SmartSpace withdraws FY guidance following office closures

Software provider SmartSpace withdrew its full-year guidance on Thursday after temporarily closing several offices as a result of the Covid-19 pandemic.

SmartSpace said the move was in reaction to the "unprecedented uncertainty" around the impact of Covid-19 on the global economy.

"Whilst we enjoy a degree of revenue visibility it is not possible to assess the impact it will have on the group's financial performance for the current financial year and as such, the group is withdrawing its previous guidance for the year ending 31 January 2021," said SmartSpace.

The AIM-listed group said it had taken advantage of the government's Coronavirus Job Retention Scheme to furlough 11 staff as part of an effort to mitigate the financial impact of the pandemic.

SmartSpace also said it had initiated a recruitment freeze and curtailed all discretionary spending.

As of 1100 BST, Smartspace shares had shot up 14.62% to 19.48p.