Essensys revenues top market expectations amid strong US growth
StockMarketWire.com - Essensys said annual revenues grew by a quarter, beating market expectations amid strong US growth.
For the financial year ended 31 July 2019, revenue was ahead of market expectations at £20.5m, an increase of 25% from a year earlier, with recurring revenue at £15.8m, representing 77% of group revenue, the company said.
Adjusted earnings (EBITDA) was anticipated to be at least in line with market expectations at not less than £3.8m, above the last year's £3.2m, it added.
Annual recurring revenue (ARR) run-rate was £17.3m as at 31 July, an increase of 27% on £13.6m reported a year earlier.
The group's US business continued to grow strongly with year-on-year recurring revenue increasing 67% to £5.5m from £3.3m a year earlier, the company said.
'The continued expansion of our services to existing customers as well as an increase in the number of new customer wins further supports the Board's high degree of confidence that the Group will continue to deliver strong levels of future growth,' said Essensys.
At 8:58am: (LON:ESYS) share price was +11p at 175p
Story provided by StockMarketWire.com