22nd Oct 2019 11:08
(Alliance News) - essensys PLC said Tuesday that it swung to a pretax loss for the year ended July 31, despite growth in revenue and customer numbers.
The company, which provides software-as-a-service platforms to the workspace industry, reported a GBP1.4 million pretax loss for financial 2019, compared with GBP416,000 profit a year ago. The loss was attributed to GBP1.5 million costs relating to the company's initial public offering in May and a share based payment expense.
Stripping out exceptional costs, pretax profit jumped year-on-year to GBP1.1 million from GBP400,000. Adjusted earnings before interest, taxes, depreciation and amortisation for financial 2019 rose to GBP4.2 million from GBP3.2 million a year ago.
The company reported 26% growth in annual revenue to GBP20.6 million from GBP16.4 million from a year before, which was primarily driven by an increase in the group's US business.
essensys Chief Executive Mark Furness said: "Growth in our existing customer base underpins future resilience and growth. This, aligned to a strengthening market backdrop and an encouraging pipeline from new customer wins, supports the board's confidence in further progress in the 2020 financial year."
essensys shares were up 5.1% in London at 166.00 pence each on Tuesday morning.
By Loreta Juodagalvyte; [email protected]
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