Essensys PLC said full-year revenue and underlying profit are expected to be in line with market forecasts after it renewed contracts with its biggest clients and won deals with new customers.
By the end of its financial year to 31 July 2022, the provider of flexible workspace software had contracted new business which is expected to deliver £1.6mln of annual recurring revenue once live, it said in a statement.
It added it has a healthy new business pipeline of opportunities.
Essensys CEO Mark Furness said hybrid working is here to stay and that the company is seeing evidence that larger flexible workspace operators have resumed their expansion plans as the impact of the Covid-19 pandemic recedes, with traditional real estate operators “making positive steps to implement flexible workspace offerings following some rationalisation”.
He added the company remains confident in the market and its opportunities for “FY23 and beyond".
The group ended the year with cash of £24mln, ahead of management's expectations, which will support its strategic plans. It remains debt free.
Shares climbed 3.9% to 62.90p.