Flexible office software firm essensys shows that its trading for the year may be “below current consensus market expectations” due to uncertainty around the pandemic.
In the company’s half-year trading update, essensys revealed that its revenue in the US actually rose to £5.3 million (around $7 million).
According to the company’s board, total revenue for 2022 is projected to reach at least £23.5 million (around $31.3 million), which is an increase from the £22 million ($29 million) seen last year.
However, the pandemic’s impact on expansion plans and elongating sales cycles has led to “lower than anticipated” bookings in the six months leading to January 31.
Still, essensys’ revenue was up by 3% and the company has brought on nine new clients during this period. At the same time, the company revealed it also unexpectedly lost a UK customer for its Connect product.
“Our US business continues to grow strongly. Whilst Covid has undoubtedly had an impact on our recent sales performance, our pipeline for FY23 and FY24 remain strong, supported by positive market dynamics, existing customers returning to growth and exciting opportunities that are already underway,” said Mark Furness, CEO of essensys.