Highlights

  • Janison reported FY26 Revenue of A$48.1 million, a 3% reported rise and 12% higher on an underlying basis.
  • The net loss after tax narrowed to A$5.8 million while Operating Cash Flow rose 23% to A$3.7 million.
  • Annualised Recurring Revenue reached A$31.7 million at June 2026, representing 66% of total group revenue for the year.
  • Management expects upfront Scotland contract Investment to weigh on FY27 operating EBITDA before the programme reaches steady state.

Janison Education Group (ASX:JAN) has opened a new national market, signing on 21 August 2026 as principal technology subcontractor to UK-based NFER for Scotland's national assessments. The contract carries a total value of about A$14.2 million over an initial four-year term and supports Scotland's first national government assessment programme.

The win landed days before the digital assessment provider released its results for FY26, the year to 30 June 2026 as it works through its FY26 to FY28 plan to innovate, reposition and scale.

Underlying Revenue Climbs While the Loss Narrows

Revenue rose 3% to A$48.1 million from A$46.8 million. Excluding A$3.9 million of non-recurring FY25 venue hire and paper-based testing revenue from the NSW Department of Education, underlying revenue grew 12%.

Gross profit reached A$26.8 million with the gross Margin steady at 56%, while operating expenses increased 5% to A$24.0 million. Operating EBITDA eased to A$2.9 million from A$3.1 million, and reported EBITDA was A$1.7 million. The net loss after tax narrowed to A$5.8 million, helped by the absence of a A$4.7 million tax expense booked in FY25.

Janison finished the year debt-free with A$11.2 million in cash, up from A$10.6 million, including about A$2 million of advance client receipts expected to unwind in H1 FY27.

New Government Programmes Reshape the Platform Division

The Platform division generated A$31.7 million in revenue, with Janison Insights up 7% to A$29.3 million, although divisional EBITDA fell 37% to A$1.1 million. The Product division, which includes the ICAS, AAS and QATs assessment brands, lifted revenue 2% to A$16.4 million, improved its gross margin by three percentage points to 67% and grew EBITDA 24% to A$1.8 million.

Janison secured about A$23 million in new total contract value during FY26, led by a five-year, A$21 million programme with the New Zealand Ministry of Education covering Years 3 to 10. It also won its first Western Australian programme and a three-year contract with Victoria's Building and Plumbing Commission.

Delivery was not without setbacks. Disruptions affected scheduled NAPLAN 2026 and CA ANZ assessments, including a pause of about two hours on the first NAPLAN testing day. Management said it has strengthened programme governance and partner protocols.

FY27 Outlook Balances Contract Growth Against Mobilisation Costs

Janison has not issued numerical FY27 guidance. It expects revenue growth from a full year of the New Zealand and Western Australian programmes alongside NAPLAN 2027 and CA ANZ, subject to contract timing. Upfront set-up spending for Scotland is expected to weigh on FY27 operating EBITDA and cash, with the contract expected to become margin accretive at steady state.

Mobilisation for Scotland and New Zealand is to be funded from operations, and the company expects Operating Leverage to build from FY28. Its platform pipeline stood at about A$24 million in August 2026, with typical conversion lead times of 12 to 18 months. The hybrid AGM is scheduled for 11 November 2026 in Sydney. Shares were unchanged at A$0.099 on 2 November 2026, giving a Market Capitalisation of A$25.73 million, and were down 55% over 12 months.