Logos, ARR and Deals
Commentary
Current to 12 Oct 26Net new ARR was -£26k in the month to 30 Sep 2026 as one logo was lost. Growth over 12 months is above target, but all three retention measures are below target.
Contracted ARR stood at £2.2m across 44 logos at 30 Sep 2026, as at 9 Oct 2026, after a month in which net new ARR was -£26k.
What moved: In the month to 30 Sep 2026, expand of £18k was outweighed by lost ARR of £44k, with no new logos. Over the 12 months to 30 Sep 2026, land was £1.0m and net new ARR £994k.
Against target: Average ARR of £51k is on target and ARR growth of 80.9% is outside tolerance but favourable. ARR, customers, logo retention, gross retention and net retention are outside tolerance and unfavourable.
Watch: Whether the monthly loss of £44k repeats, and 12-month gross retention of 76.2%, which sits 13.8 points below its target.
One point per month; the dot and figure at the right end are the latest value. Each point compares a month end with the same month a year earlier; 24 month ends to 30 Sep 26.
Show the figures as a table
| Month | Gross retention | Net retention | Logo retention |
|---|---|---|---|
| Oct 24 | 100.0% | 133.1% | 100.0% |
| Nov 24 | 82.5% | 109.8% | 83.3% |
| Dec 24 | 88.8% | 122.9% | 87.5% |
| Jan 25 | 89.9% | 120.6% | 88.9% |
| Feb 25 | 90.7% | 131.4% | 90.0% |
| Mar 25 | 91.5% | 129.3% | 90.9% |
| Apr 25 | 84.8% | 108.3% | 81.8% |
| May 25 | 87.7% | 108.8% | 84.6% |
| Jun 25 | 87.8% | 108.1% | 84.6% |
| Jul 25 | 90.8% | 106.6% | 87.5% |
| Aug 25 | 86.8% | 101.7% | 82.4% |
| Sep 25 | 88.0% | 101.6% | 83.3% |
| Oct 25 | 88.0% | 102.5% | 83.3% |
| Nov 25 | 84.7% | 97.6% | 83.3% |
| Dec 25 | 86.5% | 94.9% | 84.2% |
| Jan 26 | 82.7% | 101.1% | 81.8% |
| Feb 26 | 78.7% | 91.8% | 75.0% |
| Mar 26 | 76.4% | 89.4% | 70.8% |
| Apr 26 | 76.4% | 88.9% | 73.1% |
| May 26 | 76.5% | 91.2% | 73.1% |
| Jun 26 | 79.1% | 93.6% | 75.0% |
| Jul 26 | 77.6% | 99.5% | 73.3% |
| Aug 26 | 79.6% | 101.9% | 76.7% |
| Sep 26 | 76.2% | 98.4% | 73.3% |
| Measure | Sep 25 | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 | Jul 26 | Aug 26 | Sep 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # New logos | 15 | 15 | 16 | 16 | 16 | 17 | 19 | 20 | 23 | 23 | 23 | 22 | 22 |
| # Lost logos | 3 | 3 | 3 | 3 | 4 | 6 | 7 | 7 | 7 | 7 | 8 | 7 | 8 |
| # Logos | 30 | 30 | 31 | 32 | 34 | 35 | 36 | 39 | 42 | 44 | 45 | 45 | 44 |
| ARR BF | 489 | 489 | 513 | 582 | 683 | 843 | 844 | 948 | 950 | 1,069 | 1,196 | 1,220 | 1,229 |
| Expand | 66 | 71 | 66 | 49 | 126 | 110 | 109 | 118 | 141 | 155 | 262 | 272 | 273 |
| Downsell | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Attrition | -58 | -58 | -79 | -79 | -118 | -180 | -199 | -224 | -224 | -224 | -268 | -248 | -292 |
| ARR retained | 496 | 501 | 501 | 552 | 690 | 774 | 754 | 842 | 867 | 1,000 | 1,190 | 1,243 | 1,209 |
| Logo retention % | 83% | 83% | 83% | 84% | 82% | 75% | 71% | 73% | 73% | 75% | 73% | 77% | 73% |
| Gross % | 88% | 88% | 85% | 86% | 83% | 79% | 76% | 76% | 76% | 79% | 78% | 80% | 76% |
| Net % | 102% | 102% | 98% | 95% | 101% | 92% | 89% | 89% | 91% | 94% | 100% | 102% | 98% |
| Land | 732 | 732 | 778 | 751 | 788 | 780 | 852 | 976 | 1,168 | 1,126 | 1,047 | 1,006 | 1,014 |
| ARR | 1,229 | 1,233 | 1,279 | 1,303 | 1,478 | 1,554 | 1,606 | 1,819 | 2,035 | 2,126 | 2,238 | 2,249 | 2,223 |
| ARR net | 740 | 744 | 766 | 721 | 796 | 710 | 762 | 871 | 1,085 | 1,057 | 1,041 | 1,029 | 994 |
| Growth % | 151% | 152% | 149% | 124% | 116% | 84% | 90% | 92% | 114% | 99% | 87% | 84% | 81% |
| Deals | 1,008 | 1,013 | 1,067 | 1,016 | 1,136 | 1,106 | 1,195 | 1,352 | 1,615 | 1,569 | 1,573 | 1,529 | 1,538 |
Each column is a period end: flows over the period, stocks at its end; money in £000s. Monthly: each month end over its month. Quarterly: calendar quarter ends, each over its quarter. Annually: calendar year ends, each over its year (2022 from October, when the company started). Rolling: every month end over the quarter or the year to it. Ratios are plain ratios over the period, never annualised, so they read green or red against their illustrative targets only over a year.
Logos are read on the right axis, as a count, and ARR on the left, in pounds: the two move together but on different scales. Every period end since the first customer, at the period chosen above.
Show the figures as a table
| Period | ARR | Logos |
|---|---|---|
| Apr 23 | £37,050 | 2 |
| May 23 | £37,050 | 2 |
| Jun 23 | £74,100 | 4 |
| Jul 23 | £74,100 | 4 |
| Aug 23 | £91,650 | 5 |
| Sep 23 | £91,650 | 5 |
| Oct 23 | £91,650 | 5 |
| Nov 23 | £111,150 | 6 |
| Dec 23 | £173,750 | 8 |
| Jan 24 | £193,250 | 9 |
| Feb 24 | £210,800 | 10 |
| Mar 24 | £229,325 | 11 |
| Apr 24 | £255,775 | 11 |
| May 24 | £317,075 | 13 |
| Jun 24 | £319,025 | 13 |
| Jul 24 | £424,325 | 16 |
| Aug 24 | £444,800 | 17 |
| Sep 24 | £488,800 | 18 |
| Oct 24 | £488,800 | 18 |
| Nov 24 | £513,400 | 18 |
| Dec 24 | £581,900 | 19 |
| Jan 25 | £682,800 | 22 |
| Feb 25 | £843,300 | 24 |
| Mar 25 | £844,275 | 24 |
| Apr 25 | £947,975 | 26 |
| May 25 | £950,175 | 26 |
| Jun 25 | £1,068,675 | 28 |
| Jul 25 | £1,196,375 | 30 |
| Aug 25 | £1,219,650 | 30 |
| Sep 25 | £1,228,650 | 30 |
| Oct 25 | £1,233,150 | 30 |
| Nov 25 | £1,279,350 | 31 |
| Dec 25 | £1,303,250 | 32 |
| Jan 26 | £1,478,350 | 34 |
| Feb 26 | £1,553,800 | 35 |
| Mar 26 | £1,606,300 | 36 |
| Apr 26 | £1,818,600 | 39 |
| May 26 | £2,035,350 | 42 |
| Jun 26 | £2,125,850 | 44 |
| Jul 26 | £2,237,850 | 45 |
| Aug 26 | £2,248,550 | 45 |
| Sep 26 | £2,222,550 | 44 |