FreeAgent set to meet full-year expectations

Cloud-based software-as-a-service accounting technology company FreeAgent Holdings updated the market on its trading for the year ended 31 March on Thursday, ahead of its final results.

The AIM-traded firm said that, for the full year, the board expected to report both revenue and annualised committed monthly recurring revenue in line with market expectations at £8.0m and £8.6m respectively.

Both the adjusted EBITDA loss and period end net cash were expected to be “comfortably better” than current market expectations.

The group's gross profit margin also remained above 80%, the board reported.

“FreeAgent has made good progress on all fronts post IPO and trading has been in line with expectations,” said group chief executive officer Ed Molyneux.

“We are making progress in developing both existing and new sales channels and remain confident that the group is well positioned for continued strong growth.”