY27. For investors seeking UK-listed exposure to practical, revenue-generating AI, the coming AGM and January trading update will be the next important milestones.