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Smartspace Software PLC on Tuesday said it has made good progress annually, despite challenging macroeconomic factors and an inflationary environment.
Smartspace is a Bury St. Edmunds, England-based SaaS-based technology business, which designs and builds smart software solutions. Shares in the company were trading 18% higher at 49.67 pence each in London on Tuesday morning.
For the year ended January 31, the company saw revenue of £7.0 million, up 36% from £5.1 million a year prior. It also noted continued momentum in annual recurring revenue, up 26% to £5.8 million from £4.9 million.
During the period, its SwipedOn business reported an annual recurring revenue increase of 29% to £5.0 million, from £4.2 million last year. The company increased its location size to 8,298 from 7,076, and is now ‘well advanced’ on preparations to launch in China, Hong Kong, and Taiwan.
As at January 31, the group had net cash of £1.6 million, unchanged from £1.6 million on September 30. It was cash flow break-even for the final four months of the year.
Chief Executive Officer Frank Beechinor said that the company had more churn than it would have liked from its Space Connect base.
However, he noted that customers were purchasing solutions to implement their space optimisation policies, ‘which ultimately will lead to ’stickier’ customers’.
‘Even despite the economic headwinds and market turmoil, we believe that we are in a good place and on track to ensure we achieve sustained growth for the business going forward. I look forward to providing a further update in May,’ Beechinor added.
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