Tony Sheehan
Chief Executive Officer
[Audio Gap] I’m joined by Tom Russell, Executive Director. Similar to our usual webinar format, Tom and I will run through a presentation and then take Q&A at the end. We’ve received a lot of questions ahead of the webinar. So we will run through the presentation pretty quickly today, touching on the key highlights for Q4 and the outlook before responding to all the questions we have received. If you have any questions during the webinar, please submit them through the chat function that’s available.
Slide 2, I’m going to skip through this slide. We’ve been through it numerous times over the course of our webinars. I think the only key update really to take away here: Vertexon, 83% of FY ’26 revenue, with PaySim generating the remaining 17%.
In terms of key highlights, so continued revenue growth in Q4 as we delivered revenue of $4.6 million up 16% on prior year. FY ’26 revenue was up 21% on FY ’25 with 73% of revenue derived from recurring sources, which provides a very solid base of revenue to grow from. From a revenue perspective, we have more than doubled the size of the business over the last 3 years, delivering a 3-year CAGR of 28%. Underlying EBITDA for the quarter was $800,000, taking total FY ’26 underlying EBITDA to $3.3 million, a 17-fold increase over FY ’25.
The operating leverage we’ve spoken about, the combination of revenue growth and a stable fixed cost base has driven a materially improved bottom line performance during the year. Tom will cover this in more detail, but we have realized significant gross margin expansion