essensys PLC on Wednesday announced a trading update for its financial year that ended on July 31.

The London-based company expects to report revenue and adjusted earnings before interest, tax, depreciation and amortisation that are in line with market expectations.

The provider of software and cloud services for flexible workspace highlighted it has contracted new business which it anticipates will deliver £1.6 million of annual recurring revenue ‘once live’.

Debt-free, essensys said it ended its financial year with a £24 million cash balance, ahead of market expectations but 35% reduced from £36.9 million a year prior.

Touting ‘good strategic progress...despite continued challenging conditions’, Chief Executive Officer Mark Furness commented: ‘We continue to invest in our product pipeline and we are seeing evidence that larger flexible workspace operators have resumed their expansion plans and traditional real estate operators are making positive steps to implement flexible workspace offerings following some rationalisation.

‘Essensys plays a vital role in supporting real estate players to create seamless in-building experiences in their flexible operations by removing complexity and reducing costs through automation and simplification and we remain confident in the market and opportunity for the group in financial year 2023 and beyond.’

essensys shares were 2.6% higher at 62.10 pence each in London on Wednesday morning.

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