TIDMSMRT
RNS Number : 8836P
Smartspace Software PLC
22 October 2021
22 October 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
SmartSpace Software Plc
("SmartSpace", the "Group" or the "Company")
Trading Update
Notice of Investor Meet Company Presentation
In advance of the Company's Interim Results Statement which will
be announced on Tuesday 26 October, the Board provides the
following update on current trading.
Financial Highlights:
-- Annual recurring revenue ("ARR") up 53% year on year to
GBP3.78m at 31 July 2021 (FY21 H1: GBP2.46m). This momentum has
continued in to H2 with ARR of GBP4.11m as at 30 September
-- Gross margin on continuing operations continued to improve to
71% (FY21 H1: 51%), reflecting an increased mix of higher margin
SaaS revenues, in-line with stated strategy
-- Revenue for the year ended 31 January 2022 now expected to be
not less than GBP5.2m (FY2021: GBP4.6m) with an adjusted EBITDA
loss of not more than GBP2.7m (FY21 adjusted EBITDA loss:
GBP2.1m)
-- The Group had net cash of GBP3.25m as at 20 October 2021 (31 July 2021: GBP3.37m)
Operational Highlights:
SwipedOn
-- SwipedOn ARR increased by 43% year-on-year to GBP3.21m at 31
July (FY21 H1: GBP2.25m) with this growth continuing during August
and September to GBP3.47m at 30 September
-- Monthly average revenue per user ("ARPU") increased by 32%
year on year to GBP56 at 31 July (FY21 H1: GBP43) and has advanced
further to GBP61 at 30 September
-- SwipedOn locations increased to 7,061 at 30 September (FY21:
6,741) with customer numbers at 4,747 (FY21: 4,735) as SwipedOn
targets higher value, multi-location customers
-- Customer churn at lower levels than expected and focussed on
single site customers, often on lower value price plans. Customer
churn in the six-month period averaged 14% whilst revenue churn was
9%
-- SwipedOn Desks now available to entire customer base with
positive feedback received to date
Space Connect
-- A RR up 157% to GBP0.41m in the six-month period to 31 July
and has progressed further to GBP0.49m at 30 September
-- At 31 July, Space Connect had 41 customers, an increase of 28
new customers in the six month period. Subsequently increased by a
further 18 customers to 59 in total at 30 September
-- 43 reseller agreements now in place with 14 partners
delivering revenue to date. Of the 29 partners who have yet to
deliver revenue, 18 have deals in the pipeline
-- Sales of Evoko Naso below expectation; impacted by Covid-19
as offices in Evoko's key markets not yet fully back to normal
working capacity leading to delayed investment decision making
Anders & Kern (A+K)
-- A+K revenue for the 6 months to 31 July 2021 down 27% to
GBP0.96m (H1 FY21 GBP1.32m) mainly due to the impact of the UK
lockdown during the period resulting in a hesitation in returning
to the office
Outlook
As we emerge from the pandemic, the Group has experienced
continued global uncertainty surrounding when and how businesses
will require staff to return to the office on a more permanent
basis. The various geographic markets in which we operate have all
been affected at different times, leading to lower growth than
anticipated, as a result of companies delaying investment
decisions.
In particular, the Board had expected sales of Naso to
accelerate in the autumn, however this has not been reflected in
September sales or initial indications for October. Whilst Evoko
remains optimistic regarding the future sales trajectory of Naso,
the Board has decided to adopt a more cautious stance surrounding
the Company's own forecasts, in light of a more gradual return to
the office, as a result of the ongoing challenges of Covid-19.
The Board remains convinced by the medium-term growth
opportunity for Naso and expects once business environments return
to normal, that stronger growth rates will resume. However, based
on current trading, the Board has made the decision to lower growth
assumptions for the current and subsequent financial year. As a
result, Group revenues for the year ended 31 January 2022 are now
expected to be not less than GBP5.2m, and EBITDA losses not more
than GBP2.7m.
Frank Beechinor, CEO of SmartSpace, commented:
"Our primary objective is to build a high growth SaaS business
with strong recurring revenues. The results outlined above for
Space Connect and SwipedOn show we are achieving this. Whilst we
share Evoko's confidence in the medium and long term potential of
Naso, the uncertainties around the global return to office,
together with the Naso sales trend for September and October, have
led us to conclude that it is prudent to adjust down expectations
for the full year. Our market continues to be a very attractive
sector, even more so when you consider the recent acquisitions of
our major competitors at high ARR multiples. Our priorities remain
in continuing to deliver growth in ARR and to maximise value for
shareholders over the coming years."
Investor Meet Company Presentation
Frank Beechinor, CEO and Kris Shaw, CFO will provide a live
presentation on the 'Investor Meet Company' ("IMC") platform at
12.00 midday on Tuesday 26 October 2021 following the release of
the Interim Results which will be released at 7.00 a.m. on the same
day.
Investors can sign up for free via:
https://www.investormeetcompany.com/smartspace-software-plc/register-investor
Questions can be submitted pre-event through the platform or at
any time during the live presentation. Management may not be in a
position to answer every question it receives but will address
those it can while remaining within the confines of information
already disclosed to the market.
Those who have already registered and requested to meet
SmartSpace will be automatically invited.
Enquiries:
SmartSpace Plc via Lisa Baderoon
Frank Beechinor (CEO)
Kris Shaw (CFO)
Lisa Baderoon (Head of Investor Relations) +44 (0) 7721 413
lbaderoon@smartspaceplc.com 496
Singer Capital Markets (NOMAD and Joint Broker)
Shaun Dobson
Tom Salvesen
Jen Boorer + 44 (0) 20 7496
Alex Bond 3000
Canaccord Genuity (Joint Broker)
Adam James
Georgina McCooke +44 (0) 20 7523 8000
About SmartSpace Software Plc
SmartSpace Software Plc is a SaaS-based technology business,
designing and building smart software solutions. The Company's
software solutions help transform employee engagement with modules
which include visitor management, desk management, meeting room
management and analytics.
The three operating companies in the Group comprise:
-- Space Connect - SaaS meeting room and desk booking ( www.spaceconnect.co )
-- SwipedOn - SaaS visitor management, desk booking ( www.SwipedOn.com )
-- Anders & Kern - distribution and technical support ( www.anders-kern.co.uk )
For more information go to: www.smartspaceplc.com
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