Smoove PLC - Oxon, England-based software solutions provider for the housing market - Says it performed in line with company expectations in the year ended March 31 against a "highly uncertain" market and macroeconomic backdrop. Pretax loss widens to GBP5.8 million from GBP5.4 million as cost of sales tick up to GBP12.8 million from GBP11.4 million and administrative costs rise to GBP13.8 million from GBP12.6 million. More positively, revenue increases to GBP20.6 million from GBP19.2 million year-on-year.
Smoove says trading in its new financial year has started positively and consequently reaffirms its profit outlook for the full year given in May. Also reaffirms that it expects its cash burn to reduce significantly during financial 2024.
"Whilst the board is mindful of ongoing volatility in the macroeconomic, housing and interest rate environment, it is nevertheless confident in the group's future prospects, underpinned by successes in new business development, increasing yields in eConveyancer as well as the growth potential of new businesses such as Smoove Complete," it says.
Current stock price: 38.00 pence, up 3.3% on Wednesday afternoon in London
12-month change: down 35%
By Heather Rydings, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.