The directors present the strategic report for Ably Realtime Limited and its subsidiary companies (together “the Group” or “Ably”) for the year ended 31 January 2026.
Ably’s mission is to become the definitive realtime experience infrastructure of the internet. Our platform enables businesses to build and deliver live, interactive digital experiences – chat, data broadcast, data synchronisation, multiplayer collaboration and notifications – without the cost, complexity and risk of building and operating that infrastructure themselves.
Demand for realtime infrastructure continues to grow. Consumers and businesses increasingly expect every digital interaction to be live, and organisations that adopt realtime capabilities report improved engagement, retention and customer experience.
The emergence of AI-native applications is accelerating this shift: conversational and agentic experiences are realtime by nature, requiring low-latency, reliable, stateful connections between models, applications and end users at global scale. Ably’s platform, and the engineering capability behind it, sit directly on this structural growth trend.
The year ended 31 January 2026 was a year of significant progress. The Group returned to double-digit revenue growth, delivered a third consecutive year of gross margin improvement, substantially reduced its operating losses, diversified its revenue base geographically, and exited the year operating at EBITDA breakeven on a monthly basis – all while maintaining a stable headcount.
This performance validates the operational discipline established in the prior year and demonstrates that the business can now grow efficiently from a lean cost base.
Return to growth
The Group reported revenue of £10.5m for the year, an increase of 14% (2025: £9.2m), marking a return to growth following the deliberate consolidation of the prior year. Growth was driven by new enterprise customer acquisition and expansion within existing accounts, consistent with our subscription-based, land-and-expand go-to-market model. Importantly, this growth was achieved with average headcount unchanged at 57, demonstrating the operating leverage now inherent in the business.
Product and platform
Ably has completed its transition from a single-product company to a multi-product platform built on a proven realtime core. Our SDKs and APIs power realtime capabilities including Chat, Data Broadcast, Data Synchronisation, Multiplayer Collaboration and Notifications, delivered with low latency and industry-leading reliability – including more than seven consecutive years of 100% platform uptime. The scale of the workloads our customers entrust to the platform continues to grow: each month, more than 2 billion devices connect to Ably, generating trillions of API operations across our global edge network.
During the year we launched Ably AI Transport, our realtime infrastructure offering for AI-powered applications. AI Transport addresses the connection layer between AI models, agents and end users – streaming model responses reliably, preserving session state across networks and devices, and supporting human-agent interaction patterns at scale. The rapid growth of AI-native applications represents the most significant new realtime workload since the platform was founded, and the directors consider AI Transport to be the Group’s most important strategic investment for the coming years.
The strength of Ably’s position in this emerging market is best illustrated by the addition during the year of Fin (formerly Intercom), a global leader in AI-powered customer service, as a customer. Fin replaced its long-standing in-house realtime infrastructure with Ably to deliver realtime AI conversations at scale, supporting more than 18 million peak concurrent connections with 99.9999% delivery reliability. Wins of this nature – sophisticated, AI-first enterprises choosing Ably over infrastructure they had built and operated themselves – validate both the platform’s capabilities and the strategic direction of AI Transport. While AI-related revenue was not yet material in the year, the directors believe the opportunity is substantial and that Ably is distinctively well positioned to capture it.
Customers and markets
We continued to win new enterprise customers across a range of industries including Sports & Entertainment, Technology, Finance, Retail and Customer Experience. Account expansion remained an important driver of growth, reflecting the strength of our land-and-expand model and the growing range of use cases customers deploy on the platform.
Geographic diversification
A highlight of the year was the continued broadening of the Group’s revenue base. The Group delivered meaningful growth in Europe, the Middle East and Africa and in Asia-Pacific, driven by significant new enterprise wins in those regions, while North America remained the Group’s largest market. This increasing geographic diversification reduces the Group’s revenue concentration and demonstrates the global applicability of both the platform and our go-to-market motion.
The directors monitor the performance and position of the Group using a range of financial key performance indicators, the most significant of which are revenue growth, gross margin, operating result and cash. Performance against these measures in the year was as follows:
Revenue grew 14% to £10.5m (2025: £9.2m), a return to double-digit growth.
Gross margin improved to 70% (2025: 63%), a third consecutive year of improvement (2024: 57%), driven by continued engineering investment in platform efficiency.
Operating loss reduced by 51% to £1.6m (2025: £3.3m), and the loss for the year reduced by 42% to £1.7m (2025: £2.9m).
The Group achieved EBITDA breakeven on a monthly basis as it exited the year, delivering on the objective set out in the prior year’s report.
Deferred income grew 45% to £1.2m (2025: £0.8m), reflecting growth in committed customer subscriptions.
Cash at 31 January 2026 was £2.3m (2025: £2.3m), with the year’s substantially reduced operating losses funded almost entirely from operations.
The combination of accelerating revenue growth, a six percentage point gross margin improvement and a flat cost base delivered a £1.5m improvement in gross profit and a £1.7m reduction in operating losses year on year. This is the profile of a business approaching sustainable profitability through operating leverage rather than cost reduction alone.
Other operating income of £0.5m represents research and development expenditure credits recognised in respect of the Group’s qualifying R&D activity under the merged R&D expenditure credit scheme, reflecting the continued intensity of the Group’s investment in its technology.
Staff costs of £6.9m (2025: £6.8m) continue to represent the majority of operating expenditure, as is appropriate for a technology platform business. The Group maintained investment in product-facing teams including product, engineering and developer success throughout the year.
People and culture
Our people remain central to Ably’s success. With a stable team of 57, the focused organisational structure established in the prior year has continued to deliver clear accountability, fast decision-making and high productivity, as evidenced by the growth and product delivery achieved in the year. The Group’s flexible working policy continues to rank among the benefits most valued by our people.
Customer concentration and retention
A proportion of the Group’s revenue is derived from a relatively small number of large customers whose spend is linked to platform usage. Changes in those customers’ architectures, volumes or commercial circumstances can result in material contraction or loss of revenue. The Group mitigates this risk by broadening its customer base across geographies and industries – as demonstrated by the diversification achieved in the year – by deepening customers’ use of the platform across multiple products, and by maintaining the reliability and service quality on which customer retention depends.
Macroeconomic climate
Challenging economic conditions may constrain customer budgets and extend sales cycles. However, because Ably’s platform reduces customers’ costs, improves reliability and accelerates time to value, the directors believe the Group is well positioned even in more difficult market conditions. The Group’s achievement of monthly EBITDA breakeven, together with the credit facility secured after the year end, substantially (more information below) reduces its dependence on equity financing.
Technology and competition
The realtime infrastructure market is competitive and evolving rapidly, most notably through the rise of AI-native applications. A failure to anticipate or respond to technological change could erode the Group’s competitive position. The Group addresses this risk through sustained R&D investment and by moving early into emerging workloads, as it has done with the launch of AI Transport.
Currency and treasury risk
The Group’s global presence exposes it to foreign exchange fluctuations, with a significant proportion of revenue denominated in US dollars. The Group manages cash held in multiple currencies to reduce this exposure and maintains prudent treasury practices, including diversifying liquid assets across multiple banking partners and currencies.
The financial statements have been prepared on a going concern basis, which assumes that the Group will continue in business for the foreseeable future.
The Group delivered on the priorities set out in last year’s report: it returned to growth, further improved gross margins, and reached EBITDA breakeven on a monthly basis by the end of the year.
In the current financial year the Group has continued to operate at approximately EBITDA breakeven, and after the year end it strengthened its financial flexibility by entering into a $4.0m revolving credit facility with HSBC Innovation Banking.
Together, these place the Group in its strongest financial position for several years and materially reduces the Group's reliance on further equity funding.
From this foundation, the Group’s priorities for the coming year are to:
Scale AI Transport and establish Ably as the realtime infrastructure of choice for AI-native applications;
Continue to grow enterprise revenue across North America, EMEA and Asia-Pacific, further diversifying the revenue base;
Sustain gross margin progression through continued platform efficiency investment; and
Maintain disciplined cost management while investing selectively in the highest-return growth initiatives.
The directors are confident that the combination of a proven, profitable-at-the-margin operating model, a diversified and growing enterprise customer base, and a leading position in the emerging market for AI realtime infrastructure positions Ably to scale efficiently and build the future of realtime experiences.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 January 2026.
In accordance with Section 414C(11) of the Companies Act 2006, information relating to future developments and risk management are included in the Strategic Report.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, Moore Kingtston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Ably Realtime Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 18 to 32 form part of these financial statements.
The notes on pages 18 to 32 form part of these financial statements.
The notes on pages 18 to 32 form part of these financial statements.
The notes on pages 18 to 32 form part of these financial statements.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,706,033 (2025 - £2,480,923 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The notes on pages 18 to 32 form part of these financial statements.
The notes on pages 18 to 32 form part of these financial statements.
Ably Realtime Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 9th Floor 107 Cheapside, London, United Kingdom, EC2V 6DN.
The group consists of Ably Realtime Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption available under FRS 102 from presenting a cash flow statement. As a qualifying entity, the company is included in these consolidated financial statements, which are publicly available, and accordingly the company has not presented a company cash flow statement or related notes in these financial statements.
The consolidated group financial statements consist of the financial statements of the parent company Ably Realtime Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The group made a loss for the year of £1,673,426 (2025: £2,901,513), but is well capitalised with £2,264,832 (2025: £2,312,365) cash at bank at the balance sheet date. The group has £1,894,896 (2025: £3,488,962) of net assets and £1,888,024 (2025: £3,467,318) of net current assets available which further supports the liquidity position. After the year end it strengthened its financial flexibility by entering into a $4.0m revolving credit facility.
The group has prepared forecasts to January 2028 when it expects to become profitable on a monthly basis. The group has put together cost saving measures combined with organic sales growth. Further operational cost reductions have been made in 2026 that will provide a reduced cash burn moving forward. The forecasts have been stress tested and the results still yield a cash positive. The forecasts demonstrate sufficient cash to absorb any losses over the next 12 months and maintain cash reserves. At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for more than one year from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Research and development expenditure credit (RDEC)
Research and development expenditure credits are recognised in the statement of comprehensive income in the period to which the related qualifying expenditure relates, on an accruals basis, when receipt is considered probable and the amount can be measured reliably. The credit is recognised within operating profit as other operating income.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Differences arising upon consolidating subsidiary entities with a different functional and presentational currency to the parent company are recognised in other comprehensive income.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Judgement and estimation is required in determining the fair value of shares at the date of award. The fair value is estimated using valuation techniques which take into account the awards’ term, the risk-free interest rate and the expected volatility of the market price of the Company’s shares. Details of share-based payments and the assumptions applied are disclosed in note 18.
The research and development expenditure credit recognised in the financial statements represents the directors' best estimate of the amount receivable in respect of qualifying research and development activities undertaken during the year. Determining the credit requires judgement in identifying qualifying projects and expenditure in accordance with relevant tax legislation and HMRC guidance. The estimate has been prepared based on the directors' assessment of eligible costs, supported by historical experience of successful claims. Whilst there is inherent uncertainty due to the complexity of the legislation and the judgement involved in determining qualifying expenditure, the directors do not expect any material adjustment to the amount recognised. No material amendments have been required to claims submitted in previous years.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Share options have not been exercised by any directors in the year.
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Deferred tax is not recognised in respect of tax losses of £30,169,242 (2025: £30,708,737) as it is uncertain when they will be utilised against future taxable profits.
Details of the company's subsidiaries at 31 January 2026 are as follows:
Corporation tax recoverable relates to R&D tax credits of £408,077 (2025: £996,315).
Included within debtors of the company are amounts receivable from group undertakings that have been fully provided for amounting to £5,161,551 (2025: £5,621,601). During the year the provision decreased by £460,050 (2025: £48,484).
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Share options typically vest over 4 years from the date of the grant, 25% after 1 year, and then monthly over the following 3 years so that on the four-year anniversary of the grant, all options are fully vested.
The fair value of equity-settled share options granted is determined at the grant date using the Black‑Scholes option pricing model.
All options are equity settled. The group measures their value, and the corresponding increase in equity, by reference to the fair value of the equity instruments granted at the date at which they are granted. The expense is recognised over the vesting period.
The following table details the number and weighted average exercise prices (WAEP) of, and movements in, share options during the period.
During the year the parent company, Ably Realtime Limited, issued 11,899 Ordinary 0.1p shares at a price of £1.53 per share.
In addition, 13,488 Ordinary 0.1p shares at £1.53 were issued to individuals during the year ended 31 January 2025 but not formally registered at Companies House until the year ended 31 January 2026, and are therefore reflected in the share capital movement for the year ended 31 January 2026.
The shares above hold different capital and dividend distribution rights that can be found in the Articles of Association.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
After the year end the parent company, Ably Realtime Limited, issued 5,464 Ordinary 0.1p shares at a price of £1.53 per share.
After the year end the group entered into a $4.0m revolving credit facility. The facility is available until 31 July 2029, interest is chargeable at 4.25% plus Secured Overnight Financing Rate (SOFR) and is secured over the trade and assets of the group.
In accordance with FRS102 section 33 paragraph 33.1A the company has not disclosed transactions with wholly owned subsidiaries within the same group.
During the year the company paid £29,518 (2025: £28,384) to Cascadehill LLP for consultancy fees, a limited liability partnership of which K Wallington is a member. The amount outstanding at the year end was £8,703 (2025: £2,800).
Key management compensation for the period amounts to £421,768 (2025: £409,899).