REG - essensys PLC - Half year results
13/03/2025 07:15
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RNS Number : 4611A essensys PLC 13 March 2025
13 March 2025
essensys plc
("essensys", the "Company" or the "Group")
Half year results
Return to profit in H1 25 and on track for run rate cash generation in FY25
Launch of new product elumo underpins drive for growth over the next five
years
Planned succession of Chief Executive role
essensys plc (AIM:ESYS), the leading global provider of software and
technology to the flexible workspace industry, announces its unaudited results
for the six months ended 31 January 2025 ("H1 25"). All information relates
to this period, unless otherwise specified.
Return to positive adjusted EBITDA in H1 25
· Return to positive adjusted EBITDA(1), reflecting essensys'
simplified operational structure and aligned cost base
· As previously guided, ARR was lower due to the downsizing of a
large strategic customer. Excluding this customer, Strategic customer ARR(2)
grew by 5%
· Adjusted Strategic customer Net Revenue Retention of 110% (H1 24:
103%)(3)
· essensys remains debt free with net cash of £2.2m at 31 January
2025
New product launch to drive sustainable growth and progress with strategic
customers
· Launch of elumo, a dynamic bookings and access platform to give
landlords and operators a new way to manage and monetise shared meeting rooms
and flexible space, expected to drive growth for the next five years
· Momentum with strategic customers
o Land: new customer win for an intelligence-led portfolio deployment for 11
new sites in key US market
o Expand: Three-year renewal of existing strategic customer expected to
generate £2.7m of TCV
o Grow: launch of new product, elumo, as a significant evolution of essensys
Platform
Chief Executive Officer succession
· As announced separately today and as part of a planned
succession, Mark Furness has decided to retire as Chief Executive Officer,
after founding essensys in 2006 and leading the business since launch
· Mark will remain on the Board of the Company and will move to a
new role as a non-executive director of essensys with effect from 1 May 2025
· James Lowery, Chief Operating Officer, will take over as Chief
Executive Officer on 1 May 2025
Current trading and outlook
· The Group remains confident of further progress in the second
half of the year, supported by our progress with strategic customers, our
pure-play SaaS product, essensys Platform, and launch of elumo
· essensys Platform expected to improve gross margins from
decommissioning data centres and revenue mix
· On track for revenue expectations and exit run-rate cash
generation in FY25, as previously guided. Expected FY25 EBITDA reduces due to
an extension for the data centre decommissioning programme in order to
maximise commercial returns, but remains on track to deliver a positive
outcome for the year, with H2 25 EBITDA expected to be similar to H1 25
· The Group expects an improvement in revenue mix following a
continuing strategic shift away from network services, which will reduce
overall revenues in FY26, leading to cash generation and an improvement in
margins
Mark Furness, Chief Executive Officer of essensys, said:
"essensys returned to profit in the first half of our financial year and
expects to deliver run-rate cash generation in the full year, in line with
management expectations. We exist to help solve the complex operational
challenges faced by office landlords and flexible workspace operators. Our
new product, elumo, responds to a pressing customer need to better monetise
their prime asset - shared meeting rooms. I am very excited by the
opportunities elumo creates for essensys and we are confident that this will
be a key driver of growth for our business. In a challenging macroeconomic
environment, which resulted in a large strategic customer downsizing as
previously disclosed, we are making good progress with our strategy to return
to long-term, sustainable profitability and cash generation and look forward
to further progress in the second half of the year."
Financial summary:
£m unless otherwise stated Six months to January 2025 Six months to January 2024 Change
Revenue 10.4 11.7 -11%
Recurring revenue(4) 9.2 10.2 -9%
Run Rate Annual Recurring Revenue (ARR)(4) 16.8 20.1 -16%
Revenue at constant currency(5) 10.6 11.7 -9%
Recurring revenue at constant currency 9.4 10.2 -8%
Run rate ARR at constant currency 16.7 20.1 -19%
Adjusted EBITDA(1) 0.8 (0.5) 278%
Statutory loss before tax (1.8) (2.8) 37%
Loss per share (pence) (3.00)p (4.14)p
Net Cash 2.2 3.5
Notes
1. Adjusted EBITDA is earnings before tax, depreciation, amortisation,
exceptional items and other non-trading items, such as share option charges
2. Strategic customers are those customers who have potential for at
least $1m ARR
3. Excluding the expected downsizing of a large strategic customer
4. See CFO review below for description and breakdown
5. Current period revenue and/or costs translated into GBP using the
average exchange rate for the comparative prior period
For further information, please contact:
essensys plc +44 (0)20 3102 5252
Mark Furness, Chief Executive Officer
Greg Price, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Broker) +44 (0)20 7496 3000
Peter Steel / James Fischer
FTI Consulting
Jamie Ricketts / Eve Kirmatzis / Usama Ali +44 (0)20 3727 1000
About essensys plc
Founded in 2006 and listed on the London Stock Exchange AIM Market, essensys
is a leading global provider of software and technology to the commercial real
estate industry.
Partnering with many of the world's leading landlords and flexible workspace
operators, essensys delivers innovative digital experience (DX) solutions that
drive occupancy, maximise yield and reduce operating costs. Its flagship
products, essensys Platform and elumo, solve the complex challenges of
managing physical and digital access in dynamic multi-tenant environments,
while delivering deep space utilisation insights and transformative digital
experiences.
With a focus on Access, Intelligence & Experience, essensys' products
enable real estate leaders to unlock the full potential of their portfolios in
today's flexible, hybrid world while ensuring they stay ahead in an era of
dynamic workplace evolution.
Chief executive's report
essensys returned to positive adjusted EBITDA in the first six months of the
year, reflecting the improvement in our revenue mix, the simplification of our
operational structure with a lower cost base and our focus on strategic
customers. essensys remains on track to be profitable and cash generative on
a run-rate basis by FY25, in line with management expectations.
While ARR reduced following the downsizing of a single strategic customer, as
previously announced, we were able to return to profitability and remain on
track for cash generation - in a challenging macro backdrop - through a
laser-focus on our three strategic priorities. First, landing, expanding and
growing with new and existing strategic customers. Secondly, product
development with the launch of elumo, which is expected to drive growth with
new and existing customers for the next five years. And thirdly, maintaining a
disciplined approach to cost management. Because of our progress with essensys
Platform, we were able to decommission four of our thirteen data centres in H1
25.
Strategic customers: Land, Expand and Grow
The steps we have taken to enhance the quality of our customer base continue
to bear fruit and will continue to support an improvement in our customer mix,
gross margin, product adoption and revenue quality over time.
High value, strategic customers with the potential to deliver at least $1m ARR
remain the focus of our business. While the challenging macro backdrop
continues to weigh on sales cycles and capex, we successfully signed a
three-year renewal of our contract with a leading UK based flexible workspace
operator and one of our largest customers globally. This cements our
partnership for a further 3 years and supports our strategic transition to a
pureplay SaaS business, growing our software revenue whilst reducing network
costs, with a total contract value of £2.7m.
This also builds on other recent multi-site software partnerships; an
additional 18 locations with one of the UK's largest commercial property
specialists, and a new win with a North American flexible workspace specialist
for an intelligence-led portfolio deployment for 11 locations.
Strategic customer Net Revenue Retention was 84% (H1 24: 95%), improving to
110% when adjusted for the impact of the downsizing of a large single
customer.
Product innovation
Over the last four years, we have been committed to investing in product
development, listening to our customers and evolving our product offering to
ensure we continue to solve the key operational challenges faced by the
commercial real estate industry.
We have continued to make significant progress on this important pillar of our
strategy and through essensys Platform, Intelligence Engine and now elumo, we
have built a suite of products which can deliver Access, Intelligence and
Experience solutions - either together as a converged platform, or as
standalone capabilities - that overcome these challenges.
Launch of elumo
In March 2025, essensys launched elumo (formerly referred to as Smart Access),
a new dynamic bookings and access platform designed to provide landlords and
operators of flexible, multi-tenanted office space with a powerful new way to
manage and monetise shared meeting rooms and flexible space.
The launch was a strategic priority for the business and elumo is expected to
drive growth with new and existing customers for the next five years.
elumo brings together bookings, access control and intelligence into a single
solution for the first time.
Shared meeting rooms represent some of the most valuable, in-demand spaces in
the inventory stack for owners and operators of multi-tenanted offices. This
has been driven by the rise of flexible workspaces and hybrid working, smaller
demised spaces, as well as a greater reliance on shared amenities. However,
the current ways used to manage these spaces are outdated.
This creates a number of challenges for our customers: lost revenue from 'room
squatting', where meeting rooms are occupied without being booked; a poor user
experience caused by operational pain points, for example when rooms are
booked but sit empty; and a lack of real-time visibility into the use of these
spaces.
elumo provides a unique solution and is designed to transform how bookable
spaces are used and accessed, enabling our customers to unlock and maximise
revenue by turning vacant spaces into income-generating assets, whilst also
significantly improving the user experience and providing real-time
intelligence on utilisation and bookings.
Designed and developed from the ground up elumo is an integrated hardware and
software solution that converges bookings and access control, enabling rooms
to be booked, charged and accessed with a single tap. Users download a digital
pass using Apple and Google wallets, enabling meeting rooms to be booked
instantly, charged automatically to the associated account and access
automatically granted in less than half a second..
· Benefits to our customers: Instant, rule-based access for users
ensuring the correct permissions are given and only trusted users can access a
customer's digital environment; shared meeting rooms transformed into
revenue-generating assets; provides real time intelligence on utilisation and
bookings so every square foot of space is optimised. The resulting charges may
then be passed automatically into the customer's invoicing platform of choice
for onward billing to tenants.
· Benefits to the user: Enables users to seamlessly move between
connected spaces safely & securely; real-time availability instantly
showing which rooms are free and when rooms are available using elumo's simple
availability display at every door, providing the flexibility to support both
ad-hoc and in-advance bookings, whilst leveraging the power, security and
convenience of Apple and Google wallets.
elumo's intelligent IoT gateway is also designed to enable the collection of
real-time sensor data, providing the potential to evolve, adapt and unlock
further opportunities in the future, enhancing users' experience in customer
spaces.
Intelligence Engine
Since launching our insight solution, Intelligence Engine, last year, we have
seen excellent engagement from customers.
Using high-resolution, high-fidelity data into space utilisation and digital
experience (DX), Intelligence Engine is a solution that provides customers
with data-driven insights that can enables them to understand how their
spaces are used and experienced. These insights can be used to drive real
business outcomes, identifying opportunities and risks across their customer
base, and increasing occupancy, yield and efficiency.
Ongoing cost management
Adjusted EBITDA returned to profit in the period, amounting to £0.8m,
compared to a loss of £0.5m in H1 24. This reflects our continuing focus on
cost management. The evolution of essensys Platform into a pureplay SaaS offer
is expected to support a significant improvement to gross margin in H2 25.
As a result, essensys was able to decommission four of our thirteen data
centres in H1 25, with a further six planned to close in H2.
We remain debt-free and had a net cash position of £2.2m as at 31 January
2025.
Current trading and outlook
The Group remains confident of further progress in the second half of the
year, driven by our progress with strategic customers, our pure-play SaaS
product (essensys Platform) and the launch of elumo.
essensys remains on track to deliver positive EBITDA and run-rate cash
generation in FY25.
We expect to see an improvement in gross margins in H2 25 as a result of the
decommissioning of our data centres. Four data centres were decommissioned in
H1 25 and we expect the decommissioning of a further six in H2 25 (out of 13
in total) to further reduce costs, improve gross margin and revenue mix. This
cost saving is a direct result of the adoption of essensys Platform by our
customers.
While the Group expects the strategic move away from network services will
lead to a reduction in overall revenues in FY26, the resulting evolution of
our revenue mix will deliver cash generation and improved margins.
The long-term, structural drivers for flexible office space remain intact and
support ongoing demand from strategic customers for our software to meet
tenant needs. This is supported by our investment in product. The launch
of elumo in March 2025 is a significant milestone after five years of
development and is expected to drive growth for new and existing customers in
the next five years.
Chief Financial Officer's Report
The unaudited financial results included in this announcement cover the
Group's consolidated activities for the six months ended 31 January 2025. The
comparatives for the previous six months were for the Group's consolidated
activities for the six months ended 31 January 2024.
Financial Key Performance Indicators
£'m unless otherwise stated Six months to January Six months to January Change
2025 2024
Group Total Revenue 10.4 11.7 -11%
North America 5.8 6.8 -16%
UK & Europe 3.8 4.4 -13%
APAC 0.8 0.5 66%
Recurring Revenue 1 (#_ftn1) 9.2 10.2 -9%
North America 5.3 6.2 -14%
UK & Europe 3.3 3.7 -11%
APAC 0.6 0.3 65%
Recurring Revenue %age of Total 88.4% 87.2%
Run Rate Annual Recurring Revenue(1) 16.8 20.1 -16%
Recurring Revenue at constant currency 9.4 10.2 -8%
North America 5.5 6.2 -11%
UK & Europe 3.3 3.7 -9%
APAC 0.6 0.3 87%
Run rate ARR 16.7 20.1 -19%
Non-recurring revenue 1.2 1.5 -22%
Gross Profit 6.1 7.0 -13%
Gross Profit percentage 59% 60%
Recurring Revenue margin %age 61% 64%
Operating Expenses (5.3) (7.5)
Adjusted EBITDA 2 (#_ftn2) 0.8 (0.5)
Statutory loss before tax (1.8) (2.8)
Cash 2.2 3.5
Revenue
Group total revenue decreased by 11% to £10.4m in H1 25 (H1 24: £11.7m),
primarily due to the downsizing of a single large strategic customer, as
previously guided. Excluding this customer, Group total revenue decreased by
5% and recurring revenue decreased by 1%, with recurring revenue from
strategic customers growing by 6%.
Recurring revenue comprises income invoiced for services that are repeatable
and are consumed and delivered on a monthly basis over the term of a customer
contract. Run Rate Annual Recurring Revenue (Run Rate ARR) is an annualisation
of the recurring revenue for the month identified (January 2025); this is used
by management as an indication of the annual value of the recurring revenue
for that month and to monitor long term revenue growth of the business.
Run Rate ARR decreased by 16% year on year, again driven by the downsizing of
the customer above. Excluding this customer, Run Rate ARR decreased by 1%,
with ARR from strategic customers increasing by 5%. ARR from strategic
customers continues to account for 80% (H1 24: 81%). The Group introduced 2
new strategic customers in the period and 5 new customers in total, which
resulted in increased ARR of £0.2m.
A further £0.4m was added in new sites (net of lost sites), offset by the
expected continuing decline in variable Marketplace revenues (£0.3m).
Non-recurring revenue comprises set up and installation costs and is
recognised when a site is live. Non-recurring revenue reduced by 22% compared
to H1 24, reflecting challenging market conditions, with customers continuing
to show hesitancy in capital investment. With initiatives to simplify
installation, as well as the launch of elumo, we expect a reduced requirement
for upfront investment, reducing barriers to entry and supporting future
recurring revenue growth.
Gross margins
Gross profit decreased by 13% in the period but overall gross margins
increased from 57% in the year to July 2024 to 59% as a result of a higher
proportion of recurring revenue, up from 84% in the year to July 2024 to 88%
of total revenue, and the early benefit from the programme to decommission our
data centres, where 4 of 13 data centres were closed in the first half, with a
further six expected to close in H2.
Operating expenses
Operating expenses represent all administrative expenses, excluding
restructuring costs and non-cash items of depreciation, amortisation,
impairment and share option charges.
Operating expenses decreased to £5.3m, a reduction of £2.2m (29%) compared
to the prior year. This reduction was driven by the Group reorganisation,
which began at the end of H1 23 and completed in H1 24 and reflects the strong
emphasis on cost management and operational simplification in the business.
Adjusted EBITDA
As previously reported, adjusted results are presented to provide a more
comparable indication of the Group's core business performance by removing the
impact of share-based payment expenses, exceptional costs (where material and
non-recurring), and other, non-trading, items that are reported separately.
Adjusted EBITDA amounted to £0.8m in the period, a return to profit compared
to the loss of £0.5m reported in H1 24, reflecting our simplified operational
structure, with a cost base aligned to our customers and products, and a
continued focus on profitability and cash.
The Group continues to invest in product development in the UK. Where such
work is expected to result in future revenue, costs incurred that meet the
definition of software development in accordance with IAS38, Intangible
Assets, are capitalised in the statement of financial position. During the
half year, the Group capitalised £1.1m in respect of software development (H1
24: £1.1m), as it continued to invest in its products.
Cash and Going Concern
Cash at the half year end was £2.2m (H1 24: £3.5m). Cash outflows in H1 25
amounted to £0.9m, compared to £4.4m in H1 24. This was supported by tax
credits in respect of R&D activities received in H1 25 of £0.9m.
Management expect cash burn to reduce further in H2 25, as we optimise our
Cloud costs. The Group continues to maintain sufficient cash reserves to fund
its working capital requirements and its return to cash generating operations.
Excluding leases, the Group has no debt and has an existing undrawn £2m loan
facility committed until 31 July 2025.
Greg Price
Chief Financial Officer
13 March 2025
UNAUDITED INTERIM FINANCIAL INFORMATION OF ESSENSYS PLC GROUP
Consolidated statement of comprehensive income
Note Six months Six months
ended ended
31 January 31 January
2025 2024
£'000 £'000
(unaudited) (unaudited)
Revenue 2 10,425 11,733
Cost of sales (4,325) (4,736)
Gross profit 6,100 6,997
Administrative expenses (8,011) (9,917)
Other operating income 148 102
Operating loss (1,763) (2,818)
Operating loss analysed by:
Operating loss before share based payments and exceptional items (1,407) (2,577)
Share based payment expenses (3) (241)
Exceptional restructuring costs (353) -
Finance income - 21
Finance expense (25) (38)
Loss before taxation (1,788) (2,835)
Taxation (151) 156
Loss for the period (1,939) (2,679)
Other comprehensive loss
Exchange differences arising on translation of foreign operations 204 (254)
Total comprehensive loss for the period (1,735) (2,933)
Loss per share
Basic and diluted loss per share 3 (3.00p) (4.14p)
UNAUDITED INTERIM FINANCIAL INFORMATION OF ESSENSYS PLC GROUP
Consolidated statement of financial position
Note As at As at
31 January 31 July
2025 2024
£'000 £'000
(unaudited) (audited)
ASSETS
Non-current assets
Intangible assets 9,185 9,426
Property, plant and equipment 609 847
Right of use assets 751 1,319
10,545 11,592
Current assets
Inventories 1,042 888
Trade and other receivables 5,754 7,143
Cash at bank and in hand 2,189 3,101
8,985 11,132
TOTAL ASSETS 19,530 22,724
EQUITY AND LIABILITIES
Equity
Shareholders' equity
Called up share capital 4 162 162
Share premium 51,660 51,660
Merger reserve 28 28
Retained earnings (36,818) (35,086)
Total equity 15,032 16,764
Non-current liabilities
Lease liabilities 218 432
Total non- current liabilities 218 432
Current liabilities
Trade and other payables 2,811 3,844
Contract liabilities 763 648
Lease liabilities 513 1,008
Current taxes 193 28
4,280 5,528
TOTAL LIABILITIES 4,498 5,960
TOTAL EQUITY AND LIABILITIES 19,530 22,724
UNAUDITED INTERIM FINANCIAL INFORMATION OF ESSENSYS PLC GROUP
Consolidated statement of changes in equity
Share capital Share premium Merger Reserve Retained Total
£'000 £'000 £'000 earnings £'000
£'000
Balance at 1 August 2024 (audited) 162 51,660 28 (35,086) 16,764
Comprehensive Income
Loss for the period - - - (1,939) (1,939)
Currency translation differences - - - 204 204
Total comprehensive loss - - - (1,735) (1,735)
Transactions with owners
Currency translation differences - - - - -
Share based payment expense - - - 3 3
Balance at 31 January 2025 (unaudited) 162 51,660 28 (36,818) 15,032
Balance at 1 August 2023 162 51,660 28 (31,270) 20,580
Comprehensive Income
Loss for the period - - - (2,679) (2,679)
Currency translation differences - - - (248) (248)
Total comprehensive loss - - - (2,927) (2,927)
Currency translation differences - - - - -
Share based payment expense - - - 241 241
Balance at 31 January 2024 (unaudited) 162 51,660 28 (33,956) 17,894
UNAUDITED INTERIM FINANCIAL INFORMATION OF ESSENSYS PLC GROUP
Consolidated cash flow statements
Six months ended Six months ended
31 January 2024 31 January 2023
£'000 £'000
(unaudited) (unaudited)
Cash flows from operating activities
Loss before taxation (1,788) (2,835)
Adjustments for non-cash/non-operating items:
Amortisation of intangible assets 1,375 1,175
Depreciation of property, plant and equipment 278 436
Amortisation of right-of-use assets 569 513
Movement in expected credit loss provision 214 -
Share based payment expense 3 241
Finance income - (21)
Finance expense 25 38
676 (453)
Changes in working capital:
Increase in inventory (154) (73)
Decrease / (increase) in trade and other receivables 478 (1,057)
Decrease in trade and other payables (918) (1,126)
Cash used by operations (594) (2,709)
Taxation received 898 25
Net cash generated from / (used by) operating activities 980 (2,684)
Cash flows from investing activities
Investment in product development (1,126) (1,052)
Purchase of property, plant and equipment (35) -
Interest received - 21
Net cash used in investing activities (1,161) (1,031)
Cash flows from financing activities
Repayment of lease liabilities (779) (761)
Interest on lease liabilities (25) (30)
Net cash used in financing activities (804) (791)
Net decrease in cash and cash equivalents (985) (4,506)
Cash and cash equivalents beginning of period 3,101 7,862
Effects of foreign exchange rate changes 73 106
Cash and cash equivalents at end of period 2,189 3,462
UNAUDITED INTERIM FINANCIAL INFORMATION OF ESSENSYS PLC GROUP
Notes to the unaudited interim financial information
1. Basis of preparation
The unaudited condensed interim financial information presents the
consolidated financial results of essensys plc and its wholly owned
subsidiaries (together, "essensys plc Group" or "the Group") for the six-month
period to 31 January 2025 and does not constitute statutory accounts within
the meaning of Section 434 (3) of the Companies Act 2006..
The annual financial statements of the Group are prepared in accordance with
the UK adopted international accounting standards and as applied in accordance
with the provisions of the Companies Act 2006. This financial information does
not include all disclosures that would otherwise be required in a complete set
of financial statements and should be read in conjunction with the Annual
Report for the year ended 31 July 2024.
The comparative financial information presented herein for the year ended 31
July 2024 does not constitute full statutory accounts for that period. The
statutory Annual Report and Financial Statements for the year ended 31 July
2024 have been filed with the Registrar of Companies. The Independent
Auditors' Report on the Annual Report and Financial Statements for the year
ended 31 July 2024 was unqualified, did not draw attention to any matters by
way of emphasis and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006.
essensys plc is the Group's ultimate parent company. It is a public listed
company and is domiciled in the United Kingdom. The address of its registered
office and principal place of business is Unit 2H, 1 Finsbury Avenue, London
EC2M 2PF. essensys plc's shares are listed on the Alternative Investment
Market (AIM) of the London Stock Exchange.
Going Concern
The consolidated financial information has been prepared on a going concern
basis. In reaching their assessment, the directors have considered a period
extending at least twelve months from the date of approval of this half yearly
financial report.
In light of the continued impacts of global macroeconomic uncertainty, the
Board has reviewed trading and liquidity forecasts for the Group and continues
to model its base case and downside scenarios, including mitigations,
consistently with the basis used for the annual financial statements for the
year ended 31 July 2024. Under the scenarios assessed, the Group would remain
within the headroom provided by its cash and committed facility for at least
the next 12 months.
The Group has made significant progress in reducing its operational cost base
and has continued to take action to reduce cost further, particularly through
the programme to decommission data centres, which will bring additional future
benefit.
Based on the analysis described above, the directors have reasonable
expectation that the Group has the financial resources to enable it to
continue operations beyond 31 March 2026. Accordingly, the directors conclude
it to be appropriate that the interim condensed consolidated financial
statements be prepared on a going concern basis.
Notes to the unaudited interim financial information
2. Segmental reporting
The Group operates in three main geographic areas, North America; the United
Kingdom & Europe; and Asia Pacific region. The Group's revenue per
geographical area is as follows:
Six months ended Six months ended
31 January 2025 31 January 2024
unaudited unaudited
£'000 £'000
North America 5,789 6,861
United Kingdom & Europe 3,800 4,368
Asia Pacific 836 504
10,425 11,733
The Group has two main revenue streams, essensys Platform and Operate. The
Group's revenue per revenue stream is as follows:
Six months ended Six months ended
31 January 2025 31 January 2024
unaudited unaudited
£'000 £'000
essensys Platform 9,781 10,997
Operate 644 736
10,425 11,733
Group revenue disaggregated between revenue recognised 'at a point in time'
and 'over time' is as follows:
Six months ended Six months ended
31 January 2025 31 January 2024
unaudited unaudited
£'000 £'000
Revenue recognised at a point in time 1,214 1,561
Revenue recognised over time 9,211 10,172
10,425 11,733
3. Loss per share
The loss per share has been calculated using the loss for the period and the
weighted average number of ordinary shares outstanding during the period, as
follows:
Six months ended Six months ended
31 January 2025 31 January 2024
unaudited unaudited
£'000 £'000
Loss for the period attributable to equity holders of essensys Group (1,939) (2,679)
Weighted average number of ordinary shares 64,699,750 64,676,575
Loss per share (3.00p) (4.14p)
As the Group is loss making in both periods presented, the share options over
ordinary shares have an anti-dilutive effect and therefore no dilutive loss
per share is disclosed.
Notes to the unaudited interim financial information
4. Called up share capital
As at As at
31 January 31 July
2025 2024
unaudited audited
No. No.
Allotted, called up and fully paid
0.25p ordinary shares 64,699,750 64,699,750
31 January 31 July
2025 2024
unaudited audited
£'000 £'000
Allotted, called up and fully paid
0.25p ordinary shares 162 162
5. Post balance sheet events
No post balance sheet events to report.
1 (#_ftnref1) See Revenue section for explanation
2 (#_ftnref2) See Adjusted EBITDA explanation below
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