(Alliance News) - Smartspace Software PLC on Tuesday said it swung to a loss in its latest half year, but that revenue increased 16% and that it remains optimistic about its full-year outlook.
The Bury St Edmunds, England-based designer and builder of smart software solutions reported a GBP577,000 loss for the six months ended July 31, following a GBP1.1 million profit the year before.
Smartspace said however that total group revenue increased 16% to GBP2.7 million from GBP2.4 million, of which 99% was recurring. Annual recurring revenue increased 21% to GBP5.8 million from GBP4.8 million on a constant currency basis.
Smartspace also earned net cash proceeds of around GBP1.1 million from its disposal of Anders & Kern UK Ltd during the period.
The company's cash balance at July 31 was GBP2.2 million with no debt, down from GBP2.3 million and GBP2.0 million in debt.
Looking ahead, Smartspace said it maintains a positive outlook for future growth, and that its guidance for the whole of 2023 remains in line with expectations.
"As a [software as a service-based] software company focused on pure subscription revenue, we find ourselves in a sizeable market with untapped potential," commented Chief Executive Frank Beechinor, who also highlighted the role Smartspace could play in helping companies navigate the 'new normal' of increased hybrid working.
"Despite the ongoing challenges and uncertainties, particularly with rising costs, we maintain our belief in achieving our goals of being a profitable high-growth SaaS enterprise," he added.
Smartspace shares were flat at 42.00 pence on Tuesday afternoon in London.
By Emma Curzon, Alliance News reporter
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Smartspace (SMRT)