Workspace tech provider Essensys has said it is close to profitability, after losses rose by two-thirds.
The firm posted a half-year statutory loss before tax of £7.7m, even sharper than the £4.7m loss it posted for the same period the previous year. Full-year losses for last year reached £11.1m.
Essensys said this and the adjusted EBITDA loss of £4.2m, was “in line with management’s expectations”.
It added that much of the loss was caused by “one-off impacts in H1”.
Chief executive Mark Furness said: “We have accelerated our plans to return to profitability and cash generation, taking significant measures to align our cost base and investments to current revenues and the near-term market opportunity.”
He pointed to the more positive side of the picture. Revenue for the six months to January rose by 18%, reaching £12.9m. Much of that growth was driven by North America, where revenue was up 36% to £8.1m.
The firm said it anticipated cash burn would normalise in the second half following one-off impacts in H1. It currently has £12.6m cash, against £30.5m at the same time last year, but no debt.
Furness added: “We remain confident in meeting market expectations for FY23 and we continue to be excited by the long-term global growth opportunity for Essensys.”
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