Smartspace Software PLC Trading Update (6752R)
March 04 2019 - 2:00AM
UK Regulatory
TIDMSMRT
RNS Number : 6752R
Smartspace Software PLC
04 March 2019
4 March 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
SmartSpace Software Plc
("SmartSpace" or the "Company" or the "Group")
Trading Update
For the year ended 31 January 2019
SmartSpace Software Plc, the leading provider of 'Integrated
Space Management Software' for smart buildings, commercial spaces
and hospitality, announces that trading for the year ended 31
January 2019 was in line with market expectations.
In June 2018 SmartSpace announced the disposal of its Systems
Integration and IT Managed Services divisions for a total cash
consideration of GBP21.6m (the "Disposal") following a decision by
the board to focus exclusively on building a Software as a Service
(SaaS) business which can command better quality revenues both in
terms of higher margins and also greater visibility. The Company is
now focussed on developing its space optimisation software for the
workplace.
The Disposal has provided additional capital for the Company to
invest in accelerating the development of its SmartSpace platform
increasing the market opportunity from multi-national enterprises
and mid-market reach. It has also allowed SmartSpace to accelerate
its routes to market by further investment in its direct and
indirect sales and marketing capability. Testament to this strategy
are two significant deals announced in recent months, one of which
being with a major global financial institution.
The Disposal proceeds have also enabled SmartSpace to consider
acquisition opportunities that have the potential to accelerate the
growth of the Group by broadening SmartSpace's suite of software
products in the smart building and co-working space markets,
expanding the Company's geographical reach and/or targets which
would bring with them a relevant established client base.
In October 2018 the Group announced the acquisition of SwipedOn
Limited, a fast--growing SaaS business offering a visitor
management solution to customers globally on a monthly
subscription. With the focus on new customer acquisition, SwipedOn
has seen a net increase of 22% to more than 2,700 customers since
the business was acquired.
The Company expects to announce its Final Results for the year
ended 31 January 2019 by the end of April 2019.
Enquiries
SmartSpace Software Plc via Lisa Baderoon
Frank Beechinor (CEO) - Head of Investor
Bruce Morrison (CFO) Relations
Lisa Baderoon (Head of Investor Relations)
lbaderoon@smartspaceplc.com +44(0) 7721 413
496
N+1 Singer (NOMAD & Broker)
Shaun Dobson, Head of Corporate Finance
Lauren Kettle, Corporate Finance +44 (0)20 7496 3000
About SmartSpace Software Plc
SmartSpace Software plc is a SaaS-based technology business,
designing and building smart software solutions. The Company's
software solutions in workspace and hospitality help transform
employee and customer engagement with modules which include: desk
management, meeting room management, wayfinding, car parking,
visitor management, frictionless vending, ticketing, loyalty
management and analytics.
For more information go to: www.smartspaceplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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