SmartSpace Software PLC - Suffolk, England-based software company - Pretax loss in year ended January 31 widens to GBP3.7 million from GBP2.7 million in the same period a year prior, as administrative expenses rise 35% to GBP7.3 million from GBP5.4 million. Reports revenue growth of 11% to GBP5.1 million from GBP4.6 million. Attributes this to a 43% increase in recurring revenue generated by its SwipedOn and Space Connect software products. Plans to grow further in financial 2023, while ensuring tight cost control.
"Our intention is to become a profitable business and we have plans in place to transition SmartSpace through to cash generation. The board believes the company has sufficient liquidity to complete this transition to cash generation towards the end of financial 2023," company adds.
Current stock price: 65.00 pence, down 7.1% on Tuesday
12-month change: down 50%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.