Overview

Ledger is an invented subscription business; every figure below is computed from its billing history by the database, not stored anywhere as a total.

Overview

Twenty-four months to 31 Jul 2026. Ledger is an invented subscription business; every figure below is computed from its billing history by the database, not stored anywhere as a total.

Monthly recurring revenue: £3,439,147; +2.5% on the month
Active customers: 2,931; +77 on the month
Net movement: +£83,063; in July 2026
Revenue churn: 1.7%; 57 accounts lost

Recurring revenue

£0
£1,000,000
£2,000,000
£3,000,000
£4,000,000

+£200,000
£0

Aug 2024
Nov 2024
Feb 2025
May 2025
Aug 2025
Nov 2025
Feb 2026
May 2026
Jul 2026

MRR grew from £818,365 to £3,439,147 over 24 months, and net movement was positive in every one of them. Growth is decelerating even so: month on month it fell from 11.3% early in the window to 2.5% at the end, which is the bend in the line rather than anything the totals show.

View the 24 monthly figures as a table

Closing monthly recurring revenue, net movement, active customers, new customers and churned customers, for each month of the report window.
Month	Closing MRR	Net movement	Customers	New	Churned
Aug 2024	£818,365	+£34,621	891	57	23
Sept 2024	£910,966	+£92,601	998	123	17
Oct 2024	£1,025,500	+£114,534	1,101	125	22
Nov 2024	£1,090,569	+£65,069	1,172

Where the change came from

Dec 2024	£1,147,916	+£57,347	1,202	61	32

Jan 2025	£1,248,449	+£100,533	1,287	119	37

Feb 2025	£1,347,850	+£99,401	1,373	121	35

Mar 2025	£1,456,784	+£108,934	1,461	124	37

Apr 2025	£1,553,881	+£97,097	1,527	111	47

May 2025	£1,649,616	+£95,735	1,591	95	35

Jun 2025	£1,734,428	+£84,812	1,665	104	30

Jul 2025	£1,817,565	+£83,137	1,728	98	37

Aug 2025	£1,929,598	+£112,033	1,793	104	40

Sept 2025	£2,023,219	+£93,621	1,900	149	44

Oct 2025	£2,153,609	+£130,390	2,011	145	34

Nov 2025	£2,321,606	+£167,997	2,114	143	43

Dec 2025	£2,402,646	+£81,040	2,164	89	40

Jan 2026	£2,595,685	+£193,039	2,318	183	33

Feb 2026	£2,737,010	+£141,325	2,444	174	53

Mar 2026	£2,903,548	+£166,538	2,563	161	45

Apr 2026	£3,060,815	+£157,267	2,678	167	55

May 2026	£3,217,550	+£156,735	2,780	153	53

Jun 2026	£3,356,084	+£138,534	2,854	121	50

Jul 2026	£3,439,147	+£83,063	2,931	130	57

View the 24 months of movement as a table

Revenue movement by kind for each month: new, expansion, reactivation, contraction and churn, with the net for the month.
Month	New	Expansion	Reactivation	Contraction	Churn	Net
Aug 2024	+£31,873	+£19,261	+£19	−£1,066	−£15,466	+£34,621
Sept 2024	+£77,197	+£27,022	+£225	−£1,693	−£10,150	+£92,601
Oct 2024	+£96,889	+£27,672	£0	−£2,220	−£7,807	+£114,534
Nov 2024	+£58,768	+£23,811	+£360	−£3,616	−£14,254	+£65,069
Dec 2024	+£42,477	+£33,114	+£38	−£2,099	−£16,183	+£57,347
Jan 2025	+£72,345	+£40,257	+£616	−£569	−£12,116	+£100,533
Feb 2025	+£85,359	+£31,388	£0	−£2,709	−£14,637	+£99,401
Mar 2025	+£98,865	+£30,657	+£19	−£1,974	−£18,633	+£108,934
Apr 2025	+£71,534	+£42,196	+£1,443	−£4,488	−£13,588	+£97,097
May 2025	+£65,333	+£44,856	+£957	−£2,728	−£12,683	+£95,735
Jun 2025	+£69,461	+£37,168	£0	−£3,589	−£18,228	+£84,812
Jul 2025	+£73,571	+£41,441	+£379	−£9,998	−£22,256	+£83,137
Aug 2025	+£88,700	+£44,093	+£360	−£3,050	−£18,070	+£112,033
Sept 2025	+£110,123	+£47,136	+£57	−£4,456	−£59,239	+£93,621
Oct 2025	+£98,411	+£46,343	£0	−£6,586	−£7,778	+£130,390
Nov 2025	+£127,930	+£57,275	+£301	−£6,156	−£11,353	+£167,997
Dec 2025	+£64,789	+£47,408	+£765	−£2,005	−£29,917	+£81,040
Jan 2026	+£147,969	+£52,723	+£13,810	−£4,781	−£16,682	+£193,039
Feb 2026	+£114,076	+£51,355	+£2,300	−£4,483	−£21,923	+£141,325
Mar 2026	+£123,366	+£67,257	+£2,924	−£6,386	−£20,623	+£166,538
Apr 2026	+£130,853	+£61,388	+£720	−£8,884	−£26,810	+£157,267
May 2026	+£123,673	+£79,967	+£379	−£11,004	−£36,280	+£156,735
Jun 2026	+£110,624	+£60,981	+£95	−£7,716	−£25,450	+£138,534
Jul 2026	+£90,285	+£58,083	+£1,530	−£10,603	−£56,232	+£83,063