13th Aug 2019 12:09
(Alliance News) - essensys PLC said Tuesday that revenue for its recently ended financial year saw double digit growth, fostering confidence for strong levels of future growth.
For the year to the end of July, essensys, which provides software-as-a-service platforms and cloud services, reported 25% growth in revenue at GBP20.5 million from GBP16.4 million the year before, ahead of market expectations.
Recurring revenue was GBP15.8 million, reflecting 77% of total revenue.
As a result, adjusted earnings before interest, taxes, depreciation and amortisation is expected to be no less than GBP3.8 million, up 19% from GBP3.2 million.
essensys closed the year with 318 live Connect sites, up 38% from 260, and has 45 new Connect sites contracted, with the majority to be delivered in the first half of the company's current financial year.
"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," said Chief Executive Officer Mark Furness.
essensys will publish its annual results on October 22.
Shares in essensys were up 6.4% at 174.50 pence on Tuesday in London.
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