Essensys FY revenues grow, LBITDA narrows

29th Aug 2024 09:57

(Sharecast News) - Software and technology group Essensys said on Thursday that full-year revenue, underlying losses and cash were all on track to beat current market expectations.

Essensys said revenues were predicted to be £24.0m, while underlying losses were seen narrowing from £6.1m to £900,000, with losses narrowing "substantially" as operational efficiencies following its reorganisation in FY23 were fully realised.

Cash of £3.1m at year-end was significantly ahead of expectations, reflecting improved profitability and the receipt of a research and development tax credit of £800,000.

Chief executive Mark Furness said: "Whilst market conditions remain challenging, with continued pressure on capex budgets, our evolved proposition and ability to deploy Essensys Platform over existing networks is helping to lower entry costs for our customers and the recent release of our latest addition to Essensys Platform, Intelligence Engine, is helping to further differentiate our offer and meet growing customer demand for data and insight.

"We remain focussed and committed to our strategy and are on track for positive EBITDA and cash generation in FY25. We look forward to the future with renewed confidence."

As of 1200 BST, Essensys shares had surged 11.48% to 34.0p.

Reporting by Iain Gilbert at Sharecast.com