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essensys PLC on Tuesday reported an interim decline in revenue but saw its loss narrow on lower costs. Shares in essensys were down 26% at 13.45 pence each in London on Tuesday afternoon. The London-based provider of software and cloud services for the flexible workspace industry said revenue in the six months to January 31 declined 9.1% year-on-year to £11.7 million from £12.9 million. Its pretax loss, however, narrowed to £2.8 million from £7.7 million. This was as administrative expenses fell 34% to £9.9 million from £15.0 million. Looking ahead, essensys cautioned on its full-year outcome, saying that ‘whilst recurring revenue continues to track in line with management expectations full year revenue will be below market expectations due to lower than expected non-recurring revenue as customer capex budget pressures persist.’ Chief Executive Officer Mark Furness said: ‘Whilst the persistent challenges posed by global economic uncertainty and the headwinds faced by the global office sector have continued to impact our operating environment we remain committed to the execution of our long-term strategy. ‘We have delivered [£8 million] of annualised cost savings and continue to identify further operational efficiencies. We are on track to return to run-rate positive adjusted Ebitda from Q1 FY25 and net cash generation in FY25 and we remain confident in the long-term structural growth opportunity in the flexible workspace market.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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