Essensys FY revenues grow, EBITDA in line with expectations
Software-as-a-service Essensys said on Tuesday that full-year group and recurring revenues increased, leading to an in line adjusted underlying earnings performance.
Full-year group earnings were up 9% at £22.4m, while recurring revenues increased 18% year-on-year to £19.3m to make up 86% of total revenues.
As a result, the AIM-listed group said adjusted underlying earnings were now expected to be in line with market expectations.
Essensys said it remains confident in its future growth prospects despite uncertainty associated with he Covid-19. pandemic, underpinned by long-term structural drivers, its high proportion of contracted recurring revenue and good pipeline visibility.
Chief executive Mark Furness said: "Our performance in FY20 underlines the resilience of our business model and the long-term nature of our underlying growth drivers.
"This reflects two key factors; the continuation of supportive long-term industry trends, with the expansion of our customer base and new customer sites, and the accelerated migration of traditional real estate operators into the flexible workspace market."
As of 1140 BST, Essensys shares were up 3.13% at 154.70p.