Logos, ARR and Deals
Commentary
Current to 14 Oct 26Contracted ARR was £3.4m at 30 Sep 2026, with 67 logos. Watch lost logos and the absence of new logos in the last two months, with logo retention at 72.7%.
Contracted ARR was £3.4m at 30 Sep 2026, as at 9 Oct 2026, across 67 logos, after two months of small net declines.
What moved: In September, net new ARR was -£12k: expand of £32k was outweighed by lost ARR of -£44k and no new logos. Over 12 months, land was £1.6m and lost was -£444k, with 12 lost logos.
Against target: Average ARR of £50k is on target and ARR growth % of 84.2% is outside tolerance but favourable. ARR, customers, logo retention, gross retention and net retention are outside tolerance and unfavourable.
Watch: Look at whether new logos return after none in August or September, and at lost logos, 12 over 12 months with logo retention at 72.7%.
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% | 130.5% | 100.0% |
| Nov 24 | 87.0% | 109.6% | 87.5% |
| Dec 24 | 90.8% | 120.3% | 90.0% |
| Jan 25 | 91.6% | 118.6% | 90.9% |
| Feb 25 | 92.3% | 126.1% | 91.7% |
| Mar 25 | 92.8% | 124.7% | 92.3% |
| Apr 25 | 86.9% | 107.1% | 84.6% |
| May 25 | 89.7% | 107.9% | 87.5% |
| Jun 25 | 89.7% | 107.4% | 87.5% |
| Jul 25 | 92.6% | 107.4% | 90.0% |
| Aug 25 | 86.0% | 100.0% | 81.8% |
| Sep 25 | 87.4% | 100.0% | 83.3% |
| Oct 25 | 87.4% | 100.7% | 83.3% |
| Nov 25 | 77.4% | 88.9% | 76.0% |
| Dec 25 | 79.4% | 87.6% | 76.9% |
| Jan 26 | 80.3% | 94.7% | 77.4% |
| Feb 26 | 77.7% | 88.9% | 72.7% |
| Mar 26 | 76.1% | 87.2% | 69.7% |
| Apr 26 | 77.7% | 92.6% | 73.0% |
| May 26 | 77.7% | 94.1% | 73.0% |
| Jun 26 | 79.5% | 95.6% | 74.4% |
| Jul 26 | 75.5% | 97.0% | 70.7% |
| Aug 26 | 77.2% | 98.8% | 73.8% |
| Sep 26 | 75.6% | 97.3% | 72.7% |
| 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 | 24 | 25 | 25 | 27 | 26 | 30 | 33 | 34 | 39 | 40 | 40 | 37 | 35 |
| # Lost logos | 4 | 4 | 6 | 6 | 7 | 9 | 10 | 10 | 10 | 10 | 12 | 11 | 12 |
| # Logos | 44 | 45 | 44 | 47 | 50 | 54 | 56 | 61 | 66 | 69 | 69 | 68 | 67 |
| ARR BF | 648 | 648 | 712 | 780 | 1,016 | 1,176 | 1,177 | 1,369 | 1,373 | 1,492 | 1,624 | 1,751 | 1,821 |
| Expand | 81 | 86 | 81 | 64 | 147 | 131 | 130 | 205 | 225 | 240 | 350 | 379 | 395 |
| Downsell | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Attrition | -82 | -82 | -161 | -161 | -200 | -262 | -281 | -306 | -306 | -306 | -398 | -400 | -444 |
| ARR retained | 648 | 652 | 632 | 684 | 962 | 1,046 | 1,026 | 1,268 | 1,292 | 1,426 | 1,576 | 1,731 | 1,772 |
| Logo retention % | 83% | 83% | 76% | 77% | 77% | 73% | 70% | 73% | 73% | 74% | 71% | 74% | 73% |
| Gross % | 87% | 87% | 77% | 79% | 80% | 78% | 76% | 78% | 78% | 80% | 76% | 77% | 76% |
| Net % | 100% | 101% | 89% | 88% | 95% | 89% | 87% | 93% | 94% | 96% | 97% | 99% | 97% |
| Land | 1,173 | 1,193 | 1,199 | 1,264 | 1,187 | 1,298 | 1,392 | 1,526 | 1,893 | 1,872 | 1,799 | 1,634 | 1,582 |
| ARR | 1,821 | 1,845 | 1,832 | 1,948 | 2,149 | 2,344 | 2,418 | 2,794 | 3,185 | 3,298 | 3,374 | 3,365 | 3,353 |
| ARR net | 1,173 | 1,197 | 1,120 | 1,167 | 1,133 | 1,168 | 1,241 | 1,425 | 1,812 | 1,806 | 1,751 | 1,614 | 1,533 |
| Growth % | 181% | 185% | 157% | 150% | 112% | 99% | 106% | 104% | 132% | 121% | 108% | 92% | 84% |
| Deals | 1,591 | 1,621 | 1,623 | 1,688 | 1,670 | 1,790 | 1,907 | 2,139 | 2,616 | 2,598 | 2,611 | 2,428 | 2,372 |
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 | £111,150 | 6 |
| Sep 23 | £111,150 | 6 |
| Oct 23 | £111,150 | 6 |
| Nov 23 | £150,150 | 8 |
| Dec 23 | £212,750 | 10 |
| Jan 24 | £232,250 | 11 |
| Feb 24 | £253,300 | 12 |
| Mar 24 | £271,825 | 13 |
| Apr 24 | £298,275 | 13 |
| May 24 | £377,125 | 16 |
| Jun 24 | £379,075 | 16 |
| Jul 24 | £523,975 | 20 |
| Aug 24 | £584,050 | 22 |
| Sep 24 | £647,550 | 24 |
| Oct 24 | £647,550 | 24 |
| Nov 24 | £711,750 | 25 |
| Dec 24 | £780,250 | 26 |
| Jan 25 | £1,015,650 | 31 |
| Feb 25 | £1,176,150 | 33 |
| Mar 25 | £1,177,125 | 33 |
| Apr 25 | £1,368,925 | 37 |
| May 25 | £1,373,075 | 37 |
| Jun 25 | £1,491,575 | 39 |
| Jul 25 | £1,623,675 | 41 |
| Aug 25 | £1,751,375 | 42 |
| Sep 25 | £1,820,700 | 44 |
| Oct 25 | £1,844,700 | 45 |
| Nov 25 | £1,831,800 | 44 |
| Dec 25 | £1,947,500 | 47 |
| Jan 26 | £2,149,000 | 50 |
| Feb 26 | £2,343,950 | 54 |
| Mar 26 | £2,418,450 | 56 |
| Apr 26 | £2,793,650 | 61 |
| May 26 | £3,185,400 | 66 |
| Jun 26 | £3,297,900 | 69 |
| Jul 26 | £3,374,400 | 69 |
| Aug 26 | £3,365,075 | 68 |
| Sep 26 | £3,353,250 | 67 |