Actuals from Power BI (Datapack (demo)), last pulled 25 Oct 2026, 20:14, 12 figures.
Click any figure to see what it is made of. See the Direct Debit forecast by market.
Active users by month
NWES · actual, then forecast, against budget · click a bar
Revenue per active user
NWES · Xero revenue divided by active users, then the forecast · click a point
What moved fee revenue against budget
NWES · May-26 to Sep-26 · £k · fee revenue is active users × withdrawals per active user × fee per withdrawal · actual from Xero, budget from the KPI file · click a figure
| Budget fee revenue | 782.8 |
| Active users | +6.4 |
| Withdrawals per active user | +2.8 |
| Fee per withdrawal | 0.0 |
| Actual fee revenue | 792.0 |
| Against budget | +9.2 |
Each month is split on its own and the months are added up, so the three effects always add up to the variance. Subscription and other revenue are left out.
KPIs by month
NWES · actuals, then the forecast (shaded) · the year against the KPI budget · money in £k, fees in £
| KPI | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 | Oct-26 | Nov-26 | Dec-26 | Jan-27 | Feb-27 | Mar-27 | Apr-27 | FY27 | Budget | Variance |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Live clients | 270 | 272 | 275 | 278 | 282 | 288 | 294 | 302 | 305 | 309 | 312 | 315 | 315 | 337 | −21.7 |
| Eligible employees | 324,191 | 323,678 | 326,856 | 330,502 | 334,544 | 341,671 | 348,799 | 358,302 | 362,258 | 366,213 | 370,169 | 374,125 | 374,125 | 404,994 | −30,869 |
| Registered users | 115,412 | 115,877 | 117,668 | 119,642 | 121,774 | 125,036 | 128,316 | 132,475 | 134,649 | 136,835 | 139,033 | 141,244 | 141,244 | 143,368 | −2,124 |
| Monthly active logins | 78,480 | 78,796 | 80,015 | 81,356 | 82,807 | 85,025 | 87,255 | 90,083 | 91,561 | 93,048 | 94,543 | 96,046 | 86,585 | 86,559 | +25.2 |
| Active users | 47,088 | 47,755 | 48,494 | 49,307 | 50,186 | 51,533 | 52,885 | 54,599 | 55,495 | 56,396 | 57,302 | 58,213 | 52,438 | 51,936 | +502 |
| Withdrawals | 121,903 | 116,372 | 122,734 | 126,866 | 121,339 | 129,194 | 132,584 | 136,881 | 139,127 | 141,385 | 143,657 | 145,941 | 1,577,982 | 1,558,067 | +19,915 |
| Value withdrawn | £6,704.7k | £6,400.5k | £6,750.4k | £6,977.6k | £6,673.6k | – | – | – | – | – | – | – | £33,506.8k | £85,693.7k | −£52,186.9k |
| Fee per withdrawal | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | −£0.00 |
| Fee revenue | – | – | – | – | – | £168.0k | £172.4k | £177.9k | £180.9k | £183.8k | £186.8k | £189.7k | £1,259.4k | – | – |
| Headcount | 17.1 | 17.2 | 17.4 | 17.6 | 17.8 | – | – | – | – | – | – | – | 17.8 | – | – |
Totals follow each KPI: withdrawals and money add up over the months, active users and fees are averaged (fees weighted by withdrawals), and live clients, eligible and registered users are the last month's figure. Figures in italics are FP&A estimates for closed months with no actual loaded yet.
Budget by month
NWES · as loaded in the KPI file
| KPI | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 | Oct-26 | Nov-26 | Dec-26 | Jan-27 | Feb-27 | Mar-27 | Apr-27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Live clients | 288 | 284 | 289 | 300 | 303 | 304 | 311 | 322 | 313 | 336 | 320 | 337 |
| Eligible employees | 345,678 | 340,503 | 346,235 | 360,432 | 363,812 | 364,348 | 373,218 | 386,751 | 375,422 | 403,731 | 383,628 | 404,994 |
| Registered users | 114,765 | 113,728 | 116,335 | 121,826 | 123,696 | 124,607 | 128,387 | 133,816 | 130,647 | 141,306 | 135,037 | 143,368 |
| Monthly active logins | 78,040 | 77,335 | 79,108 | 82,842 | 84,113 | 84,733 | 87,303 | 90,995 | 88,840 | 96,088 | 91,825 | 97,490 |
| Active users | 46,824 | 46,401 | 47,465 | 49,705 | 50,468 | 50,840 | 52,382 | 54,597 | 53,304 | 57,653 | 55,095 | 58,494 |
| Withdrawals | 117,061 | 116,002 | 118,663 | 124,262 | 126,170 | 127,100 | 130,954 | 136,492 | 133,259 | 144,132 | 137,737 | 146,235 |
| Value withdrawn | £6,438.4k | £6,380.1k | £6,526.5k | £6,834.4k | £6,939.4k | £6,990.5k | £7,202.5k | £7,507.1k | £7,329.2k | £7,927.3k | £7,575.5k | £8,042.9k |
| Fee per withdrawal | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 |
Unit economics
NWES · KPIs next to the P&L: Xero actuals, then the best guess and the KPI forecast (shaded) · a dash means a figure is missing
| Measure | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 | Oct-26 | Nov-26 | Dec-26 | Jan-27 | Feb-27 | Mar-27 | Apr-27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (£k) | 158.5 | 151.3 | 159.6 | 164.9 | 157.7 | 162.5 | 167.2 | 177.9 | 180.9 | 183.8 | 186.8 | 189.7 |
| Gross margin (£k) | 137.7 | 131.4 | 138.6 | 144.0 | 137.0 | 141.5 | 146.0 | 155.4 | 158.0 | 160.5 | 163.1 | 165.7 |
| Adoption (registered / eligible) | 35.6% | 35.8% | 36.0% | 36.2% | 36.4% | 36.6% | 36.8% | 37.0% | 37.2% | 37.4% | 37.6% | 37.8% |
| Logging in (MAU / registered) | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% |
| Transacting (active / MAU) | 60.0% | 60.6% | 60.6% | 60.6% | 60.6% | 60.6% | 60.6% | 60.6% | 60.6% | 60.6% | 60.6% | 60.6% |
| Activity (active / registered) | 40.8% | 41.2% | 41.2% | 41.2% | 41.2% | 41.2% | 41.2% | 41.2% | 41.2% | 41.2% | 41.2% | 41.2% |
| Withdrawals per active user | 2.6 | 2.4 | 2.5 | 2.6 | 2.4 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| Average withdrawal (value / withdrawals) | £55.00 | £55.00 | £55.00 | £55.00 | £55.00 | – | – | – | – | – | – | – |
| Revenue per withdrawal | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 |
| Revenue per active user | £3.37 | £3.17 | £3.29 | £3.34 | £3.14 | £3.26 | £3.26 | £3.26 | £3.26 | £3.26 | £3.26 | £3.26 |
| Direct cost per withdrawal | £0.17 | £0.17 | £0.17 | £0.17 | £0.17 | – | – | – | – | – | – | – |
| Staff cost per head | £2,979 | £2,939 | £2,914 | £2,900 | £2,843 | – | – | – | – | – | – | – |
Ratios in closed months use FP&A's estimates where a funnel figure has no actual yet. Revenue per withdrawal uses Xero fee revenue: accounts 200. In forecast months it uses the KPI forecast's own revenue. Costs per unit are shown as positive amounts and are actuals only.
Forecast check: what the forecast assumes
NWES · Direct revenue · Oct-26 to Apr-27 · £k · best guess as every page shows it: FP&A forecast (demo) for Oct-26 to Nov-26, then KPI drivers with the KPI forecast · the KPI forecast and the run-rate drivers run the driver tree on the default drivers, with and without the loaded KPI forecast · click a tree figure for its maths
| Month | Best guess | KPI forecast | Run-rate drivers |
|---|---|---|---|
| Oct-26 | 162.5 | 168.0 | 166.4 |
| Nov-26 | 167.2 | 172.4 | 169.3 |
| Dec-26 | 177.9 | 177.9 | 172.1 |
| Jan-27 | 180.9 | 180.9 | 175.0 |
| Feb-27 | 183.8 | 183.8 | 177.9 |
| Mar-27 | 186.8 | 186.8 | 180.8 |
| Apr-27 | 189.7 | 189.7 | 183.8 |
| Oct-26 to Apr-27 | 1,248.8 | 1,259.4 | 1,225.4 |
| Gap to best guess | – | +10.6 (+0.9%) | −23.4 (−1.9%) |
- Best guess needs 58,200 active users by Apr-27 against 50,200 in Sep-26 (+16%), implied at today's 2.5 withdrawals per active user and £1.30 a withdrawal.
- KPI forecast has 58,200 active users by Apr-27 against 50,200 in Sep-26 (+16%), at 2.5 withdrawals per active user and £1.30 a withdrawal.
- Run-rate drivers reach 56,400 active users by Apr-27 against 50,200 in Sep-26 (+12%), at 2.5 withdrawals per active user and £1.30 a withdrawal.
Fee revenue check
NWES · what withdrawals imply against Xero fee revenue · no month flagged · flagged when Xero is short by more than 5% and £2,000
| May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 | |
|---|---|---|---|---|---|
| Withdrawals | 121,903 | 116,372 | 122,734 | 126,866 | 121,339 |
| Fee per withdrawal | £1.30 | £1.30 | £1.30 | £1.30 | £1.30 |
| Implied fee revenue | £158.5k | £151.3k | £159.6k | £164.9k | £157.7k |
| Xero fee revenue | £158.5k | £151.3k | £159.6k | £164.9k | £157.7k |
| Gap | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) |