Business
essensys Pre-Close Trading Update
essensys Pre-Close Trading Update.
About this update from Essensys Plc
[{"type":"text","content":"\n \nRNS Number : 7887I essensys PLC 13 August 2019 \n\n \n13 August 2019 \n \nessensys plc\n \n(\"essensys\" or the \"Group\")\n \n \nPre-Close Trading Update\n \nTrading ahead of market expectations. US business growing strongly.\n \n \n \nessensys 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.\n \nHighlights\n \nGroup revenue for the year was ahead of market expectations at £20.5m, an increase of 25% (FY18: £16.4m). Recurring revenue was £15.8m, representing 77% of Group revenue. \n \nAdjusted EBITDA1 is anticipated to be at least in line with market expectations at not less than £3.8m (2018: £3.2m).\n \nAnnual Recurring Revenue (ARR) run-rate as at 31 July 2019 was £17.3m, an increase of 27% on July 2018 (£13.6m). \n \nThe 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. \n \nThe Group's US business continues to grow strongly with year-on-year recurring revenue increasing 67% to £5.5m from £3.3m in FY18.\n \nNet cash at year end was £2.7m with the Group now being debt free following its IPO.\n \nOutlook\n \nThe 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. \n \n \nMark Furness, CEO commented:\n \n\"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.\n \nWe are delighted to provide a strong first trading update and we look ahe...