SmartSpace Software Plc (AIM: SMRT), the leading provider of ‘Integrated Space Management Software’ for smart buildings and commercial spaces – ‘visitor reception, desks and meeting rooms’, announces its audited final results for the year ended 31 January 2021.

Financial Highlights: 

• Recurring revenues increased by 64% to £2.4m (FY20: £1.5m)
• Full year revenues from continuing operations of £4.6m (FY20: £5.1m) – decrease as a result of Covid-19 lockdowns
• Exit ARR as at 31 January 2021 grew by 50% to £3.0m (FY20: £2.0m) – primarily driven by SwipedOn
• SaaS revenue made up 49% of total revenue (FY20: 26%)
• Total gross profit increased by 28% to £2.6m (FY20: £2.1m)
• Gross margin improved from 41% to 57% driven by the increase in high margin SaaS revenues
• Adjusted LBITDA* of £2.1m (FY20: £1.7m)
• Loss per share from continuing operations was 7.54p (FY20: 8.05p) – total loss per share of 7.89p (FY20: 41.7p) 
• Cash and cash equivalents at 31 January 2021 of £4.5m (FY20: £2.6m) 

*Adjusted LBITDA is the loss for the year from continuing operations before net finance costs, tax, depreciation, amortisation, reorganisation and transactional items, impairment charges and share based payment charge.

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