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(Alliance News) - SmartSpace Software PLC on Tuesday said it recorded full-year revenue growth in financial 2022 due to a "strong" performance in its SwipedOn and Space Connect businesses.
In response, shares were up 6.1% at 70.00 pence each on Tuesday midday in London.
The Suffolk, England-based software company registered full-year revenue growth of 15% to GBP5.3 million for the year ended January 31 from GBP4.6 million the year before.
The company's annual recurring revenue increased by 64% to GBP4.9 million as of January 31 from GBP3.0 million on the same date a year prior.
SmartSpace recorded recurring revenue of GBP3.6 million, up 50% from GBP2.4 million the year before.
Adjusted loss before interest, tax, depreciation, and amortization is expected to come in at more than GBP2.5 million, at least a 19% rise from GBP2.1 million the year prior. This would also be "slightly" ahead of market expectations, it added.
The software company attributed its performance to "strong growth" in its SwipeOn and Space Connect businesses.
The monthly average revenue per user in SmartSpace's SwipedOn arm increased by 58% to GBP75 from GBP48, year-on-year.
In its Space Connect business annual recurring revenue more than multiplied to GBP610,000 in the year from GBP160,000, driven by the "continued strong progress from its reseller channels."
"Both SwipedOn and Space Connect have continued to achieve strong growth since our last two trading updates in October 2021 and January 2022. We are encouraged by the strong growth in annual recurring revenue and average revenue per user, despite the work from home policies which persisted in the UK and US until recently," Chief Executive Frank Beechinor commented.
Looking ahead, the company plans to focus on delivering continued growth in annual recurring revenue and average revenue per user.
"Our focus remains on becoming a leading, global workplace optimisation SaaS business, delivering continued growth in annual recurring revenue and average revenue per user. Our launch of SwipedOn in South Korea is imminent and we will report further on this in due course," he added.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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