Smartspace FY underlying losses seen lower than market expectations

Software firm Smartspace said on Tuesday that full-year adjusted underlying losses were set to be slightly less than expectations.

Smartspace said adjusted LBITDA for the twelve months ended 31 January was expected to be no more than £2.5m, better than expected but still wider than the £2.1m reported at the same time a year earlier.

On the other hand, full-year revenues improved 15% year-on-year to £5.3m, with annual recurring revenues increasing 64% to £4.9m. Recurring revenues were 50% higher at £3.6m.

Chief executive Frank Beechinor said: "We are encouraged by the strong growth in ARR and ARPU, despite the work from home policies which persisted in the UK and USA until recently. In other markets, such as Australia, we have seen a strong resurgence since coming out of lockdown in the Autumn.

"The recent push to return to the office has seen a significant pick up in orders and movement in our sales pipeline, in particular in the UK."

SmartSpace expects to announce its full-year results in May.

As of 1310 GMT, Smartspace shares were up 6.06% at 70.0p.