Essensys plc has released its first pre-close trading update after completing an IPO earlier this year.
The leading global provider of mission critical software-as-a-service 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.
Group revenue for the year was ahead of market expectations at £20.5m, an increase of 25%. Recurring revenue was £15.8m, representing 77% of Group revenue.
The continued expansion of essensys’ 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.
“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.”
The Group intends to announce its final results for the year ended 31 July 2019 on 22 October 2019.