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Smartspace Software PLC on Tuesday warned its annual recurring revenue will be lower than market expectations.
Shares were down 11% at 41.20 pence each on Tuesday afternoon in London.
For the six months that ended on July 31, the Suffolk, England-based software company said it expects revenue to roughly amount to £3.6 million, up 46% from £2.5 million the year before. Group recurring revenue is expected to be about £2.4 million, up 49% from £1.6 million.
Smartspace said strong organic growth in group annual recurring revenue is expected to reach £5.2 million, up 32% from £3.9 million year on year on a constant currency basis. ‘ARR is expected to be lower than market expectations reflecting the updated ARR calculation methodology and performance to date,’ the company explained.
SwipedOn revenue during the period is expected to be about £2.0 million, compared to £1.4 million the year before.
SwipedOn is a cloud-based platform that allows businesses to manage shared desk spaces via a central application.
Chief Executive Officer Frank Beechinor said: ‘It is great to see the continuing momentum in SwipedOn. After our launch in Korea it became apparent that having the Android version of SwipedOn was critical to succeed in that market and it is good news that this is now available, with a worldwide release in the coming month.’
Looking ahead, the company said it expects to deliver revenue and profitability results in line with current market expectations for the full year.
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