Essensys, the cloud software used by numerous flexible office firms, has announced its revenues have risen by 23% after its debut on the London Stock Exchange this year.
The company’s pre-close trading update for the financial year ending July 31 found that the group revenue was at £20.5 million, higher than market expectations.
The Annual Recurring Revenue (ARR) run-rate grew by 27% from July 2018 to £17.3 million.
The group’s U.S. business has continued to grow year-on-year by 67% to £5.5 million from £3.3 million in 2018.
“2019 has been an important and exciting year for Essensys. We have a simple vision – to power the world’s largest community of tech driven flexible workspaces,” said Mark Furness, CEO. “We are delighted to provide a strong first trading update and we look ahead with confidence based on excellent pipeline visibility and good early progress with our plans to broaden and deepen our customer base, extend our geographic reach and accelerate product development.”