Pulsar Group PLCLSE: PULS

Pulsar Group: Trading Update, Fundraise & Capital Access Window

· Issued by Pulsar Group PLC via RNS

Summary by 6ix AI

Pulsar Group Plc, an audience intelligence software business listed on AIM (the London Stock Exchange's growth market), is assessing demand for a potential fundraise of up to £5.0 million. Its shares entered a voluntary trading pause from 7:30 a.m. on October 28, 2026. It also updated on trading for the year ending November 30, 2026 (FY26).

Key details

  • ARR (annual recurring revenue) was £67.7m at September 30, 2026. The £1.7m (2.6%) increase in FY26 to date and the £0.5m added in the four months since May 31, 2026 (first half FY26: £1.2m) are on a constant currency basis, excluding exchange-rate effects. Pulsar says this was driven by new wins and upsells with large enterprise customers.
  • The Board estimates FY26 revenue of approximately £65m (FY25: £61.2m) and Adjusted EBITDA, a measure of operating earnings, of approximately £10m (FY25: £10.4m). Gross margin is lower year on year, which Pulsar attributes to infrastructure investment and higher third-party data costs.
  • Net debt was £6.4m at September 30, 2026 (May 31, 2026: £6.0m; November 30, 2025: £5.6m). Pulsar says cash generation was lower than anticipated due to additional one-off restructuring costs, a shift in billing mix towards enterprise customers with fewer contracts paid annually in advance, and slower collections increasing debtor days.
  • Under its cost reduction programme, headcount fell 7% from 755 full-time equivalent staff at November 30, 2025 to 702 at September 30, 2026.
  • Following recent updates to the AIM Rules, Pulsar has decided to use a Capital Access Window, a voluntary pause in trading of its ordinary shares, which it says makes it easier to reach a broader range of investors during the fundraise. It lasts until the results of the fundraise are announced.

What’s still pending

  • The fundraise, should it proceed, requires shareholder approval at a general meeting.
  • There is no certainty the fundraise will proceed or as to its final size, structure, price or other terms.
  • Pulsar expects to announce the outcome of the fundraise as soon as practicable; share trading stays paused until then.
  • FY26 revenue and Adjusted EBITDA figures are Board estimates.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/trading-update-fundraise-and-capital-access-window

Pulsar Group PLC
28 October 2026
 

 This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

Pulsar Group Plc

("Pulsar", the “Group” or the "Company")

Trading Update

Proposed Fundraising and Capital Access Window

Pulsar Group Plc (AIM: PULS), the market leading audience intelligence business delivering Software-as-a-Service ("SaaS") solutions for the global marketing and communications industries, announces an update on trading for the year ending 30 November 2026 (“FY26”).

Pulsar has continued to make good progress in FY26. ARR has grown throughout the year, with momentum in the second half driven by significant new wins and upsells with large enterprise customers, reflecting the strength of the Group’s audience intelligence platform. While the investment needed to serve these customers, combined with higher third-party data costs and a shift in billing mix have weighed on margin and cash in the short term, the Group continues to reduce its operating cost base and the Board remains confident in Pulsar’s prospects.

  • ARR of £67.7m at 30 September 2026, up £1.7m1 (2.6%) in FY26 to date: a further £0.5m1 added in the four months since 31 May 2026 (H1 FY26: £1.2m1), driven by significant new wins and upsells with large enterprise customers.
  • Financial performance: the Board estimates FY26 revenue of approximately £65m (FY25: £61.2m) and Adjusted EBITDA of approximately £10m (FY25: £10.4m). Investment in the infrastructure and capacity to serve large enterprise customers is now in place, positioning the Group well to support further growth. Gross margin is lower year on year, reflecting this infrastructure investment and higher third-party data costs, which the Group’s ongoing cost reduction programme will help to offset.
  • Continuing efforts to deliver against the cost reduction programme: Headcount down 7% this financial year, from 755 FTE at 30 November 2025 to 702 FTE at 30 September 2026.
  • Net debt of £6.4m at 30 September 2026 (31 May 2026: £6.0m; 30 November 2025: £5.6m). Whilst operating cash performance has significantly improved year on year and investing cash outflows have reduced, overall cash generation has been lower than anticipated. This reflects the impact of additional one-off restructuring costs associated with the cost cutting programme, a shift in billing mix towards enterprise customers with fewer contracts paid annually in advance, and slower collections increasing debtor days (which the Board expects to recover).

1 On a constant currency basis

Proposed Fundraising

In addition, the Company announces that it is assessing demand for a potential fundraise of up to £5.0 million (“Proposed Fundraising”). Further details will be provided in due course. The Proposed Fundraising, should it proceed, will require shareholder approval at a general meeting. Again, further details will be provided, as appropriate, in due course. There can be no certainty at this stage that the Proposed Fundraising will proceed or as to its final size, structure, price or other terms.

Pursuant to the above, and following recent updates to the AIM Rules for Companies, the Company has decided to utilise a Capital Access Window in connection with the Proposed Fundraising. This is a voluntary pause to the trading of the Company's ordinary shares to make it easier to reach a broader range of investors during the fundraise. Accordingly, from 7:30 a.m. today, the Company's ordinary shares will enter a Capital Access Window until a further announcement is made detailing the results of the Proposed Fundraising.   

The Company expects to announce the outcome of the Proposed Fundraising as soon as practicable. This announcement does not constitute an offer of securities in any jurisdiction. The Proposed Fundraising, if implemented, will be the subject of further announcements, including the full terms and conditions of the Proposed Fundraising.

Further announcements will be made as and when appropriate.

For further information:

Pulsar Group plc                                                                                             020 3426 4070

Joanna Arnold (CEO) / Mark Fautley (CFO)

Cavendish Capital Markets Limited (Nominated Adviser and Broker)   020 7220 0500

Corporate Finance:

Marc Milmo / Fergus Sullivan / Elysia Bough                                              

Corporate Broking:

Sunila de Silva

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