(Sharecast News) - Software firm SmartSpace reinstated guidance on Thursday and warned that full-year revenues looked set to have contracted in the twelve months ended 31 January.
SmartSpace said full-year revenues were expected to have slipped from £5.1m to approximately £4.6m, despite a 73% year-on-year jump in software-as-a-service revenues to £2.3m throughout the period.
Group annual recurring revenues at the end of the trading year was £2.9m, an increase of 60%.
Cash at the year-end was £4.5m, while a further £400,00 relating to the sale of the company's enterprise software division in August 2020 was set to be received before the end of March.
Looking forward, Smartspace said its markets in Australia and New Zealand remained strong, while the US also held up well, apart from a temporary reduction in sales capacity for a short period in February due to the bad weather that hit Texas, where our its team is based.
SmartSpace also added there has been "a noticeable increase in activity" since the UK Government announced its roadmap out of lockdown, with the firm's customers again turning their attention to preparation for returning to the office in a controlled and Covid-secure manner.
As of 0935 GMT, SmartSpace shares had slumped 13.08% to 121.25p.
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