Smartspace Software PLC - IT service management company - Posts widened full-year pretax loss after a difficult year of trading. Smartspace's pretax loss for the financial year that ended January 31 was GBP2.7 million, widening from GBP2.4 million the year before. Revenue fell 9.8% to GBP4.6 million from GBP5.1 million in 2020.
Despite challenging trading conditions, Smartspace says there are reasons for optimism with business in Australia and New Zealand remaining strong and the UK seeing a "noticeable increase in activity since the government published its route map out of lockdown". Smartspace is lining up further international expansion, saying it intends to launch a local language version of its SwipedOn system in at least one new country before making it fully multilingual. Also announces it has an "exciting pipeline of opportunities" in the UK, Far East and Australia.
Smartspace does not declare a dividend for the year as it says it needs to retain resources in the group. It will assess a potential dividend payments over the next 24 months, it adds.
"Since the period end, we have seen continued demand for our products in markets that have succeeded in containing the impact of Covid-19, in particular in Australia and New Zealand," says Chair Guy van Zwanenberg.
"We expect this trend to continue in our larger markets as they reopen, particularly in the US, UK and Canada. Following the announcement of the roadmap out of lockdown in the UK there has been a noticeable increase in activity, and we are seeing similar trends in the US and Canada, with this momentum continuing each month."
Current stock price: 143.38 pence
Year-to-date change: up 1.7%
By Will Paige; willpaige@alliancenews.com
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Smartspace (SMRT)