essensys (ESYS) Trading Update summary

Financial performance and outlook

• Revenue for FY24 expected at £24.0m, ahead of market expectations, with adjusted EBITDA loss narrowing significantly compared to FY23.

• Year-end cash position of £3.1m exceeded expectations, supported by improved profitability and a £0.8m tax credit.

• The group remains debt-free and anticipates achieving positive EBITDA and cash generation in FY25.

Strategic initiatives and product development

• All customers have migrated to the pure-play SaaS essensys Platform, enhancing the revenue mix.

• Launch of the Intelligence Engine within the platform is expected to further differentiate offerings and meet growing demand for data and insights.

• Continued investment in product development supports operational efficiency and future growth.

Contract wins and market positioning

• Two major expansion contracts signed in FY24 are on track, expected to deliver a minimum of £2m in revenue in FY25.

• The ability to deploy the platform over existing networks lowers entry costs for customers, supporting adoption despite challenging market conditions.

• The company is positioned as a leading global provider of software and technology for flexible, digitally-enabled real estate spaces.