SmartSpace audited final results announcement for the year ended 31 January 2021

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.

Click here to download the full announcement.