Pulsar Group plc
Pulsar Group plc (formerly Access Intelligence plc; renamed following a strategic rebrand) is an AIM-listed, UK-headquartered provider of audience intelligence, media/reputation monitoring, PR and marketing communications insight software (built around brands including Pulsar, Vuelio, ResponseSource and Isentia), serving over 5,000 blue-chip and public-sector clients across 10 markets through a SaaS subscription model. It generated revenue of £61.175m in FY2025 (year ended 30 November 2025), 96% recurring, with growing AI-driven product capabilities (Lumina, Narratives AI, Crisis Oracle, CLEAR). The Group is organised into two reportable geographic segments, EMEA & North America and APAC.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 7 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Pulsar Group, which sells software that helps companies track their audiences, media coverage and reputation, saw revenue slip to £61.2m in the year to 30 November 2025, from £62.0m the year before. Its loss before tax widened to £9.4m, from £6.7m. The report says one-off costs of £9.643m weighed on the result. These were mostly redundancy and restructuring costs from cutting staff and switching off duplicate older technology. The company says these changes bring savings of over £7.0 million a year. Income from subscriptions due over the coming year rose, helped by a large multi-year contract and slightly better renewal rates. Cash at the year end was £384k, against borrowings of £6.0m. The company raised £2.9m from shareholders and paid no dividend. After the year end it replaced its loans with new bank facilities. It says debt less cash fell to £3.5m by April 2026. Management says trading in the current year remains positive. The auditor gave a clean opinion, and the directors expect the company to keep operating. They list risks including AI tools making its products commonplace.
From the reportevery line sits on the page it namesWhat drove revenueAnnual Recurring Revenue (ARR) growth to £64.5m, up £3.9m on a constant-currency basis, nearly double FY24's growth
Total Group ARR at year-end increased to £64.5 million, representing a £3.9 million increase on a constant currency basis; growth velocity nearly double FY24
page 12AndMajor multi-year enterprise contract wins and group-wide mandates with global clients standardising on Pulsar
growth fuelled largely by our ability to secure group-wide mandates with global enterprise leaders who are standardizing on Pulsar for strategic intelligence
page 12What moved the margintailwindStructural cost-rationalisation programme delivering >£7.0m annualised savings via automation and decommissioning of duplicate legacy technology
This initiative delivered over £7.0 million in annualised savings, primarily through automation and the decommissioning of duplicate legacy technology. During this transition, overall Group headcount was reduced by 22%
page 12AndtailwindAdjusted EBITDA margin improvement to 17% (2024: 15%)
Adjusted EBITDA increasing to £10.4 million (2024: £9.3 million) and Adjusted EBITDA margin rising to 17% (2024: 15%)
page 12One-offs in the year£8.1m charge: Non-recurring salary costs (restructuring/redundancy, roles exited or identified to exit)
page 24What management saidTrading remains positive for FY26, with ongoing ARR expansion and an encouraging enterprise pipeline to support the Board's ARR growth expectations for the year.
page 12After the year endOn 30 April 2026 the Group refinanced its lending facilities: new three-year £6.0m term loan (£3.6m amortising over 3 years, £2.4m repayable after 3 years) plus a new £2.0m revolving credit facility with HSBC Innovation Banking, replacing the £3.0m overdraft and £3.0m Herald Investment Trust loan in place at year end
page 161The dividendNo dividend was declared, proposed or paid in FY2025 or FY2024; the report discloses only the accounting policy for dividend recognition (recognised when payment liability established) with no amount disclosed, consistent with the Group reporting a statutory loss for the year.
page 131Going concern and the auditDirectors adopted the going concern basis after considering 24-month sensitised cash flow forecasts (new business/upsell down 3.5-4.5%, renewal rates down 3.5pp, overdraft not renewed) and post-year-end refinancing (new £6.0m term loan plus £2.0m RCF with HSBC Innovation Banking entered 30 April 2026, replacing the £3.0m shareholder loan and £3.0m overdraft). Auditor BDO LLP issued an unqualified opinion; going concern and capitalisation of software development costs were Key Audit Matters in 2024 but were no longer KAMs in 2025 (permanent facility now covers 12+ months; development cost balance no longer a significant estimate); impairment of goodwill and other intangibles remained a Key Audit Matter in both years. Group materiality was £1.205m (1.98% of revenue).
page 101The risks it names first- Economic or political disruption (pandemics, war in Ukraine/sanctions, Middle East tensions, US political change) affecting demand and operations across the Group's 10 marketsp.28
- Competitive risk - local and global competition for customers and employees in growing markets could erode revenue/profitability if not managedp.28
- Information security risk - threats/vulnerabilities to information systems could cause disruption, data breaches, fines and lost revenue (mitigated via ISO/IEC 27001:2022 and Cyber Essentials Plus)p.29
- Treasury, FX and liquidity risk - multi-currency operations, credit control dependency, and the need to project future cash requirements as an acquisitive businessp.30
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