Essensys FY actual currency revenue and EBITDA in line with expectations

Revenue, at actual currency, was in line at £22.0m, down from £22.5m a year earlier, with recurring revenue representing 87% of total income at £19.1m.

On a constant currency basis, group revenues increased 2% to £22.9m and recurring revenue increased from £19.4m to £19.8m.

During the year, Essensys stated it had continued to deliver new customer sites and closed the financial year with 474 live Connect sites, an increase of 13% year-on-year, and has an additional 28 new sites contracted.

Chief executive Mark Furness said: "Essensys has made great progress this year, delivering results in line with expectations, continued growth in recurring revenues, and the addition of a number of new strategic customers. This reflects the long-term structural drivers for flexible real estate offerings, which have been accelerated by Covid-19.

"We have a clear plan to capture this market opportunity, reflected in our recent placing to raise £32.0m and early progress with our expansion in Asia Pacific."

As of 1010 BST, Essensys shares were down 1.28% to 302.08p.