essensys PLC Trading Statement (2715D)
February 18 2020 - 2:00AM
UK Regulatory
TIDMESYS
RNS Number : 2715D
essensys PLC
18 February 2020
18 February 2020
essensys plc
("essensys" or the "Group")
Trading Update for the six months ended 31 January 2020
Strong sales momentum and continued US expansion
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 trading update for the half year ended 31 January
2020.
Highlights
Group revenue for the half year was in line with management
expectations at GBP11.4m, an increase of 19% (H1 FY19: GBP9.6m).
Recurring revenue was GBP9.7m, a 29% increase year on year (H1
FY19: GBP7.5m), representing 85% of Group revenue.
Annual Recurring Revenue (ARR) run rate as at 31 January 2020
was GBP19.7m, an increase of 28% on January 2019 (GBP15.4m). Strong
growth in the Group's US business continues with half year
recurring revenue increasing 52% to GBP3.8m from GBP2.5m in H1
FY19.
The Group closed the half year with 400 live Connect sites, an
increase of 32% year-on-year (303 as at 31 January 2019). The Group
currently has an additional 40 new Connect sites contracted for
delivery.
Adjusted EBITDA(1) is anticipated to be in line with management
expectations at approximately GBP1.8m (H1 FY19: GBP2.0m). Adjusted
EBITDA for H1 FY20 was, as expected, lower than H1 FY19 (which was
pre-IPO) due to the full year effect of the additional investment
in sales and marketing, product development and the expansion of
the Group's US operations in the run up to the IPO and in the early
part of H1 FY20.
Net cash at half year end was slightly ahead of management
expectations at GBP1.7m.
Mark Furness, CEO commented:
"I am pleased to report continued good progress across our
business, with strong sales momentum and a rapidly expanding US
business underpinning our long-term growth ambitions.
"This strong H1 performance, supported by the number of
contracted new Connect sites currently in delivery and a healthy
pipeline underpins the Board's confidence that full-year results
will be in line with market expectations."
Notice of Results
The Group intends to announce its interim results for the half
year ended 31 January 2020 on 24 March 2020.
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
Peter Steel / Harry Gooden / George Tzimas
/ Harry Mills
FTI Consulting
Jamie Ricketts / Ellie Sweeney / Debbie +44 (0)20 3727
Oluwaseyi Sonaike / Talia Jessener 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
TSTEAPAXFLKEEFA
(END) Dow Jones Newswires
February 18, 2020 02:00 ET (07:00 GMT)
Essensys (LSE:ESYS)
Historical Stock Chart
From May 2024 to Jun 2024
Essensys (LSE:ESYS)
Historical Stock Chart
From Jun 2023 to Jun 2024