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Smartspace Software PLC on Wednesday said that its full year outlook remains unchanged; and that it expects revenue to increase in the first half. In its six months ended July 31, the Bury St Edmunds, England-based SaaS-based technology business, which designs and builds smart software solutions, said it expects revenue to rise by around 15% to £2.7 million, from £2.4 million the year before. Annual recurring revenue in the first half is expected to rise by 21% to £5.8 million, from £5.0 million. Smartspace Software said its cash balance was £2.2 million, up from £1.3 million, this was boosted by the disposal of smart workplace distribution Anders + Kern UK Ltd for net cash proceeds of around £1.1 million on July 17. Chief Executive Officer Frank Beechinor said: ‘It is great to finally become a pure software business whilst also finding suitable new owners for Anders + Kern, allowing the management team to focus their energies on developing our software businesses. Anders + Kern continues to be a reseller for Space Connect and we are looking forward to a continuing good working relationship with the new owners. The company said it continued to see growth opportunity in the coming months, and that it expects full year results to remain in line with market expectations. Shares in Smartspace Software PLC were up 9.0% at 39.25 pence in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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