Rising revenues lift essensys

AIM-listed software as a service outfit essensys (LON:ESYS) saw its share price increase by 1.90% to 1.61p (as of 14:15 BST) after it posted 26% revenue growth for the year ended 31st July. However, the company booked a statutory loss for the period due to IPO costs and the costs of vesting the employee share payment scheme.

CEO Mark Furness commented: “I am delighted to announce strong maiden results for essensys. We have a simple vision – to power the world’s largest community of tech-driven flexible workspaces. We are at the beginning of the adoption curve for flexible workspaces, with market penetration expected to reach 30% in 2030, compared to current levels of c.3%.

“Our performance reflects strong demand for essensys’ technology offering to the flexible workspace industry. We have deployed our IPO proceeds in line with our plans to support long-term organic growth and capture our market opportunity. As a result, we have significantly evolved our presence in the US, grown our product development capabilities and extended our European presence for Connect.

“Growth in our existing customer base underpins future resilience and growth. This, aligned to a strengthening market backdrop and an encouraging pipeline from new customer wins, supports the Board’s confidence in further progress in the 2020 financial year“.