Cloud-based and mobile accounting software solutions firm FreeAgent Holdings PLC (LON:FREE) expects its full-year revenues to be in line with market expectations and its underlying loss and net cash to beat forecasts.
In a trading update, the AIM-listed group - a provider of Software-as-a-Service products designed specifically for UK micro-businesses – said it expects to report both revenue and Annualised Committed Monthly Recurring Revenue for the full year ended 31 March 2017 to be in line with market expectations at £8.0mln and £8.6mln respectively.
It added: “Both the adjusted EBITDA loss and period end net cash are expected to be comfortably better than current market expectations. The Group's gross profit margin remained above 80%.”
Ed Molyneux, group CEO, said: "FreeAgent has made good progress on all fronts post IPO and trading has been in line with expectations.
“We are making progress in developing both existing and new sales channels and remain confident that the Group is well positioned for continued strong growth."
In early trading, FreeAgent shares – which floated at 84p a share in November last year - were up 3%, or 3.5p to 120.0p.