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Ingenta Slumps as Top Customer Drops Contracts

Ingenta says its largest customer will not renew two contracts worth about £2m of this year's revenue, while the board pivots towards artificial intelligence. The shares are down by a fifth today.

Ingenta (LON: ING), the Oxford-based publisher of content delivery and rights-management software, said its largest customer will not renew two contracts worth about £2m of FY26 revenue. The AIM-listed company paired the news with an AI-led refocus and board changes.

The shares last traded at 53p in late-session trading today, down 20.3% from yesterday’s close of 66.5p, after opening at 58p. The market is still open, so that is not a close. It is below every close since the start of May, and volume of 389,975 compares with a recent typical day of 10,000 to 30,000.

In its stock exchange announcement, Ingenta said the two contracts will not be renewed on expiry into 2027. The customer had told the company in June that it intended to move away from one legacy platform, an older software product still sold, and has now confirmed that takes effect from the end of this year.

The company says the impact relates to FY27 and beyond and is already in its planning. The Board expects the loss to be largely offset by efficiency savings and AI-based refocusing of the business in 2027, though it gives no figure for either.

The news is a confirmation rather than a surprise. The shares fell from 84.5p to 63p on the 25th of June, the same month the customer first signalled its intention. What is new is the end-of-year timing and the £2m figure.

Ingenta share price chart from May to November 2026, showing a sharp drop in late June and a deeper one on 12 November, leaving the price at its lowest level of the period.
Ingenta (ING.LSE) share price, 1 May–12 Nov 2026. The 12 Nov figure is a late-session price, not a close.

Dr Dan Brown, chairman of FirstAida, the AI software company in which Ingenta owns 24.9%, becomes deputy chairman immediately to apply AI across the business. Greg Healey, a former private equity partner who spent seven years in M&A at Lazard, joins as interim chief operating officer.

Adjusted EBITDA, profit before interest, tax and one-offs, remains in line with expectations for FY26. Chairman Martyn Rose pointed to the balance sheet:

Over 90% of remaining Group revenue is recurring, we have cash in excess of £4.6m and no debt.

Martyn Rose, Ingenta

The cash figure is as at the 30th of June. The AI offset is unproven: FirstAida has several customers engaged but not yet paying, and its first commercial contracts are expected in the fourth quarter of 2026.

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