REG - essensys PLC - Trading Update

essensysAnnouncement

04/09/2025 07:00

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RNS Number : 9175X  essensys PLC  04 September 2025

4 September 2025

essensys plc

("essensys", "Company" or "Group")

Trading Update

essensys plc (AIM:ESYS), the leading global provider of software and
technology to the flexible workspace industry, announces a trading update for
the financial year ended 31 July 2025 ("FY25").

The Company is pleased to confirm that it has successfully delivered on its
strategy of achieving a return to profitability at an adjusted EBITDA level in
FY25 as previously targeted.

Revenue(1) for FY25 of £19.2m (FY24: £24.1m) is expected to be broadly in
line with market expectations(2). Adjusted EBITDA(3) is expected to be not
less than £1.3m (FY24 LBITDA: loss of £0.9m). Lower year on year revenue
reflects the previously communicated customer churn in the platform and
network business. However, essensys has worked with customers to ensure an
enhanced approach to account management to reduce further churn and has
delivered significant operational improvements with a lower cost base,
alongside investment in product to reposition the business for future growth.

The Company continues to maintain a strong focus on cash management and
working capital, closing the year with a cash balance of £1.8m (FY24: £3.1m)
and remaining debt free.

Product development continues to be a priority. elumo, launched in the second
half of FY25, is a dynamic bookings and access platform, giving landlords and
operators of flexible, multi-tenanted office space a powerful way to manage
and monetise shared meeting rooms. Leveraging mobile wallet technology and
real-time intelligence, elumo enhances the user experience and delivers a
compelling return on investment to landlords and operators.

The Company is pleased to confirm that since the year end, elumo has secured
its first sales to customers across all of essensys' key markets of the UK,
the US and Australia. This includes a portfolio deal of 20 sites with an
existing US customer, as well as a sale to a new logo customer, demonstrating
elumo's ability to land new customers and expand existing relationships. With
a strong and growing pipeline, essensys remains focused on accelerating elumo
sales.

essensys Platform has delivered significant operational progress during the
year. As part of the Company's stated strategy to transition to a pure play
SaaS model, which no longer requires essensys Cloud to deliver, essensys has
successfully completed its FY25 data centre decommissioning project, closing
10 centres in the year as planned, with a further two planned for closure in
FY26. The annualised cost savings realised by the completion of this project
total £1.5m, positioning the business to deliver stronger cash generation,
higher margins and greater scalability, whilst better aligning with customer
requirements.

essensys remains well positioned to capitalise on the structural growth
drivers supporting increased demand for flexible, hybrid work solutions. The
Company's scalable business model, strengthened by the successful launch of
elumo and the transition from legacy network services, underpins confidence in
revenue growth, margin expansion, and cash generation. With a robust pipeline,
high quality customer base and a refreshed and innovative product set,
essensys believes it is well placed to drive long-term sustainable growth.

James Lowery, CEO of essensys, commented: "FY25 marks an important milestone
in the evolution of essensys. We delivered on our commitment to return the
business to EBITDA profitability, while simplifying our operations, improving
margins, and successfully transitioning our Platform business to a SaaS-driven
model. The launch of elumo strengthens our proposition, giving landlords and
operators new ways to monetise and manage their space while enhancing the
experience for occupiers.

"We are confident that essensys is well positioned to be the trusted software
and technology partner for the industry's long-term growth. With initial elumo
contracts signed, a strong pipeline across key markets and a clear focus on
strategic customers, we enter the new financial year with confidence in our
ability to build on this momentum and deliver long-term value for both
customers and shareholders."

 

Notes

1.    The trading performance reported in this statement is based on
unaudited management accounts. All figures remain subject to audit.

2.    For the purpose of this announcement, the Group believes market
consensus for FY25 to be revenue of £20m, adjusted EBITDA of £1.5m and cash
of £2.0m.

3.   Adjusted EBITDA is earnings before tax, depreciation, amortisation,
exceptional items and other non-trading items, such as share option charges.

-Ends-

 

For further information, please contact:

 essensys plc                                                  +44 (0)20 3102 5252
 James Lowery, Chief Executive Officer
 Greg Price, Chief Financial Officer

 Canaccord Genuity Limited (Nominated Adviser and Broker)      +44 (0)20 7523 8000
 Simon Bridges / Harry Gooden / Andrew Potts

 Gracechurch Group
 Heather Armstrong / Alexis Gore / Rebecca Scott               +44 (0) 20 4582 3500

                                                               essensys@gracechurchpr.com (mailto:essensys@gracechurchpr.com)

 

About essensys plc

essensys is the leading provider of software and technology to landlords and
flexible workspace operators. Founded in 2006 and listed on the AIM market
since 2019, essensys' mission is to power the world's largest community of
flexible, technology-driven spaces. Under new leadership, the Company has
simplified its go-to-market strategy around two core offerings: essensys
Platform and elumo.

essensys Platform is a SaaS platform that delivers enterprise-grade Wi-Fi
seamlessly across portfolios of multi-tenant workspaces, while providing data
insights to optimise performance. The Group's latest offering, elumo, provides
customers with a new way to manage and monetise bookable spaces. The
integrated bookings and access solution transforms meeting rooms and shared
spaces from operational headaches into revenue-generating assets.

With customers in the UK, Europe, North America and APAC, essensys is
deploying a newly launched and simplified go-to-market strategy, positioning
the business long-term growth in the flexible workspace and commercial real
estate market.

 

Prior to publication the information communicated in this announcement was
deemed by the Company to constitute inside information for the purposes of
article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by
regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No
2019/310 ('MAR'). With the publication of this announcement, this information
is now considered to be in the public domain.

 

 

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