essensys PLC essensys Pre-Close Trading Update (7887I)
August 13 2019 - 1:00AM
UK Regulatory
TIDMESYS
RNS Number : 7887I
essensys PLC
13 August 2019
13 August 2019
essensys plc
("essensys" or the "Group")
Pre-Close Trading Update
Trading ahead of market expectations. US business growing
strongly.
essensys plc (AIM:ESYS), the leading global provider of mission
critical software-as-a-service (SaaS) platforms and on-demand cloud
services to the flexible workspace industry is pleased to announce
an unaudited pre-close trading update for the financial year ended
31 July 2019.
Highlights
Group revenue for the year was ahead of market expectations at
GBP20.5m, an increase of 25% (FY18: GBP16.4m). Recurring revenue
was GBP15.8m, representing 77% of Group revenue.
Adjusted EBITDA(1) is anticipated to be at least in line with
market expectations at not less than GBP3.8m (2018: GBP3.2m).
Annual Recurring Revenue (ARR) run-rate as at 31 July 2019 was
GBP17.3m, an increase of 27% on July 2018 (GBP13.6m).
The Group closed the financial year with 358 live Connect sites,
an increase of 38% year-on-year (260 as at 31 July 2018), and has
an additional 45 new Connect sites contracted with the majority of
these to be delivered in H1 FY20.
The Group's US business continues to grow strongly with
year-on-year recurring revenue increasing 67% to GBP5.5m from
GBP3.3m in FY18.
Net cash at year end was GBP2.7m with the Group now being debt
free following its IPO.
Outlook
The continued expansion of our services to existing customers as
well as an increase in the number of new customer wins further
supports the Board's high degree of confidence that the Group will
continue to deliver strong levels of future growth.
Mark Furness, CEO commented:
"2019 has been an important and exciting year for essensys. We
have a simple vision - to power the world's largest community of
tech driven flexible workspaces. This is supported by a clear
strategy to land, expand and grow, and we see exciting
opportunities ahead in the high growth flexible workspace industry.
Our successful IPO in May gives us a strong platform to accelerate
the execution of our plans and deliver on our vision.
We are delighted to provide a strong first trading update and we
look ahead with confidence based on excellent pipeline visibility
and good early progress with our plans to broaden and deepen our
customer base, extend our geographic reach and accelerate product
development."
Notice of Results
The Group intends to announce its final results for the year
ended 31 July 2019 on 22 October 2019.
Notes
(1) Adjusted for IPO costs and share option charges
The information contained within this announcement is deemed to
constitute inside information for the purposes of article 7 of the
market abuse regulation (EU) no. 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
For further information, please contact:
+44 (0)20 3102
essensys plc 5252
Mark Furness, Chief Executive Officer
Alan Pepper, Chief Financial Officer
+44 (0)20 7496
N+1 Singer (Nominated Adviser and Broker) 3000
Richard Lindley / Harry Gooden / George
Tzimas / Harry Mills
FTI Consulting
Jamie Ricketts / Ellie Sweeney / Shamma +44 (0)20 3727
Kelly / Debbie Oluwaseyi Sonaike 1000
About essensys plc
essensys is the leading global provider of mission-critical SaaS
platforms and on-demand cloud services to the high growth flexible
workspace industry. essensys' software was specifically designed
and developed to help solve the complex operational challenges
faced by multi-site flexible workspace operators as they grow and
scale their operations. The Group's technology allows operators to
deliver a range of differentiated, flexible and customer-specific
services to a broad base of tenants across multiple locations and
helps operators to manage the cost, operational and technological
challenges they typically encounter.
essensys' two SaaS platforms, Connect and Operate, address these
complex operational challenges, and reduce costs by simplifying the
day-to-day management of flexible workspaces and the provision of
on-demand IT, technology and infrastructure services to tenants.
essensys' platforms automate key tasks and processes and help
flexible workspace providers deliver highly efficient,
customer-centric workspace solutions and member experiences with
enterprise class services.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTDLLFFKVFBBBE
(END) Dow Jones Newswires
August 13, 2019 02:00 ET (06:00 GMT)
Essensys (LSE:ESYS)
Historical Stock Chart
From Apr 2024 to May 2024
Essensys (LSE:ESYS)
Historical Stock Chart
From May 2023 to May 2024